Why does China hate Bitcoin?

[Bittrac67all]

Totalitarian Government doesn't like new things that can't be easily controlled. BitCoin was designed to be a new form of currency that is outside of government control... CCP's natural instinct is not to like it..... This kind of government needs time to observe BitCoin's pro/cons.

[Boys27]

my opinion china does not hate bitcoin, chinese maybe just looking for the weakness of bitcoin, or china want to make coin that can defeat bitcoin, but in my opinion bitcoin without china will be fine and still will grow and become very valuable in the future

[shuvo999]

Totalitarian Government doesn't like new things that can't be easily controlled. BitCoin was designed to be a new form of currency that is outside of government control... CCP's natural instinct is not to like it..... This kind of government needs time to observe BitCoin's pro/cons.

It is not just about China rather all types of governments are afraid of bitcoin because of its decentralized nature and their incapability of controlling bitcoin. Most of them are working for the methods of regulating bitcoin and putting taxes on it.

[waskaplung]

it seems to me that this question rests on the ubiquitous control of its citizens. do not forget that the usual Internet for citizens, is protected by the "wall"

China clamps down on Bitcoin miners, issues emergency notice to ban the ... out it's because someone is mining Bitcoin, they will limit electricity supply to some users ...

[SantoshSoma]

This is pretty much the whole story right here...

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'.  Therefore China is going to continue to assault Bitcoin from every angle.  You can be sure of that.

I dont think so china hates Bitcoin ,chinese government want to control the money laundering in their country and they want to control the their financial system

[Ngewex Yuk]

my opinion china does not hate bitcoin, chinese maybe just looking for the weakness of bitcoin, or china want to make coin that can defeat bitcoin, but in my opinion bitcoin without china will be fine and still will grow and become very valuable in the future

Until now there has been no word that China will make its own coin, the Chinese government hate bitcoin because they fear that the use of bitcoin is greater than fiat so the government does not know the transaction used.

[newguy05]

The main reason China’s desire to end the United States dollar’s worldwide dominance and political hegemony. China is participating on blockchain securities settlement as well so they are fine with the blockchain technology unlike bitcoin.

[George Khelashvili]

I believe China doesn't hate bitcoin. China might hate the fact that it's untraceable, and with the problems that rised with the ICO's where many investors were scammed, and lost money, they couldn't do anything to retrieve that. It's a risky market, some will opt out of it, some will just act that they will opt out, and others will continue following bitcoin!

I think so

[baricuri]

Many Chinese investors and officials have relied on bitcoins to store unknown funds. China has imposed strict rules on bitcoin to minimize virtual bitcoin accounts, with unknown origin and ownership. Minimize money laundering, tax evasion. I think it is the main purpose for China to make such decisions.

[yusupjatigumilar]

really chinese hated it bitcoin? the proof of my neighbor chinese he likes bitcoin trading even made full time job, I think it's just an issue that intends to reduce the price of bitcoin so that the issue can buy bitcoin with a lot because of the cheap bitcoin price,

[marcuslong]

China is a communist country. bitcoin is freedom. Freedom and communism are antonyms

China needs to step up their game.  Hating on Bitcoin is dumb.  Even Russia is starting to understand.  Putin loves Bitcoin.

If Putin loves bitcoin, then it isn't a problem with other country leaders digging deep on how bitcoin works to the lives of the people with different countries. Better understanding comes from a good leader, and when the leader of the country started to understand all about digital currency everything will be fine and new regulations will follow. Let me set aside those examples that maybe implemented, I guess the full education to people will come with regards to using it as a mode of country's payment and can be used as a primary currency. The businesses will eventually grow in the country and people's transactions and delays of payments will be eliminated so this will bring positive effect to the country's economy if the entire system will be fairly recognized.

[Axecelzon081218]

China hates bitcoin because they do not control their electricity and minimize their crypto currency. China government blocked the websites of accessing cryptocurrency or crpto trading service and initials coins offering (ICO'S)

[RobertNykanen]

China, like other countries, fights for primacy and applies all possible methods. Soon you will see how all the prohibitions of China will be abolished. The reason for the prohibitions was in another.

[CryptoPsycho]

China is very strange country and probably they just wanted to show their citiznes that cryptocurrencies is wrong path for China. Maybe they have other reasons...

[wafer_enak]

This is pretty much the whole story right here...

" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "

Bitcoin is the mortal enemy of 'tracking'.  Therefore China is going to continue to assault Bitcoin from every angle.  You can be sure of that.

the reason China hates bitcoin because the exchange rate of Bitcoin rises and falls quickly following the market mechanism. The government is very difficult to control the exchange rate.

[maxim196897]

I believe China does not hate bitcoin. China may hate the fact that it's untraceable, and the problems grown with MGO, where many investors were cheated and lost money, they couldn't do anything to get that. This is a risky market, some will abandon it, some will just act that they will refuse and others will continue to follow bitcoin!

[AntonGrishko]

I think it just doesn't like anything foreign in general, such as Google and its services. But I think China doesn't hates Bitcoin, it's easy money for them.

[yesuidanggan]

The Chinese government hates it, because BTC's decentralization concept and their ideas want to go against it!

It is easy to exchange foreign exchange through BTC, and it is easy to transfer assets abroad!

The Chinese like to invest in BTC, but the Chinese government USES technology to restrict access to facebook, twitter, Google and so on!

[Alamin2]

As long I know the chinese people likes cryptocurrency.They don't hate bitcoin. But the China's government hates it.China hates bitcoin because government couldn't control crypto currency. China want to control it their financial system.

[D.Boyko]

I don’t see the point to focus on China. Let’s think about the whole worlds attitude to BTC?)