Why does China hate Bitcoin?

[Lovykitty]

there may be some chinese possibility to hate bitcoin, after the Chinese Government issued a description of the initial offer of coins (ICO), some of the reasons are
1. Virtual currency is difficult to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate,
2. Easy to use for fraud
3. Damaging the world of investment
4.China become the center of virtual currency transactions
5.China wants to make his own virtual money
6.Using illegal transactions.

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[Maryverycool]

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 don't think Chinese people hate bitcoin. On the contrary, Chinese people like bitcoin very much. China has one of the largest bitcoin mines in the world, and China has many large bitcoin exchanges before September 4th, and many bitcoin investors in China.

[Pandacomel]

Actually, the reason China is the first big government to take such action isn’t an accident. China more than any other country wants to have firm control of its banking system, and allocate credit according to a political agenda. This means that a competing currency like the Bitcoin would threaten its political system. Why not crush it sooner than later? While it is still unclear whether the Chinese government will achieve its real objectives, one thing is clear: the buzz for the digital currencies is gone, at least for now.

[kimjin]

since when are we focusing all our attentions to one country in the whole world?
and since when did we centralize bitcoin to only one country and stood around watching what they say or do to decide the fate of the decentralized and global currency that people created and control?

... oh right, since the bitcoin rally stopped and we wanted a drop to make profit and buy back cheaper coins!!!

[Zaarin]

I think that is associated to the trade matter. China has tested and released its own electronic child support. However, the paradox is that their electronic money has not had the adjust and the practical importance and not much difference compared to subsidiary electronic coins. Therefore, they are always concerned and cautious in the in the past the concern of bitcoin. I think this is the defense the Chinese supervision is careful and has measures to limit the impact of bitcoin.

[AristoteI]

China wants to be an independent state. China would like to create their own crypto currency, such as bitcoin or ethereum. For example, they have a NEO project, which is very similar to the ethereum.

[Jaya912]

I think that hostile attitude toward Bitcoin may be explained by appearance some cryptocurrencies which has clear Chinese origins. One of the brightest examples is NEO. Bitcoin in such circumstances is like a competitor.

first maybe the answer is bitcoin is such competitor for their new technology.
second is already mention in the first page. that is bitcoin is enemy of tracking so i think china has trouble to track the bitcoin itself.

[Delos]

The ordinary people in china don't hate bitcoin. For them bitcoin was a miracle. Make it possible to get income and gain life standards.

But unfortunately the mass of the crowd is still stupid. They think if the exchanges or banks in china don't allows bitcoin transaction the world will ending. Chinese People are No1 travellers all over the world with tour groups. They can make a bitcoin-exchange tourism to resolve that problems.

Chinese Government hate bitcoin.
People who owns and earn bitcoin are not easy to control.
Chinese Goverment want to control everyone and all.

Thats it.

[lequocvuongpro]

China hates bitcoin?. It is not so, but because of the policy regime of the head of China, due to the backward feudalism that has made the Chinese government banned bitcoins in their own country, not the Chinese people hated it. is by their country. 

[darkr]

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)

Well, probably, Chinese government do not trust Bitcoin or as it is said here, hates it. However, what I see is that Chinese guys are the most interested in trading people. There are millions on them, and they go on dealing with it.

[Enoch Lewis]

China more than any other country wants to have firm control of its banking system, and allocate credit according to a political agenda. This means that a competing currency like the Bitcoin would threaten its political system.

[xuuy7]

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)

Well, probably, Chinese government do not trust Bitcoin or as it is said here, hates it. However, what I see is that Chinese guys are the most interested in trading people. There are millions on them, and they go on dealing with it.

Because Bitcoin is not issued by the monetary authorities, it does not have monetary attributes such as legality and mandatory, and it is not a real currency. And there is a risk of money laundering on the Bitcoin website.

[Xester]

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.

China does not hate Bitcoin but many money smugglers are using bitcoin to transfer huge amount of money out and in without being noticed with the use of bitcoin. China is very strict pertaining to money laundering and they even set a limit as to how much dollars you can send out of the country. Since many exchanges in China have failed to comply with the KYC and AML requirements they are now closed. If only those exchanges have complied then there is no problem with the use of bitcoin and other cryptocurrency in China.

[bnhbg]

I think that China did not find a suitable management policy, and that China, as a populous country, would really face more problems if it wanted to introduce new technologies, so it would not accept Bitcoin transactions.

[Girtod]

because people are enriched there by bitcoin and the state is not profitable according to statistics, more than 80% of the cryptocurrency of the Chinese

[cokkapaga]

this is a political that china is hate bitcoin, maybe they are will be founder of crypto in the future.
I am sure that someday china will be accepted bitcoin and altcoins again.

[simongoat]

China hates bitcoin because its out of their control. So they will slam bitcoin then create their own digital currency which they ban back and control.

[Sigfred Hernadez]

They don't dislike bitcoin. In that the Chinese government is far more open and supportive of bitcoin than the US government.
It's not a matter of disliking bitcoin. It's more of a matter of regulating it to prevent something bad from happening.

[Bhalibad]

I think they do not hate bitcoin, but due to the nature of the secret transactions make the Chinese government anticipate by blocking it. because bitcoin can be a place to launder money. And banks and chinese goverment do not benefit from bitcoin.

Yup! I myself don't believe it either, or OP's statement or tittle of his thread doesn't fit, I think his gonna get other conclusion in his statement, many Chinese really love bitcoin there we can see the big amount of miners that are backing bitcoin and I didn't think they surely block bitcoin from them, I think they only wants to control bitcoin just like other government want to do, I think it is for the safety issues.

Chinese regulators passed a comprehensive ban platform allowing people to buy virtual currency.

[_yoshi]

I dont think that china hate cryptocurrencies or bitcoin. You see there have a huge active chinese community who support the projects and trade the coins. I think the chinese people really love cryptocurrencies. I think the problem are the chinese gouverment. The chinese gouverment is against everything what they could not controll. So as you know they censor the whole internet. And cryptocurrencies are something valuable, and they cant controll the taxes on that and where the money goes. SO thats why they wont have cryptocurrencies in their country, because its to heavy to controll them!