Why does China hate Bitcoin?

[Doloready]

Any state is divided into citizens and the government. You can not say that China hates bitcoin. Bitkon does not like the government because it is impossible to track

[zool2003]

I didn’t think that China hated bitcoins did they?

My understanding was that they could really making a massive deal out of the mining if they wanted too. If they really wanted to they could hold 51% of the mining which would be a real problem.

[pimacoin]

Do they really hate BTC or just using it to manipulate price. and cause FUD

[asudja89]

I believe that the Chinese government does not hate Bitcoin. They have set up blockchain research centers around the country. This is news from my Chinese friends. Chinese policy likes to control anything, but they can't control Bitcoin, so I'm not surprised that some policies have emerged.

[vikl56]

I don't think China hates Bitcoin, but the current situation in China is not suitable for the circulation of Bitcoin. I believe that if bitcoin can be improved later, it can be circulated in all countries in the world. By then, it will succeed in the world. Universal currency.

[lantan81383628]

Chinese investors account for a striking share of the bitcoin market, with about half of the mining activity occurring in China. Rules of China's stock market is not transparent, variable, the real estate market is also gradually lost past life, the freedom of the Chinese investment has also been various restrictions, more a lot of people worried about depreciation, or want to hold under the threat of inflation and the printing press common international currency.

Flow control of the money is very important to the national tax, but also equally important, control the action of people, inspire something, blow the other things at the same time, or a total ban on certain activities, an organization, or transactions between the groups. The Chinese should be very clear about this. Even if the communist party immediately promised "freedom of association", the centralised payment system would give the government all the details of all organisational behaviour.

So the Chinese government doesn't like bitcoin.

[Bythebass]

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

Very well said and I believe China could be planning in the future to develop thier own cryptocurrency for thier residents.

[oracleongoodbye]

The chinese government or central bank is not CHINA.The people of China love bitcoin and cryptocurrencies.
Why it`s so important for the authorities in China to track all transactions?Taxation,money laundering or something else?Total control over the financial system is almost impossible.

[GoodBrother]

China is a country with a market economy that is tightly regulated by the state, which means that this is a planned economy

China from the very beginning of the popularization of the Internet began to build it so as to have full control over its Internet segment

We add these two conditions and get the result - China is doing everything to prevent self-regulation in both finance and IT sphere

[Troysen]

China banned BTC for ir's own reasons, they most probably considered it a threat to its flourishing economy, but a closer look may reveal that BTC might have been banned to give their locally developed technology a chance to flourish

[Viyamore]

I think China is not in the side of bitcoin because they are afraid that it might conquer their country espcially that the founder of bitcoin is just covering its real identity using a pseudonym.
Another thing is that they may be threathened economically. China is a communism cuntry wherein th government control big percentage of the economy and support of cryptocurrency may change the system.

[qiman]

I think that the reason behind China not liking decentralized digital currencies of any form is because it cannot control the flow of money stemming from the decentralization process. Remember that China has ONE PARTY RULE and there are fairly strict money laundering laws in place as well as currency regulations that most citizens abide by. Bitcoin has led to an easy way to siphon money out of the country and not pay the taxes that each country has written for it's citizens, so this is one big reason why China loathes Bitcoin.

[ZHiee]

Basically they were greedy and expertly copied everything,, In the product category, many of the black market products they produce,, Did not rule out one day they plan to make their own coins to compete with bitcoin,,

[ALAY012]

It's political. China wants to cut the middleman(US).
Chinese government wants to foster international trade under its own terms and end the financial, economic and political hegemony of the U.S.

[babycute123]

China is one of the leading countries in Bitcoin. They do not hate, but just gossip about bitcoin and price controls

[NightCloudz07]

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 cannot sure of that because china is not only country that have bitcoin so there is so many country to protect bitcoin from china.. i hate china!

[5hoursaday]

I don't think china hates bitcoin, they make up a large part of the market. The government just like all others are just worried that they cannot tax bitcoin and until they find ways to do that, they will be against it.

[soul-impact]

I think that bitcoin can influence China's monetary system. China is trying to get its people's money into the world's highest currency, equal to the US dollar. The strong development of the bitcoin currency makes it difficult for them. so they hated bitcoin.

[Gadhoh]

Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged

[kyucryp]

I think the Chinese government forbids bitcoin because cryptocurrency is difficult enough to control its fluctuating value. and they think cryptocurrency is often used for money laundering, fraud and illegal transactions. Or maybe the Chinese government wants to make its own digital currency.