China ban on crypto exchanges

[bakunawaaa]

Why did China ban crypto currency exchanges? I heard Japan and Australia is working on pushing it to be legal tender. China reasoned out that crypto currencies can be used for illegal activities, but just as Japan and Australia are pushing for strict KYC, why cant China do the same? Is there another reason perhaps?

[Al Amin]

I know there is a possibility that China will make its own cryptocurrency which can be government legality. Because as far as I know what is forbidden in China they will usually make their own.

[Speedster1978]

China has not banned Bitcoin permanently but just temporarily to get and closer review on Bitcoin with possibility of creating it´s own from of Bitcoin which will be controled by goverment, so they will have decent profits from whole trading or they will aproove Bitcoin again and price will rise rapidly again. Just hodl

[xuan87]

China is not banning the exchanger but China is going to closed down exchanger that illegal, and China's government like everything under their control and because Bitcoin can't be controlled by them so the government trying to regulate it, China government not really care about the profit Bitcoin gave, the government just want to have power to controlled everything

[posi]

The Chinese government are known for their selfish reason, they like to correct things in the hard way and all this crypto ban is all because of their national currency which is why the China government never accept bitcoin as a currency. In addition, If you could recollect the scenario which happen in China last you'll know that I'm right.

[batang_bitcoin]

Why did China ban crypto currency exchanges? I heard Japan and Australia is working on pushing it to be legal tender. China reasoned out that crypto currencies can be used for illegal activities, but just as Japan and Australia are pushing for strict KYC, why cant China do the same? Is there another reason perhaps?

This is now quite old as these news came out last week. Have you read the new article came from forbes? https://www.forbes.com/sites/panosmourdoukoutas/2017/09/25/why-chinas-ban-on-bitcoin-may-be-temporary/#2c01aa107929 this a very good news as the ban might be temporary or it is for real temporal. And in Japan there will be a regulation too on cryptocurrencies but no ban will happen.

[nickfury]

China is not banning the exchanger but China is going to closed down exchanger that illegal, and China's government like everything under their control and because Bitcoin can't be controlled by them so the government trying to regulate it, China government not really care about the profit Bitcoin gave, the government just want to have power to controlled everything

I think China wants to control the coin BTC to avoid money laundering activities of economic crime, and also avoid the inflation to the economy. I do not think they will ban coins BTC, if they ban BTC, probably investors and ICO will move to countries accept BTC, and that can be detrimental to China in controlling coin BTC.

[Charisse1229]

China is going to closed down exchanger that illegal, government of china  never accept bitcoin as a currency so the government trying to regulate it

[susila_bai]

Like what almost everyone knows it that China has not ban on crypto exchanges but they have banned ICO. As they are getting lot of scams and lot of illegal money is moving and most of the exchanges are doing trading illegally. So China want to regulate Crypto exchanges so that in future they cannot manipulate in trades and create high fluctuation in crypto currency and scam users. This regulation is in protection to the users investment in crypto currency. So i think after the regulation only the genuine crypto exchanges will be working and this will create a more secure bitcoin world.

[MANCRYPTOS]

China started from bannig ICOs because there are a lot of scam icos, but banning of exchanges is a sort of fake news - if changes won`t do something illegal there will be no problems, i think! But for a some time it can happens, couse for China is important to control money and until legal framework won`t be developed china won`t allow bitcoin users to do what they want, IMHO.

[sariz12]

 China has not ban on crypto exchanges but they have banned the ICO, the govenrment of china scared to be loosing a lot of investors in china. So they can ban ICO ,

[rjbtc2017]

Why did China ban crypto currency exchanges? I heard Japan and Australia is working on pushing it to be legal tender. China reasoned out that crypto currencies can be used for illegal activities, but just as Japan and Australia are pushing for strict KYC, why cant China do the same? Is there another reason perhaps?

The news is all over around in the forum yet no one really confirm that it is true, and it is now really confusing , Does really Chinese Government will ban Bitcoin and Crypto currency exchanges, or they will just try to regulate it, for the past weeks it was confirmed that Chinese Government have banned ICOs and the next news that came out is all about Chinese Government Banning all cryptocurrency.

As for your Question, Chinese Government are surely control freaks and they just want to protect how these people use money and it Crypto Currency may show as threat to their monetary policies and it could be used to other illegal activities which they may never be monitored.

[l3sny]

There have been a lot of rumors lately, the only one who was not a lie was that China banned ico's, but i read a lot of posts in this forum saying that India, Australia, and the whole Europe were going to ban bitcoin and altcoins or just ico's. That is an unnecesary fud, i dont understand the real purpose of making it, maybe that is because it creates a panic selling situation, but i dont know..

[gabmen]

Why did China ban crypto currency exchanges? I heard Japan and Australia is working on pushing it to be legal tender. China reasoned out that crypto currencies can be used for illegal activities, but just as Japan and Australia are pushing for strict KYC, why cant China do the same? Is there another reason perhaps?

I think ita all about being in control with every market in their yard. The chinese government for me aren't comfortable with decentralized, anonymous currencies so they're saying they're going to ban but for me i think it's regulate