China is turning against cryptocurrencies??

[ohshiittt]

After bans on exchanges and initial coin offerings, bitcoin miners fear they are next

[rodrigomagracia]

Bitcoin had been in trouble  when the central bank, aiming to stem illicit capital flows, ordered exchanges to halt virtual-currency withdrawals until they could identify their customers.

[Gabriel Martins]

If China forbade with certainty the miners migrated to another underdeveloped country and thus the cycle continues flowing.

[dogandogru]

China seems not to be in much favour of bitcoin. After ban of exchanges, most of the chinese people have lost their interest from bitcoin and crypto-currency.

[sansu08]

China, having sovereignty, that is having the right over its jurisdiction, has the power to ban or forbid anything they believe is not good for its country. If the government sees cryptocurrencies as something that will leave negative corollaries to its circulation especially, its economy, then they can totally go against it.

[SuiMikira]

An article from miaocaiwang revealed that:
“The Chinese government will utilize blockchain technology for social taxation and electronic invoice issuance matters.” It's here but in Chinese: http://www.miaocaiwang.com/?do=articlelist
So China is not about turning against cryptocurrencies but they tighten their law about cryptocurrency for better control.

[rowel21]

They turning or they might doing there own cryptosystem cause they seeing that this is s big opportunity .
They don't collaborated in things they  don't  gain back just  like making wiebo than to collided with Facebook  something is making an hear say that can affect the btc price cause of hyip to make a panic sell

[SuiMikira]

They turning or they might doing there own cryptosystem cause they seeing that this is s big opportunity .
They don't collaborated in things they  don't  gain back just  like making wiebo than to collided with Facebook  something is making an hear say that can affect the btc price cause of hyip to make a panic sell

China want to make things their own in anyway, include that copy and repair, clone => their own.

[magz]

It's what they are saying, but I do not believe that story. China is one of the most powerful countries in the world. And I don't think they want to be the one who's left behind when it comes to technological advancement. So whatever reason they may have with that banning on cryptocurrencies, maybe only short term and for the best of their people in the long run.

[Hydrogen]

There are alternative explanations for china's recent spate of anti crypto restrictions and proposed bans which have recently taken place.

Emerging economies like china require a steady influx of investment into their economies to maintain their growth and prosperity. China tightening restrictions on capital moving out of the country can sometimes be a measure implemented with an intent to prevent investment capital from flowing outside china through its borders. China's economic policy is very ambitious, they have displaced the US dollar as a standard for oil based transactions in their country with the yuan.

With china's economic growth potentially slowing and the united states trade deficit with china shifting slowly in favor of the united states, it is possible that investment will shift from china into other countries like the united states which have become more attractive investments as corporate taxes are cut. And so it is possible that china's restrictions on crypto are designed to prevent that outflux of capital which china requires to maintain its growth and industry.

[boboking]

As cryptocurrency are getting popular each day china may create their own coin. If this happens they can ask(force because they dont ask)  their citizens to mine their coins instead leaving a big hole in bitcoin mining. I think 60% of miners are in China. I do not how it will affect the price and the transaction fees but i think the effect will be negative.

This is just an speculation but i think china would like to create a coin that will beat bitcoin.

[BingoDog]

It's what they are saying, but I do not believe that story. China is one of the most powerful countries in the world. And I don't think they want to be the one who's left behind when it comes to technological advancement. So whatever reason they may have with that banning on cryptocurrencies, maybe only short term and for the best of their people in the long run.

I agree that China doesn't want to stop cryptocurrencies. And the story behind that isn't the ban, I don't beleive that. It's the attempt of regulation and addoption of international laws and rules regarding KYC, money laundering and terrorism financing. I don't think this is generaly aimed against cryptocurrencies and we have a lot of misunderstanding here.

[diva.man]

Yes, they are cleaning out the mines in the digital currency.

And the Chinese government plans to block the VPN altogether, and only browse Chinese websites!

Many VPNS have been banned this month!

[JerryJam]

The people's Bank of China considers bitcoin to be an unreliable means of payment Considers it speculative product.Its rapid spread can lead to unpredictable consequences in the financial market. Failure to control could result in the collapse of the financial system.In August last year, the Central Bank banned ICO operations and stole all transactions between the yuan and bitcoin.Perhaps in the near future they are considering the development of their national currency, which will be carefully protected and will be controlled by the government.

[Kate Beckett]

China is very concerned about security issues. The government considers bitcoin and other crypto-currencies as insufficiently reliable. Also, the Chinese believe that digital money can lead to the most unpredictable consequences in the financial market. Bitcoin is considered as a speculative product to achieve immediate enrichment. It is not surprising that with such beliefs, the Chinese remain conservative and there are opinions that it is never necessary to go against the existing financial system and rules.

[Janodevera]

Bitcoin's surprising success in China appears to be nearing its end. A series of bans announced over the past month have made clear that bitcoin and all fellow cryptocurrencies, from ethereum to litecoin, have little place within its borders. Some hope that the bans are temporary. The government has, after all, declared an ambition to make China a leader in the blockchain technology that is integral to bitcoin. But it seems more likely that officials will tighten their grip on China’s remaining crypto-coin bastions. Bitcoin had been in trouble in China since February, when the central bank, aiming to stem illicit capital flows, ordered exchanges to halt virtual-currency withdrawals until they could identify their customers. China’s crackdown initially sent shock waves through global crypto-markets.

[wantjokull]

After bans on exchanges and initial coin offerings, bitcoin miners fear they are next

Don't believe them at all. You will never know the China game and how they play it for their own good. If you have to be game changer then let's not excite the China news of any kind. Whether it is bad or good doesn't matter they always have some plans behind it which can weaken the crypt market. Last year they banned the exchangers and suddenly this year they reopened the doors with some regulations on them. Now again they are talking about the bans. That's really bullish trend by the Chinese government I think. It would be good if they ban the mining in China as it will reduce the network difficulty. Lolz.

[alyssa85]

The reason is simple. China is a dictatorship (indeed central control has tightened since Xi Jinping has taken over).

Dictatorships fear things they can't control. China has capital controls to prevents it's citizens from taking their money abroad - and still Chinese people are able to take money out. That worries the Chinese govt, because it means they arn't controlling things properly. And of course the reason the Chinese are so desperate to take their money out is that they don't want some communist party member seizing their assets.

[dado7]

No, China is not turning against cryptocurrencies, they are looking to regulate them.
The only thing China will do is, as usual, since they don't have the rule of free transfer of goods, services and people like EU for example, enforcing such regulation that it will be hard for non-domestic projects to compete with domestic ones. Hence I expect a good future for NEO there.

[VitKoyn]

After bans on exchanges and initial coin offerings, bitcoin miners fear they are next

There are fake news that had been reported this past few months that china had a meeting about banning all Bitcoin/cryptocurrency mining operations in their territory and there is this wechat photo about china banning crypto mining that become viral is also fake. But honestly we still don't know if they will really ban it, because china are against cryptocurrency and they constantly changing what they want to happen. Maybe now they don't have any about this but it can be possible. Which will be a bad thing for a short time because large cryptocurrency mining farms are located in china, but those mining farms can just migrate to other countries that allows cryptocurrency mining so it will still be fine.