why China goverment allergic to bitcoin?

[ShadyMash]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

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[krishnapramod]

I guess you should have heard about being authoritarian and totalitarian, guess there might be a slight difference between these two, but comes down to one puppet deciding the outcome of millions and these authoritarians and totalitarians obviously get allergic when they can't decide the outcome, that's decentralization, Bitcoin. Strong economy, well-developed country, Bitcoin doesn't serve it's purpose for them, that's why they could simply outlaw it. Bring a repressed economy, you see how Bitcoin is a good medication for allergy.

[Siboy]

I think if it was possible China afraid of the country’s digantikanoleh bitcoin.

[darkangel11]

I think if it was possible China afraid of the country’s digantikanoleh bitcoin.

Try not to use google translate next time.

All governments are concerned with the rise of cryptocurrencies. The main difference is most of them are democratic and allow the people to decide. Take Korea for instance. When the rumors about a ban came to light Koreans started to sign petitions demanding the minister to resign from office. In China the power of the government is absolute, these people are organizing events where they're publically sentencing people to death, and the crowd is cheering. It's like in ancient Rome!
That's why they aren't playing around asking people for their opiniions. When they want to ban something they just do it.

[guschin]

China has always been against new things like this. They have strict rules for social media sites as well.

[tigan_gangmei]

With so many people investing in Bitcoins in which the government cannot take income tax and transactions are anonymous, the government is simply allergic to such decentralized monetary system.

[Meysa_richa]

It is true that China is a country that is calculated in any field, because China is a country that is heading for strength with great, but I think if China bitcoin problem also likes bitcoin, but china always toying price in bitcoin market always cause trapped and panic selling .

[elramsy]

China are only trying to protect their citizen, the reason why they paused on bitcoin and other cryptocurrency is because of its volatility, crptocurrency has the ability of appreciating within few seconds as well as depreciating, china don't want the situation where their investors capital will go down the stream, that is why they are looking for way to regulates the currency

[Nkan25]

My guess is that the Chinese want Crypto that is backed by their government. Each of the provinces competes with each other business wise and only the top company usually makes a profit, while the rest are carried by the govt through subsidies. For example, Province A makes brand A and Province B makes brand B. Each Provincial government competes against the other brutally. I think China is trying to force their people to stick with their products, once they've taken all that they need from foreign technology.

[shaheer001]

Basically Chinese govt is more clever and want to become more powerful as every one knows well that bitcoin is anonymous transactions and no benefits to any country yet in term of taxes or commissions so China don't like it

[alyssa85]

China has been experiencing capital flight and they are clamping down on every method of capital flight. When bitcoin rose so strongly last year, it came onto their radar and of course they banned it, it's one of the easiest ways for chinese people to get money out of china.

See the following about Chinese capital flight:

https://www.ft.com/content/1d288888-c613-11e7-b2bb-322b2cb39656

Between 2014 and 2016, doubts about China’s growth prospects led to capital flight. This forced the central bank, the People’s Bank of China (PBoC), to defend the exchange rate. The bank spent a quarter of its foreign exchange reserves, almost $1tn, to keep the renminbi from depreciating. If the reserves decline below a safe level, the PBoC will be forced to raise domestic interest rates to attract foreign capital and to keep investors from leaving.

(The reason the bank of china had to spend money defending the yuan is because capital flight involves selling yuan and buying dollars and that depresses the yuan)

[judaspriest]

china is the world's number one hijacking nation, china is always trying to make a duplicate in any field. see in indrustri electronics, china adopt asia market with very low value. as with bitcoin, china wants to try to make crypto in order to get many benefits. but it can not be done, that's why china strongly forbids bitcoin. telling what I read and my analysis

[First77]

I say Bitcoin and crypto currencies are well disguised HYIPs (High yield investment programs, 10% after 10 days etc..)

[posi]

china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?

China is the top country with highest population in the world most people living there are welcoming to any technology and once bitcoin was created the china people was in love with it to the existence that if affect chinese national currency that's why the China government are against bitcoin.

[Kemarit]

Another reason is that they think that bitcoin or crypto is disruptive in its only little way. But I speculate that they are just throwing out reasons, but behind they are afraid for something that they can't really get a hold off, specially crypto has started to boom last year. Millions of cash flowing and they can't even control it.

I say Bitcoin and crypto currencies are well disguised HYIPs (High yield investment programs, 10% after 10 days etc..)

GTFO. Shoo!!!!

With so many people investing in Bitcoins in which the government cannot take income tax and transactions are anonymous, the government is simply allergic to such decentralized monetary system.

If the concern is tax, then China could simply put tighter regulations around it. Bitcoin is not anonymous per se, heck, they can even track Chinese whales if they wanted to. They are afraid that it might take over their economy and disrupt it, but for me the only reason is that crypto cannot be controlled. Simple as that.

[VanKleiss]

Not only China government are against bitcoin but almost all government because in bitcoin, they cannot find a way to get peoples tax. Another thing is the new kind of money or cryptocurrency is so transparent that they cannot hide if they use it for corruption. Bitcoin cannot be recreate or reprint like fiat money so it means they will have a hard time getting a fund in case they need it.

[lenarichi]

The current closed economic system of China limits the possibilities of innovation. Chinese companies are good at copying the ideas of others, but in general they are not great inventors (except for the latest advances in solar technology and payments). Closed planned economies do not encourage open innovations, it is impossible to give the order to invent through the state dictatorship. The survival of the Communist Party depends on the relentless, continuing economic growth, on the one hand, and control over information, money flows and ideas, on the other. But you can not reach the first, if you do not have the latter. Ultimately, China will not be able to compete with bitcoin and its successors, as they provoke the emergence of a decentralized, censorship-resistant exchange system that helps create a global, self-renewing pool of unique innovations.

[Hanablue]

Most definitely they want to control world's economy, and they are a real power house in that but bitcoin is somehow affecting them. This is what I feel.

[Pleione527]

Chine does not like bitcoin but not the idea of ctrypto currencies as we all know this country likes to have control over things in the market and surely they wanst to establish regulation with regards to cryptos and since bitcoin is decentralized they cannot control it and the only thing they can do is to banned bitcoin exchanges and create their own cryptos that they can control. This is how I see China's government so I will not be surprise if one day they will introduce their own crypto currencies

[posi]

Chine does not like bitcoin but not the idea of ctrypto currencies as we all know this country likes to have control over things in the market and surely they wanst to establish regulation with regards to cryptos and since bitcoin is decentralized they cannot control it and the only thing they can do is to banned bitcoin exchanges and create their own cryptos that they can control. This is how I see China's government so I will not be surprise if one day they will introduce their own crypto currencies

The Chinese government like to have control over things in the market but the case of bitcoin banned there was different and the only reason why they hate bitcoin was because they see bitcoin as a threat to there national currency and bank sector due to their young and adult using bitcoin more than their national currency which literally leads to their current devalue.