why China goverment allergic to bitcoin?

[Newboybb]

The main problem is that the country has a very serious problem of corruption . They can't control bitcoin, so they can only ban it. Because bitcoin allows a lot of foreign exchange, the rich can move their assets abroad at will, leaving the stupid country, and China's leaders will not let that happen.

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[darksanya]

I first of all think about the number of people in the country. the more people in country, the more difficult it is to monitor activities in the field of mining and trade in crypto currency. now I think they will completely close everything, but then they will give out something like the unique rights to conduct business with crypto-currencies

[ksyusha_so]

I first of all think about the number of people in the country. the more people in country, the more difficult it is to monitor activities in the field of mining and trade in crypto currency. now I think they will completely close everything, but then they will give out something like the unique rights to conduct business with crypto-currencies

In addition, it's obvious to remember the political situation and the form of state administration. If the government introduces taxation in the field of crypto trading, it is likely that many professional traders will respond and agree with such conditions.

[Direwolve735]

Because bitcoin is out of control, China is a populous country that would otherwise have been hard-pressed to control by economic markets. Therefore, it is normal for a country to enter into a new business that can not be controlled.

I agree that China tries to control economic markets. China wants to conduct international trade according to its rules. But the main desire is to end the financial, political and economic hegemony of the United States. Beijing seeks to pull over the blanket of world leadership. That`s why China doesn`t like Bitcoin but likes blockchain. The Chinese authorities see Blokchain`s technology as potentially useful, reducing the role of intermediaries in promoting their interests, especially in trade.

[Maxson]

In September,China nixed initial coin offerings, with China going a step further and announcing the eventual closure of domestic cryptocurrency exchanges. Increased regulation could either help bitcoin.

[DannyHamiltom]

Chinese people are very conservative in their thinking.
They don't approve of the new technology.
Think it's a hoax.
So it's not friendly to bitcoin.

[kodtycoon]

Some say a relative of the Government prohibits the existence of bitcoin because their paper currency does not want to be replaced by cyptocurrency, sometimes I think is true about what the relatives say so that triggers allergies to not have it but the facts say other people there really want bitcoin because it has breadth in transactions and has become viral in this world.

[YzzyGo]

It's not that they don't like bitcoin. They are just trying to protect their people from bogus ICO's scamming them of their money. When your people is losing money, it's the Government's job to protect them. Although, they may be taking this too far. A simple warning would have been fine.

[sokokamous]

China banned ICOs and now it appears to be clamping down on Chinese miners,  they have consumed “huge amounts of resources and stoked speculation of ‘virtual currencies.”

[Eraldo Coil]

Probably because their government is not getting any benefits from bitcoin whales. And they can't tax these people who earn bitcoin. So I think their move is just to ban it. But even though the Chinese government bans it, there are still people who mine it and find a way to escape.

[Theoneo8]

They are not, they just want the control of many things. Well they do it transparently at least and not like some of the fancy countries.
America banned some exchanges and other stuff. That is a control too.

[Realtoreel]

as you say its a big country with many people and if your not a noob in math you can imagine how much money they loose
in all terms.
next point i think is the decentralisation they dont like and not that easy to trace like money.

[Nakaba]

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?

They are allergic because they cannot totally regulate it. All government are also have a hard time to get tax with bitcoin. You can only get a tax  if you convert it in fiat.

[ihsanskanzaone]

That reason why the Chinese government is allergic to bitcoin is because the bitcoin trade in China is out of control, so the Chinese government is starting to worry about money laundering through bitcoin and the amount of cheating that goes on in China using bitcoin continues to rise. Making it a big problem that makes the Chinese government ban bitcoin

[Angletim]

I think Chinese people are too backward.
They can't take things too far.
So they think bitcoin is a scam.

[Djbeats]

The reason why the Chinese government is allergic to bitcoin is because the bitcoin trade in China is out of control,because the value of bitcoin in china is big so the Chinese government is allergic in bitcoin

[genesis53]

I think China with a population of billion people, the government will lose also billion amount of money from evading taxes because of Bitcoin anonymity.  The government has no complete power to control cryptocurrency and the risk of using bitcoin and other virtual currencies to criminal activities like money laundering or illegal drug

[imstillthebest]

I think China with a population of billion people, the government will lose also billion amount of money from evading taxes because of Bitcoin anonymity.  The government has no power to control cryptocurrency and the risk of using bitcoin and other virtual currencies to criminal activities like money laundering or illegal drug

no , governments dont loose money at all and it does not illegal either because bitcoin in the first place is just only a digital curreny and not a real currency. tax will only applicable if your a regular employee or a business man that has a big salary wage or above minimum. 

The government has no power to control cryptocurrency and the risk of using bitcoin and other virtual currencies to criminal activities like money laundering or illegal drug

government has also a power to control cryptos because most of the countries are now are actually legalizing the use of it. illegal activites can also occur in a real currency and not just in bitcoin or other cryptos.

[Carlsen]

In the eyes of the chinese government the way how people in China use bitcoin harms the chinse economy.
From a technological point of view, there really seems to be no way to infiltrate or harm bitcoin. Otherwise the government in China would have managed to do so.
Most people don't esteem that fact, although it is really a very positive realization.
So China intervenes where it is possible for them: the exchanges and the miners.

[eaLiTy]

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?

I have to clear one thing here,it is true they have the worlds second largest economy but still China is not a developed country,it is a developing country and there is a big gap between the wealthy class and the middle class,it is not that they do not like the bitcoin revolution ,they want everything transparent and from a country who hands out death penalty for corruption you have to think that they takes these things seriously.