why China goverment allergic to bitcoin?

[najmul33]

China is the top highest population country in the world. So i think they are developed new crypto currency in there county. Maybe thats reson china banned Bitcoin

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[ClackKendi]

Because some  "bitcoin digging" Company was born, and these companies have consumed too much electricity in China. the Chinese government does not have a strict tax policy on bitcoins. China is introducing tough policies for the domestic bitcoin market. Many Chinese banks have locked down virtual accounts of investors.

[drakegon]

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?

Mass adoption of Bitcoin implies several changes in the lives of some very powerfull men and it will imply a lot of changes. These changes will happen, but it takes time.

[pinoyden]

Because some  "bitcoin digging" Company was born, and these companies have consumed too much electricity in China. the Chinese government does not have a strict tax policy on bitcoins. China is introducing tough policies for the domestic bitcoin market. Many Chinese banks have locked down virtual accounts of investors.

what do you mean by bitcoin digging? are you talking about mining? if yes then i think mining is not even illegal to china rather they only ban those ico's and exchanges related to it, however bitcoin in their country is fully legal as well as mining and they can always pay those electric bills if it was on the company as they are also earning an income thru it. overall china is indeed a verry strict country therfor it is Pretty normal to see that they could ban those activity related to crypto if their government wants.

[Kate Beckett]

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 doesn`t like Bitcoin in particular, not the whole revolution. China already uses blockchain technology. But they don`t prefer Bitcoin, because they can`t control it. Bitcoin is untraceble and anonimous. China doesn`t like it. The country is considering creating its own crypto currency, which they will be able to control.

[michael_rogers]

but they still don't like bitcoin revolution.what is the main reason for that?

Exactly for that: revolution.

Bitcoin has the potential to unsettle existing flow of money.
If used widely to things could happen: you could folow the money to corrupt individuals. This could hurt important members of the political party.
The second thing: if for some reason, the price of bitcoin drops like a rock, the savings of many chinese people are lost, and this will create unrest.

[Casey7]

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.

Well, you aware about the google translate. You are so good.

I think i get your point that china is absolute power of government. But dont you realize why china hate bitcoin?
I think its because china can not control bitcoin. China want to make bitcoin become centralize but they could not. Thats maybe the main reason why they ban bitcoin.

[bytomboy1234]

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  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  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.

I don't think china is doing anything different to the whole world is doing to the crypto. The thing that is different in the case of China that it is a communist country and they would like to control people all the way and by allowing people to fully use bitcoin which provides financial freedom and pseudo anonymous transactions,it would go totally against their interests.

[thenameisjay]

I think China doesn't have a need to use bitcoins. Since China is a economic dreadnaught, integrating bitcoins to their monetary system will only bring confusion to its citizens. My guess is if you don't have a need for bitcoins, why allow it to operate in the country?

Another guess I'm thinking of is that bitcoins are MAYBE hurting the Chinese economy. But I don't see the reason why bitcoins would ever hurt China's powerful economy.

[Proton2233]

Perhaps the roots of this problem go far back in history. All Asian countries were ruled by emperors. They valued the unity of command. The ruling party of China is acting in accordance with its strategy in 100 years. Bitcoin is freedom. Free people hard to manage. I think this is the main reason.

[Realtoreel]

i think china wont be the only country reacting allergic to the cryptro world, most of those countries staying calm because it would give bitcoin & co the last push they need to bring the cash down i think.

[Dexion]

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

a very precise analysis, and I agree with you. and of course china always impose their every wish, they do not think about cause and effect, what they think is profit, profit and profit.

we know that china is one of the biggest crypto trade, but also china is the worst in using bitcoin and kripo they want to control crypto world, duplicate and also control the market.

[wodebutterfly]

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.

You are absolutely right. China has just held it five-year financial meeting to discuss about the financial stability over the next five years in 2017. To them, Bitcoin has already become a threat to that kind of stability they want. So first is ban ICO,  crypto trading exchanges, and there are more policies to come to regulate and strike down crypto trading in the future.

[bramovick]

The Chinese government is not allergic to bitcoin prohibited by the Chinese government is ico, but I read through this forum yesterday that the Chinese government is back again using bitcoin.

[andylioe78]

It is true that China is a country that counts in any field, because China is a country that is heading for power with great, With so many people investing in Bitcoin where the government can not receive income taxes and transactions are anonymous, the government is only allergic to the decentralized monetary system . but china always sings the price in the bitcoin market which always causes stuck. and sales panic.

[cerebro415]

I think it would be misleading to ascertain that the Chinese Government is allergic to BTC or the cryptocurrency industry, as China is China because they are known to exploit such opportunities to make profit and do good business when they see something that is new and something that could either be considered legal or illegal (depends on regulation for that particular place), knowing they have a huge population and in an age of advanced technological advancement wherein their internet is usually used for business of e-commerce and one can also consider that the BTC or the entire cryptocurrency domain has many features that can brand it as a form of e-commerce. Thus, this is just a matter of publicity, outside China itself, because if one would try and search for news inside China and how the BTC was a year ago, they actually like it, in fact take a look at this https://www.express.co.uk/finance/city/902104/bitcoin-price-Ripple-ethereum-cryptocurrency-China-Bloomberg. So I think they are not totally allergic to BTC and the technology behind it, they want to control it and regulate it. 

[FUD Expert]

I think they felt that their fellow citizens have lost too much on these ICO's and trading so they prohibits the use bitcoin as well. I don't blame them because we know that millions and millions are stolen from their people before because it is not regulated.

[lampukoe lumo]

What you mean is why China forbids bitcoin as a means of payment in the country. Probably the reason why China forbids its citizens to trade in bitcoin is probably the Chinese State Government thinks bitcoin can harm banks, And maybe China wants to make its own Crypto better than Bitcoin, and other reasons may be the Chinese government is afraid that one day bitcoin can beat their own country's currency.

[cryptoalfs76]

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?

As in my own thinking china government,is not allergic to bitcoin,instead they like it much,and the prove it that most of chinese peoole is being a bitcoin miners.the only things they prevented the  foreign ICO investment that penetrate to make a project into there country,because as far as i know they want to develope there own ICO currency,for there own country men,thats why they must tightened there security,that foreign ICO not penetrate to operate into there country.

[yoseph]

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?

Its because they don't have total control over of it that's why they are so against it and with their type of government if they don't have control over something the best way they go about is is either by destroying it or banning it completely.