why China goverment allergic to bitcoin?

[randulakoralage961007]

China government always try to control their economy and their people.But bitcoin can't control because for bitcoin to sell or buy or whatever, method is a de-centralized method.So, the government can't control bitcoin.Only people who use bitcoins can control bitcoin.So China government allergic to bitcoin.

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[liamnorthcoins]

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?

This is simply because they want control and they can never do that to bitcoin. The decentralization and volatility of bitcoin is simply creating allergies to their way of governance. The government can't tax it so intonsis they can't earn from it. So they become allergic by it's very nature. In time if they can fine a hole where they can atleast fine a way to profit from it by then surely will have a cure for the allergy.

[Harper6]

Don't know may be there is some allergic reaction to the china govt. Let them visit to Doctors :p LOL

Well it is serious issue not a joke at all but I think they are not good to use bitcoin they don’t know the real benefits of bitcoin so let them hate bitcoin it will not affect the p[rice and value of bitcoin, at this time no currency is that famous in the world as much famous bitcoin is, for me bitcoin is life making currency so China should support bitcoin  it will improve their state in this world also they will be able to take benefits from bitcoin to develop new technologies.

[Nevkeke]

I don't know. China saying "Bitcoin is bad. Don't buy don't invest don't talk about that " then a Chinese corporation buying bitcoin. I can't understand this

[nikola22]

I think they don't want fiats to be replaced by btcs as they are totally aware of the growing btc craze in their country

they just want to prevent runaway of money from their country. rich people buy bitcoins in China, move to Europe or USA and convert part of them or all of them into fiat money.

[samantadegrenet]

In my opinion China is not a free market economy but a kind of planned capitalism and therefore can not accept a decentralized and independent instrument like bitcoin

[cookeo123]

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

[Doge dealer]

china has not risen to such a powerful position in the global economy by leaving anything to chance they have planned meticulously and held a tight grip on their economy in order to achieve this number 1 position and to maintain it , bitcoins by its very nature is a threat, its decentralized , it cannot be controlled and that's the main sore point for china .....not being able to control or predict with a 95% certainty how it will behave .This threatens even its national security as they might not be able to control the world as they do now.

[Veterock]

Because they can't regulate bitcoin)Everything is simple))If you can't control something, it makes you angry))

[webdevmastery]

I think the Chinese government is deliberately trying to lower the value of bitcoin to promote the development of their own crypto. Bitcoins are not made by the Chinese, so they certainly do not want it to own the cryptocurrency market, which should be the crypto of China, probably NEO a crypto is receiving great support.

Your absolutely right, they want to reduce the popularity and investors of bitcoins because they need more man power on their own industry that are built by infrastructure and if people will turn their focus on trading in the market then no one will work on the corporate world.

[brickafterbrickwalldpt]

I'm not surprised that Chinese government is against Bitcoin. I have never been to China but according to what's on the Internet I can tell that their government want to control as many things as possible. Everyone knows about the Great Chinese Firewall which blocks a lot of foreign websites which are not accepted by Chinese government. There are many ways to evade it but I think that averarge Chinese citizen doesn't know much about VPNs and TOR in general. I'm not surprised, they are probably focused on making for a living rather on their cenzorship.

[Nuru]

China is againts everything that they can't control (for example social media). It shouldn't be suprise that they are one of the biggest opponents of cryptocurrencies.

[cizatext]

The reason is simple China see bitcoin as a threat to there financial system, one because the government does not have the capacity to control bitcoin since bitcoin is decentralized and not control by any individual.

[Goodday]

I think the ban on bitcoin in china is because Bitcoin exchange rate up and down purely following market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be regulated hence china prohibits the existence of bitcoin

[cmacwiz]

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?

Bitcoin is world first decentralised digital currency that means it doesn't comes under control of government term and conditions. China government doesn't want this thing. China government has some reason due to this they want to stop creating and exchanging cryptocurrency in their country. According to china government crypto currency manipulate market value of many things and also affect their country financial. Another reason is china doesn't want anything in their country which affects their banking system.