Why has China declared war on bitcoin and digital currencies?

[The BlockRx Project]

China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?

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[signalbitbot]

This is decided by the government, it is beneficial for them to take everything under control.

[stantpro]

Does this imply that bitcoin exchanged and mining having been banned in China
may also be repeated by other countries of the world?If this happens, where is then the safe haven
to mine and exchange bitcoin and other cryptocurrencies?Hope there is a way out of this
governmental war against bitcoin in China?Let it not extend to other countries.

[darkangel11]

China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?

They have closed down the exchanges some time ago, but it's not set in stone. What I mean by that is, there's a reason for the ban and it's not "the good of the people" or a similar slogan. They are doing it to make all crypto businesses file for a government issued license and that will require them to pay a certain fee. The license will also make sure only certain people are allowed to run an exchange and this will of course be members of the ruling party or their family members.
IMO by this time next year they will announce the plan to tax and regulate exchanges.

[Baoo]

It is definitely that there are a major problems in the economy of China, due to the existence of Bitcoin and other currencies in the market. Moreover, this has led to preventing the use of all digital currencies in this country.

In addition to that, the government of China has tried many times to break the progress of bitcoin and it has not been able to achieve that goal. In my opinion, if many economic crises occur in the coming period, then it is sure that china will recognize all digital currencies (I think it will be achieved in the near future) .

[Indrawan77]

I think the china government want to control every transaction that the citizens make, the China government is famous for its tight supervision for every thing, and the government see crypto currencies as something threatening, it can caused people to avoid tax and doing money laundering with it, and the government shutting down the ICO because there are so many people scammed through ICO

[marcbitcoins]

China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?

I thought banning is over last year so this is another occurrence i guess? Well for me they are banning bitcoin and digital currencies because as they have the biggest miners in the world that maybe they want to manipulate the price of bitcoin and control it so that they have the control of Bitcoin in which a big help to their economy to become more strong than America. We know that many Chinese are in crypto currencies investments that they have the great numbers so there is possibility of conspiracy.

[RamonBTC]

China has this idea of owning and controlling the cryptocurrency market and been acting one since last year. They’re attacking bitcoin at once because it is the most powerful of all crypto coin and if this happen then it would be easy for them to crash every alternative coins that is available. There implementing they’re new coin in the market that most of us know about but not aware of its consequences because we’re too greedy for profits.

[matuson]

Bitcoin has already spread around the world. A ban in one country can affect the entire market. Chinese traders will use the South Korean and Japanese exchange. Hashing power will be moved to other countries where there are a lot of cheap electricity. Bans can't stop bitcoin. The most reasonable solution is the legalization. But the government does not understand this.

[veleten]

to understand why ,one has to look at the global politics and what is going on in the world at the moment
China is trying to establish itself as one of the superpowers,challenging the US on every front
bitcoins and cryptocurrencies in general allow money to escape the regulations
people and companies are able to move millions of dollars literally undetected and uncontrolled
it can lead to many bad things including risks to the current regime in power

[r01k]

After all the Chinese government still considers itself communist and monopartidist, which allows them to control whatever they want. For such authoritarian regimes "decentralized" and "accessible" are anathema. Heck, they don't event allow a free Internet; why would they in their sane minds not ban cryptocurrencies?

[lili song]

The China government they want control them self almost all sector. So that reason they ban other coins in their country.
The government support their local products, it will effect the country grow fast and the welfare of their communities.

[maurenza]

global worries about the risk of a bubble.Bubble condition occurs when the price of a commodity is soaring too high. Eventually, this could impact the disruption of financial stability.

[AssiZichlinski]

It is definitely that there are a major problems in the economy of China, due to the existence of Bitcoin and other currencies in the market. Moreover, this has led to preventing the use of all digital currencies in this country.

In addition to that, the government of China has tried many times to break the progress of bitcoin and it has not been able to achieve that goal. In my opinion, if many economic crises occur in the coming period, then it is sure that china will recognize all digital currencies (I think it will be achieved in the near future) .

China's position is two-fold. First, regarding their recent clamp-down on bitcoin mining, the government is fearful of an overload on their electrical infrastructure. Second, regarding cryptocurrencies in general, the government is simply fearful of a loss of central control (as they always are). Surprisingly, the idea of crypto itself doesn't scare them - they are creating their own government-issued cryptocurrency - but they are fearful of the use of external coins to transfer money in and out of the country beyond their watch, and the ability of individuals to amass wealth without their notice.

[thrylos]

China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?

Here is my opinion to this unpleasant action of China against bitcoin,
We all know that china is always after for something which they can earn big for their side. Are you not wonder that everytime Chinese New Year is approaching and passing the price of bitcoin is affected? It decreases, so it is quite strange seems that chinese people has a control over bitcoin. So banning bitcoin is one of their strategy to put bitcoin down the price and buy more from the lowest price.

[MisterPrada]

They have already "banned" bitcoin like 10 times past 4 years without success. This is nothing new, they ban everything that is great about the internet.

[jseverson]

They have already "banned" bitcoin like 10 times past 4 years without success. This is nothing new, they ban everything that is great about the internet.

They have never banned Bitcoin outright. This seems to be a common misconception. They have banned ICOs, exchanges, P2P exchanges (that served as a loophole for the initial ban), and they're currently sitting the fence on mining. Holding and trading are still fair game, but who knows how long that will last.

Either way, China is no longer the giant it once was in trading volume, and the remaining traders have already learned how to sidestep regulations. An outright ban at this point shouldn't be too crippling in the short term, FUD aside.

[avikz]

They have already "banned" bitcoin like 10 times past 4 years without success. This is nothing new, they ban everything that is great about the internet.

They have never banned Bitcoin outright. This seems to be a common misconception. They have banned ICOs, exchanges, P2P exchanges (that served as a loophole for the initial ban), and they're currently sitting the fence on mining. Holding and trading are still fair game, but who knows how long that will last.

Either way, China is no longer the giant it once was in trading volume, and the remaining traders have already learned how to sidestep regulations. An outright ban at this point shouldn't be too crippling in the short term, FUD aside.

Right you are! China has never banned bitcoin outright. Because that can't be possible for them. So they have taken a phased approach. First they banned ICOs because that was a channel of dirty money flowing in to their economy. I have seen a lot of Chinese scammers active in the ICO market prior to China ban so it was a good news for the entire crypto community.

Now China is trying to ban the mining operations because a communist country doesn't believe in people empowerment by sidetracking them. They follow heavily centralized policies. Crypto is one way that can't be properly tracked and taxed because of its pseudo anonymous nature. So the Chinese government are not getting the proper revenue from these crypto related market. So they are trying to curb it down.

But China is not anymore the superpower of crypto market. If China ban all crypto related activities outright, the market will react for a short span. But I don't think any big impact will be seen for China's exit. Also the Chinese government knows that it is impossible to control the entire crypto market in China. So those who want to use it, they will continue using it. Absolute ban can't be achieved practically.

[KorakPawon]

1. Bitcoin pricing does not have clear rules. So the price can change change every time. "For the determination of the price of this product is not based on a clear underline transaction (guarantee), so the possibility of speculating the price rise and fall is very high
2.Bitcoin also does not have adequate consumer protection rules. Therefore, in the event of a loss, the user can not file a claim
essentially can only harm the user

[btrice7]

The Chinese government does not want the Chinese people to be rich.then who will work cheap?..