Why has China declared war on bitcoin and digital currencies?

[ecnalubma]

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?

Its kind a hard to tell where the stance of Chinese Government is heading at this moment. They are showing signs to embrace blockchain technology but they are uncertain with cryptocurrencies, maybe this year the game will change and their tone against crypto will be more welcoming.

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[Leyss]

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?

What the Chinese government does is not like declaring war on a crypto currency. In China, still operate crypto-exchange exchanges and exchangers. Earlier, the government announced that it was setting up its national centralized crypto currency, but recently they are already saying that they are not in a hurry to do it. In my opinion, the Chinese government is looking for its way of introducing the crypto currency into its country. China in this regard is generally unique, the development of the economy of this country has always taken place in a separate way.

[danielschwerzer]

I think it isn't a war itself
looks like chinese don't understand how to controle crypto, that's why they decided to take a break and go deep in it
i heard that they are developing their own crypto exchanger... chinese way to do things - ban foreign stuff and create smth similar lol

[Edraket31]

I think it isn't a war itself
looks like chinese don't understand how to controle crypto, that's why they decided to take a break and go deep in it
i heard that they are developing their own crypto exchanger... chinese way to do things - ban foreign stuff and create smth similar lol

They do understand, they just don't want bitcoin because they cannot control it so what they did is they have created their own coin, so that their people has no choice, they also banned bitcoin and some sites for cryptos so that Chinese cannot access it and will leave no choice at all.

[marielbeckham]

It's difficult to determine what exact stage is here. Still, it's quite obvious that China won't accept BTC not willing to lose control.

[BitcoinGirl.Club]

Government just wants to put in place a system they will have full control of these digital currencies while they can and not necessarily declaring war on bitcoin and other digital currencies, and I think once laws and regulations are set it should be easy for demand to grow and later on the price of the coins will rise.

[gatti]

The investors in bitcoin was 3/10 from China.Even they are lot of mining farm in China and to reduce the involvement of Chinese in the crypto investment,their government made bitcoin as illegal one.

[Fantastic33]

China banned bitcoin and other crypto exchanges but not really a way against crypto. It was issued to prevent financial risk to its holders and users, and to also prevent fraud and pyramid selling of cryptos.

http://www.scmp.com/business/banking-finance/article/2132009/china-stamp-out-cryptocurrency-trading-completely-ban

[Irvinn]

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?

China did not declare war on the Crypto-currency. In September last year, the Chinese government announced a crypto currency threat to the country's economy due to the fact that with the help of its out of the country could withdraw funds uncontrolled. With regard to the ICO projects, they immediately warned of significant fraud and the need to protect the rights of investors. All this time, the Chinese government was looking for ways to solve this problem. Recently, there has already been allowed the possibility of authorizing an ICO, but regulated by the state. Thus, China is gradually returning to the usual way of using crypto currency.

[Kambal2000]

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?

China did not declare war on the Crypto-currency. In September last year, the Chinese government announced a crypto currency threat to the country's economy due to the fact that with the help of its out of the country could withdraw funds uncontrolled. With regard to the ICO projects, they immediately warned of significant fraud and the need to protect the rights of investors. All this time, the Chinese government was looking for ways to solve this problem. Recently, there has already been allowed the possibility of authorizing an ICO, but regulated by the state. Thus, China is gradually returning to the usual way of using crypto currency.

They did not literally declared war but China already banned all cryptocurrency related, you cannot even search it in their internet and now they are targeting those miners and exchanges, don't know the update now but for sure they are just doing it because they just want their own coin to subscribe in their country.

[warrior333]

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?

China did not declare war on the Crypto-currency. In September last year, the Chinese government announced a crypto currency threat to the country's economy due to the fact that with the help of its out of the country could withdraw funds uncontrolled. With regard to the ICO projects, they immediately warned of significant fraud and the need to protect the rights of investors. All this time, the Chinese government was looking for ways to solve this problem. Recently, there has already been allowed the possibility of authorizing an ICO, but regulated by the state. Thus, China is gradually returning to the usual way of using crypto currency.

State regulation is an unusual state for the ICO. It seems to me that China seeks to build an ICO system with one-way traffic. Under fictitious pretexts, they block access to external ICO. So they want to stop any possibility of withdrawing capital from China. But I do not believe that the Chinese will be able to close their borders.

[arthur25]

Well, I think it wasn't a total ban. In some times but not all the time for China is one of cryptocurrency lover. They come in to crypto and go out then pretty sure they will come in again. Preparation for the future of management of cryptocurrency can be the hidden agenda.

[onebtcforlife]

Still, Government of China didn't declare anything about banning the Bitcoin and people is very curious about the news from China. While other governments are very positive about the Bitcoin technology and only China is abusing the cryptocurrency.

[makolz26]

Still, Government of China didn't declare anything about banning the Bitcoin and people is very curious about the news from China. While other governments are very positive about the Bitcoin technology and only China is abusing the cryptocurrency.

What China wants always is that they will be the number one in everything, and because they did not made bitcoin so they are treating it as one of their big rival, it was really frustrating to see how greedy they were when it comes to something like that, and now that they have NEO they want NEO will top the crypto world.

[Edraket31]

Still, Government of China didn't declare anything about banning the Bitcoin and people is very curious about the news from China. While other governments are very positive about the Bitcoin technology and only China is abusing the cryptocurrency.

What China wants always is that they will be the number one in everything, and because they did not made bitcoin so they are treating it as one of their big rival, it was really frustrating to see how greedy they were when it comes to something like that, and now that they have NEO they want NEO will top the crypto world.

That is China as much as possible they want to become the number one country in the world, they are not contented and satisfied with everything, they want to the most powerful just like here in cryptocurrency they made their own coin so that it will be the one Chinese people will invest at rather than bitcoin.

[orions.belt19]

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?

Its kind a hard to tell where the stance of Chinese Government is heading at this moment. They are showing signs to embrace blockchain technology but they are uncertain with cryptocurrencies, maybe this year the game will change and their tone against crypto will be more welcoming.

I won’t call it an ‘embrace’. They may have not totally banned crypto, but they want control adn regulation over it - which is not a surprise. They want to have and utilize crypto, but they want it to be under their control and regulation. They will benefit and profit from crypto however their government will not allow such a decentralized wntity to run free within their country, not under their watch at least.

[johanesrobin]

This is good news I think China is beginning to think to open their eyes to cryptocurrency.

https://bitcointalk.org/index.php?topic=3204253.0

[Leyss]

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?

When last September, the Chinese government decided to impose its prohibitions and restrictions on the crypto currency, they clearly stated that they consider the currency a threat to the country's economy, since the crypto currency allows uncontrolled withdrawal of funds from the country. That is, the government said that it can not control the Crypto currency. Since then, they are looking for ways to solve this problem.
 They also stated that they will create their national centralized crypto currency, but they have not been created so far. Then the pressure on the crypto currency was weakened, most of the stock exchanges and exchangers remained there, freely went crypto currency. Recently there were even news that in China the ICO will be allowed, but this process will be regulated. I do not think that there they are going to finally ban all the crypto currency, most likely these are some temporary difficulties.

[BitHodler]

I do not think that there they are going to finally ban all the crypto currency, most likely these are some temporary difficulties.

They don't have to ban crypto ever. If you look at their actions, they are trying to prevent people from accessing exchanges, preventing people from conducting crypto versus fiat trades, and the list goes on.

In other words, they legally want to make it impossible for the mass to either buy or sell crypto, and it seems to be working already. Only a small percentage will ignore the legal framework and still buy and sell crypto.

Will they ever lift these measures? Or soften them up? I don't know and it actually doesn't really matter. Bitcoin will grow regardless of China being on board or not. Bitcoin is too scarce to suffer from country exclusion.

At some point owning even one tenth of a whole coin will be a tremendous achievement. High demand from buyers, but low urge to sell for those who already have Bitcoin.

[Biscutard]

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?

Its kind a hard to tell where the stance of Chinese Government is heading at this moment. They are showing signs to embrace blockchain technology but they are uncertain with cryptocurrencies, maybe this year the game will change and their tone against crypto will be more welcoming.

I won’t call it an ‘embrace’. They may have not totally banned crypto, but they want control adn regulation over it - which is not a surprise. They want to have and utilize crypto, but they want it to be under their control and regulation. They will benefit and profit from crypto however their government will not allow such a decentralized wntity to run free within their country, not under their watch at least.

Chinese economy is very well known because of their hard working people and a lot of them are business minded which is a great impact to their economy while making and selling their very own products. I think the government of China are alarmed that those people who make and sell products won't work again because they are now selling a digital money/cryptocurrency.