Why China banned bitcoin？

[megynacuna]

I thought it was a known fact that china abhors bitcoin due to money laundering issues and how criminals are transferring their assets and avoiding taxes which is weakening the Yuan so bad. The Chinese government in order to properly manage his economy did the obvious.

[teeevnglst]

China is known for banning foreign websites that they cant control this causes the use of so-called the great firewall of china on bitcoin related risks.the fear of financial risk

[LynielZbl]

China banned bitcoin because they cut off the domestic access to platforms and exchanges that enable people to trade digital currencies, and it has been reported as of now. They will block access to domestic and foreign services in order to prevent financial risk. Most of them said that it can affect their economy   thats why they banned bitcoin in their country.

[AjithBtc]

China has been serious with bitcoin and related activities from the day the PBOC made inspection over different exchanges operating within the country. This made them make regulatory compliance for a flawless operation without harming the user community even when something goes out of their control.

[Theonethatgotaway]

China is known for banning foreign websites that they cant control this causes the use of so-called the great firewall of china on bitcoin related risks.the fear of financial risk

As far as my knowledge know, China is a country that wants to control and reign every battle. Regardless of what they can do, if it can't manipulate a certain things they will prohibit it to circulate their country. China has this high grossing bank, if ever bitcoin will circulate around the world they are afraid that btc will outrun their bank. And also they want to please their own authorities emphasizing that btc is a self governed virtual currency, meaning out of their power control.

[laracastvue]

In order to understand the reasoning behind Chinas decisions, it is very important to understand the most important thing in Chinas politics ( or second most important thing next to security of their country) and it is economic growth!

Look at the decisions they are making in order to sustain their economic growth - their mega , giga, and ultra giga construction projects also in other countries.

Cryptocurrencies if not regulated in their way are promoting capital flowing out of their country without any returns thus the ban after ban and this is why i believe that China will re-emerge in crypto industry with regulated sector, if you agree with me buy the fuck up with NEO.

Well politics can really affect cryptocurrencies growth since some of the members of governments does not really want their people to gain wealth in order for them to still have people that will work on their infra structures more on factories.

[Jaya912]

China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me?

People are too often see regulations as a ban. You shouldn't mix those things.

Yes it should no be mixed because they are different things.
But in china i know bitcoin is banned by government. This is not just normal regulation but its really ban. Thats what i get.

[Jessica2009]

   China did not ban Bitcoin but they have stopped only  ICO's and exchanges in China I don't think that China had stopped peer to peer transactions in China any way china is considered the biggest source of  cryptocurrency mining in the world. The Chinese authorities may be thinking broadly about their industry and they have any financial risk to regulate sometime they may be having any problem concerning electricity energy because  some of Chines mining companies are trying to swift to Canada and Switzerland . Most of all in China people may be using crypto for criminal activities may be these are the reason for ban.

[sensei stupid]

China is a country whose development is so rapid. why does China forbid Bitcoin? The most obvious reason is, because China itself is afraid that Bitcoin will make the economic level in China will decline, with many of its citizens investing in other countries by Bitcoin. By knowing how to invest in Bitcoin, they plan to build their own platform.

[fafapol]

From what I read, Beijing bans bitcoin because they are saying that it is not a currency and many people use it for criminal purposes and transactions. And of course, the government can't control it.

[Choyor]

China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me?
This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/

Maybe this is little I know about this. The digital money trading ban plan is limited to the exchange. But for over the counter (OTC) transactions over digital currencies, it would still be permitted. as evidenced by the current running of the existing exchanges in China.

[drofroLinden]

Banned for influnce to the cny.

[Doge dealer]

china is claiming that they are protecting there people from financial risk however what they are doing is creating an environment where their people will now have to find "under the table"ways to access bitcoins thereby exposing them to situations where bitcoin transactions become really risky as they may now be exposed to illegal issuance, fraud and pyramid selling , they should think twice because they are only fueling the "black market" or maybe that's the intent?

[coiner27]

It's not totally ban. They just strenghten the regulations because theu can't control it. China is a communist country, means they control everything, and since they can't control cryptocurrency, they made the regulations strenghtened. There are many investor in China and they found that some big investors joined this kind of industry, thats why they revised and strengthen the regulations.

[Blueblade]

The authorities in China have already banned ICOs and shut down domestic exchanges, but that didn’t solve the issue of people accessing foreign services within the country.Now, according to local media, China will block access to domestic and foreign services “to prevent financial risk.” China has a long tradition of blocking unwanted foreign websites using the so-called Great Firewall of China.

[Arwinkim]

China is highest populated country in the world. The gov't needs to protect the people from criminals using bitcoin. It's really dangerous because it is untraceable. Imagine if corrupt politician use it for money laundrying.

[shainasaz]

The truth in line with that question why china banned bitcoin because it is decentralize form o systems and chinesse government cannot regulate the bitcoin transaction, stiil the government hard to fine a solotion for that transaction but still chinesse government will find to make a resolution to regulate for that matter. 

[DoublerHunter]

They banned bitcoin or cryptocurrencies in general because they noticed the scams that is happening on the ICOs so they don't want to experience it anymore so they decided to just ban the cryptocurrencies which is not a good idea for them because they can just make a regulation to avoid scams and not fully banned bitcoin and other cryptocurrencies.

[SparkSun]

China does not prohibit bitcoin, just do not think it is a currency, of course, bitcoin is now just a virtual product, even if the circulation of the world is only a transfer function, which itself involved in money laundering activities, so the need for an anti-money laundering protocol to join Trading platform, due to the small amount for the money-laundering people,

[endlings]

China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me?
This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/

Because bitcoin can not be controlled, many people in China use bitcoin for illegal transactions such as money laundering, drugs, etc., and because of the high risk of bitcoin, they think it is not suitable for people to participate in. As for more ideas, Probably because nobody is going to do some real work because of the bitcoin's overcommitment and more people involved.