Why China banned bitcoin？

[Mersterious]

China is planning to cut off domestic access to platforms and exchanges that enable people to trade digital currencies, it has been reported.
Bitcoin and all other major digital currencies plummeted after it emerged that trading could be banned in South Korea.
Speculation around the Chinese government’s plans for a major bitcoin crackdown have likely also contributed to the huge declines that have happened across the board.

[shanksluffy]

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/

I think btc will destroy their good economy. Their cash will be useless ehen they legalized btc

[Crystacool]

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/

I don't think China has banned bitcoin transactions. The Chinese government has only stepped up its oversight of bitcoin. They do not encourage bitcoin transactions, which they see as risky.

[joymarker]

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/

China kembali menerapkan kebijakan baru terhadap cryptocurrencies, yakni dengan menutup sejumlah bursa pertukaran Bitcoin lokal. Keputusan China tersebut ..

[fattyforhire]

What are you guys saying? It's clear that it was a temporary thing a few days later, the Chinese authorities have denied. The same news was during the fall of the market in autumn.

[Englebabylove]

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/

The Chinese government is old-fashioned. They don't know about bitcoin, and believe that bitcoin is a scam that could affect their domestic economic stability, so they choose to ban bitcoin transactions.

[Ailmand]

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/

My guess why China is doing that due to the fact that there are so many coins being introduced by Chinese developers. If they can control the already established and big market coins from being used in their country, that can help in the introduction and marketing, and in turn, in the proliferation of their coin in the local market up to the global market. China is a big market in everything because of how big their population is, thus, if they can start in the promotion of a coin, there is always a chance for it to catch up and shift to the global market.

[Taryono69]

Is this an issue made by the Chinese state, so they can buy so many bitcoins.

[santieevanz]

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/

I really don't think that China banned the transactions using bitcoin because it's not in the lists of some countries who already banned bitcoin. China can easily adapt new technologies and most of it was supported and endorsed by them. However, If it is really true, then maybe its government are just studying the advantages and disadvantages of it if they totally accepted bitcoin.

[Haley craft]

Because China is a country more stupid, don't agree with bitcoin for a novelty, so they banned the bitcoin, like they had banned twitter, they want to limit as much as possible.

[GeorgiyBilyk]

Now very serious players, miners and companies are starting to leave China! They leave to where the countries are open to the development of the crypto market! I am sure that soon China will no longer be such an influential country as it is now! Already if you notice the market does not react so strongly to their prohibitions or restrictions! All these restrictions will soon cease to affect the crypto market and bitcoin!

[redhondaxrm125]

China is planning to cut off domestic access to platforms and exchanges that enable people to trade digital currencies, it has been reported.
Bitcoin and all other major digital currencies plummeted after it emerged that trading could be banned in South Korea.
Speculation around the Chinese government’s plans for a major bitcoin crackdown have likely also contributed to the huge declines that have happened across the board.

I believe so too. Which is why I am a bit worried for my current investments. But even so, I do not plan to quit since even if these two countries really do ban bitcoins and all the other crypto currencies out there, there will still be a whole bunch of countries that will still be letting their people use crypto currencies or at least do something to regulate it to make it something that is really traceable and cannot  be used for criminality. So let them be, it will be their loss, not ours.

[Lenzie]

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/

I really don't think that China banned the transactions using bitcoin because it's not in the lists of some countries who already banned bitcoin. China can easily adapt new technologies and most of it was supported and endorsed by them. However, If it is really true, then maybe its government are just studying the advantages and disadvantages of it if they totally accepted bitcoin.

China doesn't necessaeily banned bitcoin. It just limit the cryptocurrency utilize in the country and the new crypto that are just starting. This is because of a lot of news related to crypto that are relative to a lot of scam. China is just regulating the security in their country. Or who knows maybe they see crypto as a threat so they are limiting the circulation until its gone.

No one knows the intention of this country, maybe they are planning to create there own.

[weblouartisan]

China cannot handle the growth of cryptocurrency as well just like other countries and may be it is affecting their
Chinese People Verry Worried For Bitcoin Crypto Currency
In China Becouse Some ICO/Some Little Problem But China Extremely Not Banned Bitcoin I Think Keep It Growing Up.

You are right somehow, there are a lot of factory workers in china and because of cryptocurrency the employees are reduced and most of them are choosing to run a mining rig because the cost of electricity in their area is very low.

[Phildo]

China doesn’t ban bitcoin completely, they just close all the ICO in their country. Many people misunderstand China and also many people spread bad news about bitcoin in China. The Chinese government is still allows to hold and trade bitcoin in the country. Only all of the ICOs are closed by the Chinese government because they feels can’t control bitcoin’s ICO that predicted will rule over their own currency.

[Kray]

This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/

It’ll be a little hard for me to read the articles you gave in your thread. And I used goggle translate to read your article and I'm not too sure if goggle translate completely translate Chinese language to English.
 
But in my opinion China doesn’t ban bitcoin completely, I am sure Chinese can still hold and transact bitcoin with others. If China bans bitcoin completely I’m sure there must still be some people accessing bitcoin to violate the rule.

[ramgonzales]

Without getting into so much details, my take on this is China is a communist country which means their government is in control of everything there so it is very obvious why they don't want their people to use Bitcoin because it is something that they cannot control, they think it is not for them so banning it is the way for them to ensure that their people are not involved in it any longer.

[sagatel]

I think that China's influence on cryptocurrencies is greatly exaggerated. Summit 20 is coming soon... I'm afraid the price will start to fall even more.

[lanareyDEY]

There are many projects in which you can invest a fairly small amount, and check it for efficiency

[DenisenkoMaria3571]

It's a great time to start investing in CS Monitor projects. very profitable project