Why China banned bitcoin？

[leavefifa]

China prohibits Bitcoin because it belongs to national policy. As a country with a large number of corrupt officials, the amount of corruption is terrible, the fact that they are transferring illegal money to Bitcoin is a wise way to avoid the investigation of the ruling. Therefore, in order to prevent illegal dispersal of property, the Chinese government has banned Bitcoin. This is just one reason why they are banned from Bitcoin. In addition, there are a number of other reasons.

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[Tanjima]

The Spring Festival is a very important festival in China, you need to buy and buy many things for the Spring Festival, such as buying new clothes, buying couplets, giving gifts to parents, gathering, etc., and the Spring Festival Prices are high, which all need to cash Bitcoin, which affects the price of bitcoin.

[Fakrull]

Since January 8, 2017 China legalizes bitcoin on the grounds:
1.China want to make money digital / virtual own.
2.In use for illegal transactions.
3.China become the center of virtual currency transactions.
4. damaging the investment world.
5.Bitcoin can not be controlled by the government.
6.Easy to use for fraud .

[kucing69]

China bans transactions bitcoin because bitcoin is one of digital currency and digital currency is the currency of which is difficult to be controlled or unstable.
Any digital currency is known to damage the investment world is real because a lot of the fraud therein. This virtual currency and includes currency is illegal or not authorized because it does not look like what is his real form and what kind.

[Elmer1]

I heard the news about bitcoin in china . The cryptocurrencies rose struggled for a bit since China was one of the countries with the highest trading volumes for cryptocurrencies in the world but they recovered and reached their new all time highs. China has since kept up its efforts to curb cryptocurrencies and completely banned the CNY based trading with cryptocurrencies a few months ago. It has not yet let up on its continued fight against Bitcoins in the latest move to stamp out the Bitcoin mining operations in the country.

[ThePogi]

Another silver lining to crypto currencies when governments ban ICO's is that there will be no new cryptos and only the current cryptos remain. No government can confiscate them, so they will go up in value. There will always be a very large number who are libertarian at heart, just like you and me, and we will always find ways to do transactions with each other, so that part of the economy will remain invisible for authorities forever. This is even true when those criminal bankers and governments find a way to switch off the internet.

[perfryan]

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/

News;
-the Chinese police seize 600 bitcoin mining computers over electricity theft.
Consecure prepares costumer claim process for stolen bitcoin.
-Taiwanese gangsters shoot bitcoin miner,who blames chinas crackdown.
-one of the reports states that despite the official ban companies operating
In chinas cryptocurrency exchange.

[Bershie]

Maybe china trying to make their own Cryptocurrency and ICO only for their country see this.Using this they can stimulate their economy through embedding an expiry date on digital currency forcing consumer to spend it within a certain period of time, in this china well be dominate the top foreign exchange reserve. China has the largest reserve in this recent years with a staggering 4 trillion and counting

[Amuloko]

China loses a lot of income, because of training on this exchanges, the exchange rates were low, so it was also bad for Chines currency.

[ngacengan]

china probably prohibits the use of bitcoin because bitcoin has a total supply that is limited and if used in Japan the total supply of bitcoin will not be able to reach the Japanese population who will use bitcoin so they prohibit the use of bitcoin in the country.

[arthotdog]

Sorry, I just went to ask my Chinese friend.
The news I got was that China did not ban bitcoin transactions.
It's just tougher regulation.
I also don't see any news that exchanges stopped trading bitcoins.

And china cant banned bitcoin since this is a electronic currency,maybe the transaction or the usage of the coin is what your implying?and since septembet this damn issue is on the air anyway cryptocurrency world will live even without Chinese so better not to make this big deal..you wont die if china is not arround right?l✌️

[tokenomics]

China did not banned Bitcoin but rather strengthen their regulations specially this 2018 when it comes to cryptocurrencies. PBOC issued a statement regarding this concerned for the simple reason of eliminating fraud.

https://news.bitcoin.com/china-strengthen-cryptocurrency-regulations-2018/

[SellBuyAcc]

They do not banned the bitcoin at all, they just emphasize the regulation in which people really attracts to bitcoin so they can control on how people really buy or purchase the said currency. You know what my friend ask me to buy bitcoin in behalf of him because they are only limited to buy it in CHina.

[yasong]

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 increase in the number of stakeholders and the strong speculative atmosphere are the tools for criminal activities such as money laundering, drug trafficking, smuggling, and illegal fund-raising. Various types of so-called “currency” trading platforms have no legal basis in China.

[rokergila01]

One of the popular virtual money alias cryptocurrency, Bitcoin, is experiencing a decline in the exchange rate. Chinese policy is the reason. The Chinese government issued a policy prohibiting the transaction of initial coin offerings (ICO). The ban was issued not without reason. Virtual currency difficult to control Bitcoin exchange rate up and down purely following the 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 arranged. Easy to use for fraud For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud. Destructive investment world Bitcoin potentially bubble and break up after a lot more popular and many people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

[Kingjagat]

to prevent financial risk, China regulate the withdrawal of bitcoin. It is not being banned but to upgrade the security and anti money laundering systems, that's why there's a temporary suspension on all withdrawals on bitcoin.

I think because Bitcoin also provides a great convenience for laundering money laundering transactions in China's improved regulatory zone, a major threat to Chinese central bank's foreign exchange policy and policy.
Because China is a country of foreign exchange control, anonymous Internet transactions of bitcoin can perfectly cross the central bank's foreign exchange line and make the foreign exchange control policy ineffective.

[nanda1280]

Because Used illegal transactions Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

[naldal barcelona]

Because of the very large electricity usage that have caused china to loose a huge amount of electricity because of the miners. China has been known for the most country producing bitcoin with the use of mining however they havd banned it because of the electricity issues

[Omparkash72]

Bitcoin is a digital currency, control to digital currency is not quite good. China ban crypto currency because of some drawback of digital currency. Hard to tracing, lot of iligeal transaction, use this digital currency for drugs and other iligeal activities, easy to fraud and also not paying tax as per norms,China became the centre of virtual currency transaction. So it is not ban it is just a review of some drawback of Bitcoin, That must be improved in future for everyone betterment.

[tdtduy]

Not all wealthy people in China are well aware of paying taxes. They are ready to evade taxes if possible. Therefore, the conversion of personal property to Bitcoin is also a suitable method for evading taxes. The Chinese government manages China's taxation as well as private citizens' assets. Managing Bitcoin is almost impossible. Unable to manage, so the government issued a ban.