Why China banned bitcoin？

[bankgilabet]

because Chinese Government Concerned About Fraud.
These regulatory actions by China are aimed at controlling the increasing mania involving decentralized, non-regulated cryptocurrencies which have recently soared to astronomical valuations. However, despite the ICO ban and momentary decline, cryptocurrency trading continued in China, as many participants switched to foreign exchanges, like those based in Hong Kong and Japan, to deal in virtual currencies.

[fuding12]

From what i know. Bitcoin still growing fast in china, The use of virtual money in china got time was banned, but it was only temporary. The Chinese government's move to ban the cryptocurrency at the time is related to the possibility of money laundering through the virtual currency. This was announced by Robin Zhu, one of the top brass in Huobi.

[piter_wip12592]

From what i know. Bitcoin still growing fast in china, The use of virtual money in china got time was banned, but it was only temporary. The Chinese government's move to ban the cryptocurrency at the time is related to the possibility of money laundering through the virtual currency. This was announced by Robin Zhu, one of the top brass in Huobi.

What you say is true. Currently I think China is forbidding bitcoins because they can not control the money laundering of the rulers. But if China controls this, then I think this is the country that will thrive the virtual currency market.

[Gudhal Untu]

The reasons for many countries banned bitcoin including china of course because of worry that the use of bitcoin is increasingly massive will be used for illegal transactions, money laundering, increasing corruption, and will make legal currency disappear.

[bajingluncat]

besides not in accordance with the provisions of the monetary authority of china. the Chinese government is also worried about the negative effects of using bitcoin that can be misused by criminals such as terrorism and money laundering. It is very clear that it could harm the Chinese government

[znakistu]

Michael J. Casey, a financial analyst and research investigator, put forward his opinion on the ban on ICO and bitcoin trade in the PRC. He believes that the crypto currency in China is being persecuted for geopolitical reasons.

[JiuMiBe]

At present, China's domestic currency transaction network lacks legal recognition clause, which means that these currencies are free to operate without any agency. any management. This is a tremendous business risk.

[nishcalsim]

This is real news ? And can you please let me know is this happen also in other countries ?

www.cotrader.com

[Corsicoin]

I have your answer guyz...

I think Chinese banned bitcoins because they can't pronounce it correctly!

 

[satria2]

In any case, experts perceive the limitation of the use of Bitcoin in China as a positive movement for the Bitcoin industry, as the Chinese government will no longer be able to manipulate the market.

It becomes something nice but maybe they have another way to make a profit from Bitcoin in the future.

[jayarbillones]

For me I don't think China has banned bitcoin transactions. The Chinese government has only stepped up its oversight of bitcoin.so they banned the bitcoin, like they had banned twitter, they want to limit as much as possible.

[Khalp1]

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/

Chinese officials aren't dumb, they know that if they ban Bitcoin they won't be able to regulate it and it would make matters worse. Banning it would mean telling everyone in China it posed a threat. People would jump on to that and exploit it more.  So they disallow central banks to use it because that would allow capital flow outwards. Individuals won't be able to get out of China easily anyways.

[BitcoinGuruOne]

They " banned" cryptos because they dont want their capital to flow out of the country.
But in the same time blockchain is too big of a opportunity to ngelect thus i think they will develop strict regulations for bloc chain and will embrace it soon.

[Dark_raven007]

Because they see this as a threat. China is the world's first economy. They protect it. And the crypt is not transparent, there are many things you can hide in it. They can not so risk until they take control.

[Malamok101]

banned the bitcoin in china because they want their government to control the price of bitcoin so it's just a bit more china.

[thegreatdodoy]

banned the bitcoin in china because they want their government to control the price of bitcoin so it's just a bit more china.

I Think china did not banned bitcoin but instead it limits only transactions on bitcoin.

[Rubble898zaitO]

Well I think the reason why China banned Bitcoin is because of its decentralized nature. We have to remember China is a communist nation and they want to have the control of everything that is going on their country, especially if it involves the financial aspect. They are thinking that Bitcoin could be a threat to their economy as well so it is better to ban it.

[Aristus]

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.

Meaning this is just another fake news. An untrustworthy statement broadcasting on the internet. Maybe the intention of this negative news which is not not real was to create a fud so that bitcoin will again decrease the value and people behind this news will buy bitcoin  collecting the coin as much as they can. They really know how weak hodlers response in every fud.

[geegaw]

The reasons for many countries banned bitcoin including china of course because of worry that the use of bitcoin is increasingly massive will be used for illegal transactions, money laundering, increasing corruption, and will make legal currency disappear.

That is also a reason, but I think China does not really want to deal with bitcoin, they ban Bitcoin only because they are afraid to face the complaints of other countries, other countries do not like and prohibit bitcoin in their country, china can not do the opposite, that only makes them the common enemy of all. The outside always shows a lack of support, but inside, China is supporting this activity very strongly, it is very clear when we see Bitcoin mining industry is growing rapidly here

[Nissaica]

China bans Bitcoin because one of the most popular cryptocurrency aka firtuary money, 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.