Why China banned bitcoin？

[Sidas_Crew669]

Because China is a foreign exchange control country, bitcoin's anonymous Internet transactions can perfectly bypass the central bank's foreign exchange defense line and make the policy of foreign exchange control ineffective. Bitcoin also provides great convenience to laundering money-laundering transactions in China's enhanced regulatory zone, great threat to the Chinese central bank's foreign exchange policy and regulatory policies.

[Musia]

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/

Currently, all governments think that this can harm the economy, but it is, cryptocurrency in the world will change a lot, and will be made their own rules, so while trying not to change anything.

[Yarsk]

Well most countries of the world sees bitcoin as a threat to there financial institutions due to the fact that they can control nor regulate bitcoin/cryptocurrency so you see why China ban bitcoin and other countries may follow soon in banning bitcoin.

[jump4ever]

Despite the apparent dislike of the crypto currency, China is very interested in developing a local distributed registry system. The Ministry of Innovative Technologies finances the work of a new block-lab, which was opened after the ban on ICO crypto-currencies.

[Dondisimo]

In 2017, China 2 times announced that it will regulate cryptocurrencies and prohibit ICO. Then this news was canceled. Do not believe everything that is written by the media.

[electronus]

China is taking steps to eliminate the mining of bitcoins on its territory, as it spends too much electricity on it, and it contains financial risks, the Financial Times writes. A group of several Chinese departments, which includes the People's Bank of China, has already instructed the provincial authorities to actively manage the release of companies in their territory from the bitcoin business. A copy of the instruction is available to the Financial Times.

[udivkx]

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/

Very interesting. The news was, but it was not implemented. So the media works. It is a pity that many people believe what they impose on us.

[bitvelk]

Very old news and turned out to be wrong. It is a pity that news sources publish such poor-quality content.

[StarLucas]

China doesn't care about bitcoin, they care about their citizens taking money out of the country. Miners mining bitcoin is no issue to them.

[Danglen1010]

The reason behind of why china banned bitcoin because of their own perspectives and they see that bitcoin is a threat in their country and is not a good at all to everyone, they are secured the people in their country.

[Epimetheus]

Chinese government ban bitcoin in their country for various reasons. Chinese government and their politicians never want an outsider digital currency affect their country own currency and badly influence their currency value in the international market . So this an reason behind china ban bitcoin in their country. According to Chinese government bitcoin directly or indirectly affect their bank profit. Bitcoin is volatile currency and decentralised too so their is so many risk in it. And some time Bitcoin is associated with some serious criminal activity. So there are some reason behind Chinese government decision. 

[kencot]

I think it is due to the presence of China's 2 largest bitcoin markets which is feared if a sharp decline will affect the state and government, especially the economy because China is known to have a strong economy.

[bitcoinrunners001]

China did is to ban banks to deal with bitcoin and other cryptocurrencies.They also have some limitations when they want to pull out some money (USD 10,000).The chinese have most of the mining market because of the advantages the country offer to the people.

[TraiKH]

In my opinion, China prohibits bitcoin and crypto to assert their economic management and business strategies. On the one hand, they seek to deter and manage money from their people. In part, they promote and support domestic businesses to promote reform and build for the greater competition in the blockchain industry. NEO and BNB have a part of the Chinese government's influence.

[CurrencyIntel]

There are many reason behind it such as on one can trace the bitcoin company or its owner. If bitcoin vanish form the earth ,then whom will they catch or blame for it? On the other hand all think that Bitcoin is a real thread for banks. It will disappear due to this shots of online currencies. Undoubtedly Bitcoin is helping many people along with many online payment system, but China obviously has some logic to ban it.

[erichall]

Seems like the this is fake news which keeps on spreading within the crypto community. Not sure why. Every couple weeks there's always something about crypto getting banned, then turns out to be false.

[Rustandy]

1. The virtual currency is hard 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.
2. 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.
3. China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.
4. China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.
5. 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.

[Bonsaiav]

As far as I know, since November 30, 2017, the Chinese Government has banned the trading of cryptocurrency including bitcoin in the Chinese stock exchange and to this day that rule nothing has changed in the slightest.
The Chinese government's plan directly gives a real effect, namely: cutting price movement of bitcoin at that time.
This news stems from Caixin magazine report in October 2017 ago the reason for the ban itself is not clear.

In this case the Chinese government has given birth to a Cuteness of his decision because the ban does not apply to his coin named NEO, for me 'THIS ACTION, UNFAIR'.

[nguli]

most likely the circulation of bitcoin is banned in China due to the very limited total supply factor if bitcoin is used for all Chinese people seems to be exhausted and total bitcoin becomes very difficult to obtain.

[BillyTalent]

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/

A lot of discontent caused cryptocurrency in the world, everyone thinks first of all about the economy, but really, the economy with bitcoin will only collapse, and while it will rise a lot of time.