Why China banned bitcoin？

[YzzyGo]

Chinese tend to grab business and money opportunities readily and their government is afraid that they may be scammed by cryptocurrency which themselves don't fully understand. It's just their way of protecting their people. Also, they are working on regulating crypto in their country.

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[Marjorie521]

Is this real or just propaganda?

[RealMorda]

Realistic implications of the ban still remain uncertain, and it's unlikely they will effectively eliminate cryptocurrency trading completely. China is home to a large number of bitcoin mining farms as a lot of regions offer cheap subsidized electricity, making mining a profitable venture.

[Urbinklin]

China has repeatedly announced a ban of bitcoin, ICO, cryptocurrency. But in fact, everything is different. Why take actions that run counter to the country's development?

[tiktak89]

Now China does not forbid anything. On the contrary, it is very positive about bitcoins. Don't know what has caused such frequent changes of mood and opinion.

[Ann Impas]

Huobi is from China right? Why they are still working. I don't think that China will ban cryptocurrency. What I knew as what other mentioned, they are just being strict in the regulations of cryptocurrency in their county. I'm also currency holding a coin that is working on their expansion in the chinese market.

[fianaindriati]

I haven't found an article on this.
Can you give me a source of the articles you see?
I want to make sure of the truth of the news.

Because theres no news about banned of bitcoin in china the news that OP said is about regulating of bitcoin in china its different from banned but because of this news some people think that china banned the bitcoin now it has a big effect to the price of bitcoin some exchange site in china are banne bitcoin because some people in china are using cryptocurrency than their local currency.

indeed I also have not read news like this, you should be more careful again in giving information here, because the information is very in need by friends here, if the info given is wrong then, others will judge wrong.

[freshm4ker]

They are ready to avoid taxes if possible, therefore the conversion of personal property to bitcoin is also a suitable method to avoid taxes. The Chinese government also manages China's taxation as well as its citizens' assets. Managing bitcoin is almost impossible so the government issues a ban on bitcoins.

[Cryptoreflector_666]

They are ready to avoid taxes if possible, therefore the conversion of personal property to bitcoin is also a suitable method to avoid taxes. The Chinese government also manages China's taxation as well as its citizens' assets. Managing bitcoin is almost impossible so the government issues a ban on bitcoins.

The standard scheme of the fight with invincible. We can only wait for the moment when the person who came to the aid of these "outdated minds" just take and destroy all this stagnant intelligence. Pavel Durov is now engaged in this in Russia. I wonder who in China will take on this mission of modern Robin hood

[Yatsan]

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/

In terms of cryptocurrency on China, anything is good for cryptocurrency not until when the crime rate involving of cryptocurrency soared for the past months. Chinese government wants to protect their citezens on scams and frauds, in such manner China would never take the risks for cryptocurrency for economic purposes when they can really make it out with another way.

[Nolivelasco13]

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

[teddyppap]

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.

Throughout the past few minutes, it has been known that virtual currency is banned by the Chinese government, so they strictly forbid investors to bitcoin for the sole reason that the bank has Revenue is slower than other countries, the government does not gain from prosperous people developed by bitcoin,

[ReindeerOnMe]

Is this real or just propaganda?

As far as I know, Bitcoin is banned on China. This is a long news now and in fact it is not that surprising unless you do not know this information. I do not know the exact reason behind this but all I know is that China is not accepting Bitcoin now and but still, there are people who are still mining Bitcoin in their country.

[Bitcoinismylife12345]

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 China wants to control anything and everything, bitcoin is decentralized, it is anonymous that can bypass the central banks foreign defense line. Bitcoin is being a big threat to China's central banks foreign exchange policy and regulations.

[Df9898]

because china scared many who use the bitcoin for crimes like corruption save results.

[denverangelo9]

Maybe I have missed something but I haven't heard about the ban of Bitcoin by China. I don't think that it is truth because according to the news I have heard they have stricter regulations but not the complete ban

The Chinese government issued a policy to ban the transaction of initial coin offerings (ICO) and ban bitcoin on the grounds:
Virtual currencies are hard to control
Easy to use for fraud
Destroying the investment world
China is the center of virtual currency transactions
China wants to make its own virtual money.
Used illegal transactions.

[khelan]

i think they already mined enough bitcoins they wanted and when they are too efficient too mine government close all mining farm and start thinking of there own blockchain like neo. but if china bans all crypto then neo will over i think

[mobireal]

Beijing states that it is not a currency, and prohibits banks and other financial institutes from trading in it. At the same time, the government acknowledges the cryptocurrency as a “commodity traded online” and allows the public to buy and sell it as they please, with its only proviso being that they do so at their own risk.

[longwintershere]

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 believe they're afraid fo the potential flow of the capital from the country as it's what they regulate very actively. ONce they will be able to understand blockchain, they might let people use it to some extend

[Ocha Bacoh]

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.

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.