Why China banned bitcoin？

[Diki Santo]

Virtual currencies are 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.

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.

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[jessequick]

Why china forbids bitcoin because virtual currency is hard to control, easy to use for fraud, destructive investment world, China wants to make its own virtual money, Used illegal transactions.

[Invest.Ort]

China has always been an aggressor to new technologies, I think that in a year or two, China will be more loyal

[insidertradingeverywhere]

In China, "farms" of the miners are located mainly in sparsely populated outlying areas with inexpensive electricity and a cool climate. 80% of the power spent on creating bitcoins in the beginning of the year in China.

[popoyuyun]

Maybe because china does not want any currency they do not abisa control or will disrupt the china economy, but I do not know also why china banned bitcoin. Because I know China does not want the goods they have, but they can not control.

[Sanu Simon]

China hasn't made any ban upon bitcoin. It made the usage with hard restrictions which is almost the same as a ban. But, people continue to use it. With such a initiation from China, Japan made itself stronger into the cryptocurrency network making a large contribution with support from the government.

[Daeker102931]

They really do that?

[Stevelulia]

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

[Al Muhaimin]

The Chinese government issued a policy prohibiting the transaction of initial coin offerings (ICO). The ban was issued not without reason.

 there are several reasons Bamboo Curtain banned Bitcoin transactions. Virtual currencies are 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.

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.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of 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.

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.

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.

[bigblackdeck45]

Yes china did not actual banned bitcoin but they just regulate it. With bitcoin being regulated makes it hard for bitcoin users. Just like those countries who banned bitcoin or regulate it, China is also afraid of bitcoin because they cannot control it and cannot monitor every transactions made because of bitcoin transactions being anonymous. In short China cannot make money with every transactions made with bitcoin.

[wasaisisisi]

Because China does not want any currency that they can not control. Therefore china does not allow bitcoin in the country.

[markgayamo]

I think why this is happened in China and we also know that China is the biggest growing economy country in the world and we can found a lot of investors in China. But for me Bitcoin is also part of their economy there's so many Chinese that doing bitcoin and some of them are investors. They also made their own version of Bitcoin and Ethereum platform and they call it NEO platform the same as bitcoins digital transactions and investing. I know Chinese are gonna make these as a good and profitable for anyone in the world. So why they have to banned Bitcoin? I think they just copy it and make out of their source.

[noorammak]

I understand the reasons China has a ban on Bitcoin for seven reasons: Bitcoin in China operates without a license.
Nature of Bitcoin
Money laundering activity of criminals
Market manipulation
Security issues do not control
And the underground deals of illegal crime.

[ov3rflow9x]

There is a significant difference between regulations and a ban, so we should not combine two of them.

[mohor]

This is due to the fact Bitcoin is in a war with China's economic method, with China's accession to the SDR, China's RMB internationalization strategy has been completely promoted. The internationalization of the RMB is largely a local centralized monetary approach, whilst the decentralized this option runs counter to China's RMB internationalization method and the collision of such sturdy foreign money attributes has pressured China to resort to "capital punishment" over Bitcoin.

[groomsxxx]

I do not understand this trend in General ban cryptocurrency. in my opinion, this is stupid. so many give up a good future of their own volition

[jchav010101]

Bitcoin is a crypto currency.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 due to the small amount for the money laundering people can not play a leading role and now the value is high.It will certainly be used.Theres no news about China bannin of bitcoin.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.

[welliamy]

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/

Voice of china's reports on late 2017 Announcement on preventing the risk of issuance of coinage offerings,
Requiring that any institution not engage in the interaction between legal currency,tokens,and virtual currency
One of the reports states that despite the official ban,the companies operating in the cryptocurrency sector.

[pjr77]

China's desire to stop the global dominance of the US dollar has become more pronounced, as with other members of the BRICS international coalition (Brazil-Russia-India-China-South Africa).

[jchav010101]

How come china banned bitcoin wherein we didn't heard the news.China revealed that the central bank was researching and issuing digital money.Getting too well known bitcoin and the power of profit will make them anxious.Their investment in bitcoin and crypto will affect the success of their own digital money.