Why China banned bitcoin？

[Mihail.B]

They have not banned but simply wait for the government to start regulating the entire crypto market. China is positive and sees great potential in this. And as far as I am aware, China was planning to release its cryptocurrency!

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[DoublerHunter]

They have not banned but simply wait for the government to start regulating the entire crypto market. China is positive and sees great potential in this. And as far as I am aware, China was planning to release its cryptocurrency!

If that is true then that is the proof that the countries are really afraid of the bitcoin and also the other cryptocurrencies because they can outperform the stock market of a country since the profit in the cryptocurrency market is bigger than stock market so to avoid losses they are doing a lot of regulation and they will just create their own so they can gather those cryptocurrency fanatic.

[Akupuniard]

Probably they understood that people making big money without government assitence and not paying taxes, so China banned bitcoin , ICO's and other altcoins.

[Ajeng07]

Reasons why China banned Bitcoin transactions:
1. Difficult virtual currency in control, exchange rate of bitcoin up and down following market mechanism.
2. Easy to use for Fraud
3. Destructive investment world
4. China wants to make its own virtual money, China wants to create its own Cryptocurrency with government legality. so far many things are banned in China, the edges are they make themselves.
5. Abused for illegal transactions

[ov3rflow9x]

China decided to ban the bitcoin because that's a type of currency by means of which you can make a transaction and neglect all the central bank's regulations that are related to the trading and the foreign exchange.

[Xising]

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/

Good read mate. But, I think one of the main reasons why China has banned other cryptocurrency activities in their country for their own to prosper. China is one of the largest economies around and one of the most advanced as well. Therefore, it's not that surprising that they are also venturing the market for their own good because they know the legitimacy of this market and how much they can potentially get from it. Therefore, to support their own coins, or those from private companies that originated in China, they have to first give it a chance to rise up by decreasing the competition.

[Skieleton]

One of the reasons for the ban on the operation of Bitcoin stock exchanges was the lack of appropriate licenses that are required for the legal functioning of virtual currency exchanges. In addition, all operations on cryptocurrencies took place across borders and beyond any financial supervision, which could be used for money laundering and the creation of financial pyramids.

Another reason could be the model of the functioning of cryptocurrencies; high potential instability and significant fluctuations in rates. We would like to remind you that in the spring of 2017 - 1 Bitcoin (BTC) could be purchased for approximately PLN 4,000. In September of the same year - even for 17 thousand zlotys. People who made the investment in spring - they could count on a 4-fold return on investment!

Continuing, the cryptocurrency exchange market as it is above financial controls - may be susceptible to manipulation. For example, people with large amounts of cryptocurrencies may have an impact on trends and their prices. In addition, not all on-line cryptocurrency exchanges had sufficient security features and the ability to verify the identity of their users. Taking over user accounts and their devastation were observed, for example, at the stock exchange Mt. Gox or in the DAO project.

Increasingly, professor Yang Dong speaks at matters related to cryptocurrencies, who lectures at one of the Chinese universities: the University of Renmin. Recently, he has spoken at workshops in which representatives of the People's Bank of China, who control the state's monetary policy, took part.

[thevlox]

Bitcoin has been banned in many countries. One of them is China. We know that bitcoin has been banned in China. China has been bitten by bitcoin because China's own money is going out of the country for investments in foreign countries and that could be a threat to their economy. I think there is nothing on their mind that those who bitcoin ban

[yudi31]

as many investors are turning to the Bitcoin market, increasing demand.
The increasing demand for cryptocurrency transactions encourages Chinese regulators to take action, in an effort to anticipate potential risks that arise in the future. The Chinese regulator has posted an order to close BTCC on September 4, 2017.

[97percent]

According to which I know China does not ban bitcoin, it's just that the government issued a policy that prohibits the transaction of initial coin offerings (ICO) and possibly also because China wants to create and develop their own digital currency. CMIIW

[BlackRacerX]

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/

It's sort of like a ban because of the stricter regulations, but overall, the industry still exist in the country. It just so happens that a lot of transactions from China have been cut because of the rumors that China has banned all bitcoin transactions. However, it's very unlikely because there have been people still transacting in China.

[EnormousCoin101]

According to which I know China does not ban bitcoin, it's just that the government issued a policy that prohibits the transaction of initial coin offerings (ICO) and possibly also because China wants to create and develop their own digital currency. CMIIW

Yes the word spreading "China ban Bitcoin" is not true because they just made some regulation just like US citizen who are prohibited on investing in ICO. China's government are also looking forward to adopt the new technology but it needs time for them to fully recognize the Bitcoin.

[stayeduptolate]

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 biggest and the only reason why China and all other countries has banned bitcoin is because of its decentralisation and because of this decentralisation , there is a lot of controversy and there is lot of illegal use of bitcoin and moreover if any illegal activities is carried out with the bitcoins between two terrorist then no third party can see their transactions because bitcoin transactions does not involve any third party seizure and thus most of the companies and countries are against bitcoin and other crypto currencies.

[xiwanfd]

Chinese regulators have been wary of virtual currencies such as BTC. Although these virtual currency provides the development of emerging technologies in business opportunities, but regulators also worry that Chinese consumers will use virtual currency such as COINS to avoid to transfer money overseas strictly limited, and use them to launder money. After all, BTC's international trade is in dollar terms, and the current BTC serves as a powerful intermediary for the renminbi to go offshore into dollars.

So China has banned bitcoin, which is what dictatorship is, without human rights.

[thrylos]

Many Posibling Reasons Why they do this, one of the reasons they may just want to lower the market price of bitcoin and then buy it at a lower price because it often happens to everyone who wants to buy bitcoin and love to sell in a high price. It is also possible that they can do this because they want to focus on the many of the projects they are launching so that it will quickly succeed.

[Wahyud11]

bitcoin is banned in China because cryptocurrency transactions in recent years become booming in China. Many investors are turning to the Bitcoin market, increasing demand. The growing demand for cryptocurrency transactions encourages Chinese regulators to take action, in an effort to anticipate potential risks that arise in the future. The Chinese regulator has posted an order to close BTCC on September 4, 2017.

[nory51]

Earlier this month, the People's Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites Chinese regulatory authorities had imposed a ban on initial coin offerings (ICO), a cryptocurrency-based fundraising process, and termed it illegal in China in September 2017. That ban triggered an instant 6% decline in bitcoin prices. Following the ban, the Shanghai-based BTCC bitcoin exchange was forced to close its Chinese trading operations. Visit this site https://www.investopedia.com/news/bitcoin-banned-china/

[airdnasxela]

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 do not really know the actual reason on in the first place,  why bitcoin was banned in China knowing its advantages but I remember what kind of country is China.  China is a business country,  hearing this,  an answer struck my mind. Maybe the reason why they banned it is because the bitcoin is actually blooming in China.  Maybe it scare those banks and other businesses because investors might just invest their money in bitcoin. Maybe that is why they banned bitcoin.

[lolfunny]

because China is afraid of democracy

[roxbit]

They have not banned but simply wait for the government to start regulating the entire crypto market. China is positive and sees great potential in this. And as far as I am aware, China was planning to release its cryptocurrency!

Chinese regulators cited concerns about money laundering and illicit activity as reasons for why they shuttered digital currency exchanges in the first place. Nonetheless, the fact that the cryptocurrency world is largely decentralized means that many investors are predicting it will just find a way around the Chinese ban. We cannot do anything about it because they also have the right to do what their government think the best for Chinese people.