Why China banned bitcoin？

[unsquidly]

I think that the ban is most likely due to the fact that the Chinese government wants first of all to deal with the potential of technology and understand the threats to the economy and the country as a whole. The economy of China is fundamentally dependent on production and new technologies that are not related to production can seriously damage if not start to control them. Sooner or later they start to openly use the blockchain.

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[crypto.kaka]

China note Ban Bitcoin is just Ban regulations.China is positive and sees great power maybe in future they launch their own cryptocurrency

[domerosan10]

Perhaps the cause of China forbidding bitcoin is because it prohibits foreign websites that they can not control and China itself is afraid that Bitcoin will make the economic level in China will decline. Because investing bitcoin is very risky.

[Haley craft]

China has not banned bitcoin, which is a big misunderstanding.
Even without exchanges, the Chinese can still buy digital currency.

[GirlBitcoin]

I think the future of China will accept bitcoin because bitcoin today brings a lot of benefits to the needs of today's human development. As I see it, China is not completely banned bitcoin. It is the country that is exploring or introducing bitcoin policies to obtain effective, safe and popular transactions on the cryptocurrency market.

[cryptosonu]

China has narrowly restricted the Bitcoin trade because of their difficulty in regulating investors and the difficulty of making this tax regulation on Bitcoin. While many parties are always giving bad news that investment in crypto currencies is very risky, because there is no legal party which guarantee behind.
But i still doubt about it, OKCoin as one of big exchanges where office in Hongkong, are still available accepting member for doing crypto trading.

Legal Implications that When a case is filed against Bitcoin, not the people transacting bitcoins, inside the jurisdiction, governments cannot be able to perform their legal obligation to the society. Governments are not able to tract payments in bitcoins. very much difficult for governments to audit transactions, and perform their obligations. so china banned bitcoin.

[gates]

Because all the transactions in China are controlled carefully, so the government is not interested in decentralised coins.

[notyours]

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 heard that it was rumored that China stopped using bitcoins because of the ICOs. Because many Chinese people have been robbed and disadvantaged by the ICOs they have joined.

That is why the Chinese government is concerned about it and it has been temporarily suspended. But now trading and exchangers are still in their country maybe this problem is solved.

[david tex]

Because of the very large electricity usage that have caused china to loose a huge amount of electricity because of the miners

[fuer44]

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.

the transaction did not stop, but some of the exchange sites were closed by the government. but people can still trade with bitcoin.
if the reason is the same as the government of another country, then the reason is that bitcoin is potentially a scam, because of its irregular price.

[abiola1]

China is a closed monetary system.  Its slightly more difficult to bring money into China, and its pretty much impossible to get money in large quantities out. So Bitcoin is another mechanism for getting money out of of the country, and that's why they are banned.

[mirror001]

There may be the two sides of this question and this will be answered in two different points which are:

1)                Some Chinese speculators and money related examiners consider the restriction on Bitcoin a constructive development. The individuals' Bank of China intends to build up its own particular national computerized cash. On the off chance that this happens then the restriction on Bitcoin can be proceeded. In any case, Chinese dealers will in any case utilize Bitcoin if require be. They go to the business sectors of Japan, Hong Kong, South Korea and others. They have the biggest digital currency exchanging platform. The Chinese government will lose the chance to control the market.

2)             China is a strong and specific country. Many individuals live there with constrained data due to The Great Firewall of China, it works great yet it is genuinely simple to sidestep this limitation utilizing appropriate VPN administrations. They fear Bitcoin in light of the fact that they can't cut it off as they did with specific site pages and substance on the Internet. It will enthusiasm to perceive what will happen when Chinese individuals will change to digital currencies. Cashless exchanges are extremely well known in colossal urban communities so I figure that it would not be an issue. They simply need to find out about Bitcoin.

Am I right?

[Th3developer]

many traders, analysts and investors in the finance of the crypto-currency sector evaluated the prohibition of bitcoin by the Chinese government as a positive event. Billionaire Tim Draper, the famous Bitcoin trader Josh Olszwicz and prominent venture capitalist and owner of Golden State Warriors - Chamath Palihapitiya, stressed that the Chinese government's decision to impose unnecessary restrictions on Bitcoin's trade and production will not be a real problem for him.

[xbudahx]

If this does not affect the protocol, then this is not a problem. The BTCC shakeup was much more disturbing from my point of view, but even then the Bitcoin core of the protocol remained unchanged. Countries may try to ban Bitcoin, but people will still use it if they need it and want to use it - the protocol does not require government intervention

[lida311993]

So it was just a negative temporary information throw. Not worth much to trust this news because it is bad for your nerves.

[Sir Legend]

China and many countries banned bitcoin certainly have a strong reason and I think the strongest reason is fear because bitcoin is used for illegal transactions to money laundering, this is because the bitcoin feature is anonymous so everyone will never know their identity.

[XpanderaX]

I've heard the news that China will create its own Cryptocurrency, but I do not know for sure. obviously China is a big country that has a strong economy, and this is very unfortunately China forbid Bitcoin, because in fact many big investors from China who became investors Cryptocurrency. and this greatly affects Bitcoin and other Cryptocurrency Values.

[campingSider]

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.

[adamlillian]

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 think that e-money has made the Chinese economy much more volatile. After the Crypto market has poured a lot of capital, China has made many more billionaires thanks to the Crypto market. This has led to the government losing control, and they have to stop Bitcoin to stabilize the country's finances. That is the information of an article that I have read before.

[kyucryp]

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/

maybe you should check the truth of the article before posting on the thread because as far as I know the Chinese government does not prohibit bitcoin but only prohibits ICO transactions. the Chinese government is banning because they know some of the ICOs are fraudulent, then cryptocurrency has the potential to grow rapidly and can not be controlled and cryptocurrency is often used for illegal activities such as money laundering, smuggling and drug sales.