Why China banned bitcoin？

[vivekyuvan]

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.

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[Man91]

This is because Bitcoin is in conflict with China's monetary strategy, with China's accession to the SDR, China's RMB internationalization strategy has been fully promoted. The internationalization of the RMB is essentially a regional centralized monetary strategy, while the decentralized this feature runs counter to China's RMB internationalization strategy and the collision of such strong currency attributes has forced China to resort to "capital punishment" over Bitcoin.

[tylerderden]

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.

Chinese government never want something in their country which can influence their own currency or economy. Chinese politicians are vary much care about their own currency and banks. Bitcoin directly or indirectly affect their country own currency and negatively influence the international value of their country currency. Because of this their is negative affect shown on their  countries economy. Their is no need to give  you full information for money transaction through it and due to this many anti social people using Bitcoin instead of bank and this thing puts negative effect on their bank profit.  due to all those above thing chinese government ban bitcoin in their country.

[Jerald]

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.

[Fawez]

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/

China is a hot spot of Bitcoin mining, a process that confirms transactions and updates the Cryptomonnaie public registry, blockchain, at the cost of huge IT resources.
However the reasons that push the Chinese authorities to melt so on the trading of cryptomonnaies remain obscure, it was reported that government officials had met with Bitcoin trading platform officials, ostensibly to discuss ways to combat the use of these services to launder The money. These meetings were followed by a three-month ban on cashing in Bitcoin transactions, which was lifted after all.

[thepers0n]

I think they won't ban it because around 80% of bitcoins (BTC) being mined and traded in China, the Chinese government will have a major influence over the market.

[Tatsuyashiba]

Because China only needs a currency they can control. If they can not control it better they are banned, I think it is like that.

[cilik]

I think the Chinese state forbids bitcoin, because Bitcoin exchange rate rises and falls 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. Bitcoin is potentially bubble and breaks out after a lot of popularity and many people want to have. And Bitcoin Transactions are hard to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

[zwiggel]

China bans bitcoins because they think bitcoin can affect economic development. Bitcoins may overwhelm their national currencies.

[waxload]

Hi,
I don't think China banned BitCoin per say but the related exchange of the currency more over there is some sign that high transfert of capital from China "directly related to the millennial generation investment flow" are gonna be transfert to BTC and crypto currecy at large. BTCBTC
The next important point would the recent involvement of China in huge infrastructure directly meant to mined Bitcoin and at a huge speed so that they could accumulate a lot of them.

I think they really believe in crypto currency but that they want to get more control of it....

[adjudicator]

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/

There are lots of things that can be the possible reasons why bitcoin is being ban in China. For me, the government of China ban it because they think that bitcoin can have or can create a much harmful effects to human or to their citizens.

[riuzfairus]

Because the Bitcoin exchange rate rises and falls 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.

[Bit-Tech]

China can not go outside the money exchange policy as a foreign exchange country. Bitcoin is the online technology and it is not central to any bank, and because it is not coordinated by any government, China has announced Bitcoin closure in their country.

[saumang2m]

China has banned Bitcoin. Because China treats Bitcoin as a threat to its country. Because China believes that people of China will use Bitcoin, people will invest more abroad, so that most investments from the country will go abroad. This will only harm China. So China has banned Bitcoin.

[daddypastes]

the Chinese regulatory authorities so resolute and 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....

[jefrihunter]

maybe because they cut off the domestic access to platforms and exchanges that enable people to trade digital currencies, and it has been reported as of now. They will block access to domestic and foreign services in order to prevent financial risk and china does not want any currency that they can not control and in the end they banned bitcoin because we know that bitcoin can not be controlled by anyone, nor government from all countries in this world

[bcoin01]

Most of the countries are against bitcoin. It's not just about bitcoin, it's about all the crypto money.
I wrote the reason under many headings. I repeat.
Blockchain! Here's the biggest reason.
With this system, we can transfer funds very quickly and very reliably. But the country does not like to be followed and id for privacy reasons.

[venlo]

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

[acheampong64]

I'm sure it might be because of the issues we have in crypto. The scam, phishing attacks, volatility and others
But the governments are not always right though! Because they'd want to tax it, get rid of anonymity and others that we also don't want

[zavox77]

I think Bitcoin as a virtual currency is entirely self governed, meaning it is not controlled by any government, businessman or a central authority. This also makes China not being able to monitor it, and that would not satisfy the Chinese authorities.