Why China banned bitcoin？

[arguelles84]

The situation with cryptocurrencies in China has seriously complicated, when bitcoin has risen sharply, as it has increased the risk of speculation by Chinese investors. According to analysts and investors, one of the reasons for the growth of bitcoin last year was that the Chinese began using coins as a way to bet on the fall of the yuan.

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[Watchy312]

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.

[Falgorn]

For half a year or so, China was the dominant region for bitcoin in the world, but then, when capital flight from the country accelerated, the government and the central bank began suppressing the crypto currency, first by banning ICO, and then closing the local exchanges.

[liseff3]

This news gap has been a problem for overall crypto users since November 30, 2017, especially bitcoin users, to me the confusion of the news has exacerbated the crypto trade situation.
A friend of mine from China told me that the ban on crypto in no way their government only make the rules so that crypto trade's protected from money laundering that might be done by corrupt officials in their country.

Initially, I'm just as you think, that they have banned cryptocurrency, because, by the time the rule is in place, the conditions of cryptocurrency in various exchanges undergo a sharp deterioration. However, after I did a flashback about the news, it turns out they are only really set that is more assertive. While the decline that occurred, caused by the closing of two largest exchange accounts in China.

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/

[leontikov]

594/5000
Po raschetam blokcheyn-yevangelista Alex de Vries v 2018 godu Bitcoin-mayning budet potreblyat' 0,5% mirovoy elektroenergii.
Eto pri tekushchikh tsenakh na BTC.

Dovol'no bol'shoy protsent, a yesli predstavit' sebe rost stoimosti BTC do ... (podstav'te syuda tsifru, kotoruyu nazyvayut samyye smelyye prognozisty), neslozhno ponyat' chto, potrebleniye elektroenergii dlya mayninga v etom sluchaye rezko uvelichitsya.
Dumayu, eto obstoyatel'stvo stalo odnim iz faktorov, zastavivshikh krupnyy kapital i pravitel'stva predprinyat' popytki "sgladit'" volatil'nost' Bitkoina. V rezul'tate, vidim koridor so sredney tsenoy 8000 $.
According to the estimates of Alex de Vries, the blocking evangelist in 2018, Bitcoin-Mining will consume 0.5% of the world's electricity.
This is at current prices for BTC.

Quite a large percentage, and if you imagine the rise in the cost of BTC to ... (substitute here the figure, which is called the most daring forecaster), it's easy to understand that, the consumption of electricity for mining in this case will increase dramatically.
I think this circumstance was one of the factors that forced big business and governments to make attempts to "smooth" Bitcoin's volatility. As a result, we see a corridor with an average price of $ 8000.

[iyan33]

I think reading the news in some Chinese media forbidding bitcoin there are several causes, the Chinese Government issued a policy that prohibits the transaction of initial coin offerings (ICO). The prohibition was issued not without reason. There are several reasons why the Bamboo Curtain Party prohibits Bitcoin transactions .virtual currency is hard to control
Bitcoin exchange rate up and down purely following the market mechanism. Government can not control the exchange rate, Easy to use for fraud
For some people who understand the movement of Bitcoin, 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 broke out. 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. so far many things are banned in China, in the end they make their own.

[YED]

Reason is simple, when our government looks at bitcoins, they are incapable of tracing any person or company holding responsibility for Bitcoin not only in their jurisdiction, but in the entire planet! So it's more then impossible to track 1.6 billion in china

[yonjitsu]

There are many speculations why bitcoin is being banned in China and i think one of the very reason behind it is that the Republic of China thinks that bitcoin is threat to the country's economic growth as it may also threat to be a major competitor for the banks in the future.

[qwerty12]

I think the reason banning bitcoin in China a few months ago is unclear, but, according to some media, China banned bitcoin transactions in the country to protect its people, the Chinese government considers the bitcoin price movements  is not normal, they claim the rule that is to protect the people so that not harmed.

[guffie]

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/

All I know is that China's state is banning Bitcoin because China wants to create its own cryptocurrency. If China makes its own crypto, of course, the Chinese government wants its people to have crypto made its own country. And naturally, if Bitcoin is banned in China, the goal is sure that the Chinese people do not switch back to Bitcoin.

[Sevarchik]

China want that money would not flow out of the country.
With cryptocurrencies it makes easy, especially with ICO

[Pejoh Asu]

China and many countries banned bitcoin would have argued that decentralization and anonymous are two features that the country does not like, if the government can not control it will be a big problem if used massively for transactions.

[julius caesar]

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.

Well for me thats great, China was one of the most competitive country in terms of economic growth specially and they will be a great influence to this forum, I guess tougher regulations is also helpful to prevent anomalies and scams that we dont have any idea when it will occur, I heard that China banned Bitcoin because they want to make transactions traceable but Im hapoy that China didn't totally banned Bitcoin.q

[frankybutterin]

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 China is banning bitcoin because the government is afraid bitcoin is a growing bubble and one day it will erupt. While the number of bitcoin investors in China is very much. They fear that many Chinese investors will suffer losses. So the Chinese government to ban to protect its people from big losses. And I've read China will make its own cryptocurrency.

[Dhimas Kanjeng]

All countries that banned bitcoin include china because they worry that the use of bitcoin will make legal currency disappear because people prefer to use bitcoin.

[erichall]

All countries that banned bitcoin include china because they worry that the use of bitcoin will make legal currency disappear because people prefer to use bitcoin.

Crypto is certainly at odds with centralised authority but I doubt fiat money will ever go away. Fiat has (some albeit minimal) purpose, crypto has another purpose.

[nganhaj]

I think they are the most populous country with over 1.4 billion people. With 1.4 billion people using Bitcoin, it is very difficult to control everything, they still keep a huge amount of dollars on them do not want to bitcoin too expensive.

[zuninholo]

China does not prohibit bitcoin
Just more difficult terms

[nazaididuan1]

OKCoin continues to trade!

It's too easy to get out of China's foreign exchange controls with bitcoin!

China's cryptocurrency environment needs to be re-normalized!

[tukangsiomay]

the governments want trace the transactions bitcoin and they can decentralise the infrastructure by franchising the process just like issuing licences to private banks.

China is a closed monetary system and its slightly more difficult to bring money into China, and its pretty much impossible to get money in large quantities out.