Why China banned bitcoin？

[dubinsky]

I think China only forbids ICO, as many do fundraising and fraud under the guise of ICO projects. This can easily be done as a place to launder money. As far as I know, China is an anticorruption country. If it strictly prohibits ICO because it is prone to money laundering then it is understandable. I do not know if China further bans bitcoin. Is there a legitimate source about it?

[1714649673]

1714649673

[1714649673]

1714649673

[letzdodiz]

I probably think that China banned bitcoin for the reason that it is a tool to easily do crimes. You can buy illegal weapons and it is hard to trace you.

[coinriver]

China does not prohibit bitcoin, but does not consider it to be a currency in circulation. Bitcoin is now a virtual product.

[JoshMart]

Well as per them, they are just protetcting their people but what I think the real reason is that, they cannot control it so they don't want their people using it at all. That's what all governments is claiming, they are just protecting their people, I get that there are a lot of fraudsters and scammers that uses it but hey, these cannot just erase the fact that Bitcoin can do good, bring good to a lot of lives.

[Sergio444]

Its good to authenticate your source of information before making claims;D. there is no news that says china banned bitcoin. I believe they want to device a means to regulate the numerous ICOs that comes with hit and run leaving investor in stranded.  Most of these Chinese holds a larger volume of bitcoin and are much into cryptocurrencies. their community is very large so i am not sure there will be a ban

[luis jean]

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

[demonist]

China is simply interested in promoting its Chinese cryptocurrencies. Good cryptocurrency is Chinese cryptocurrency 

[Yatsan]

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.

China illegalized bitcoin use in their country because they saw a possibility that if they let the coin flourish in their country, bitcoin might one day take over the currency in the said country and make their national money void of value or at the very least, obsolete. They think through banning they might prevent this from happening and so they did prohibited the use of bitcoin.

[rightway00372018]

Its good to authenticate your source of information before making claims;D. there is no news that says china banned bitcoin. I believe they want to device a means to regulate the numerous ICOs that comes with hit and run leaving investor in stranded.  Most of these Chinese holds a larger volume of bitcoin and are much into cryptocurrencies. their community is very large so i am not sure there will be a ban

May be China is banning bitcoin because they dont want their conuntrymen to use bitcoin without legalizing first. The chinese want to protect their people from any scamming activity that may possibly harm their people.

[azisjz4]

In my opinion, not only China is banning the use of bitcoin in the country, but there are also other countries that ban bitcoin like South Korea and Singapore. I think the country is banning the use of bitcoin because the state can not regulate or control the bitcoin finances and to easily control their currencies. In addition, it is done for the sake of society, because Bitcoin prices are unstable..

[bloodyvio]

because bitcoin has the potential for money laundering
so do not be surprised why china banned bitcoin
and not only China, almost all countries are also wary of money laundering using bitcoin

[Thera Bethari]

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.

[soenaderecho10]

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.

I think china banned bitcoin because china scared if the bitcoin currency will replace on own currency and we can see china is a rich country and china dont need a other currency because the money of china is high value unlike in other country.china scared also to replace on own currency because if the bitcoin will the mean currency of china the government did not get tax.

[Rakesh_alejandro]

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.

I think if they can not set the bitcoin, they all decide to ban bitcoin from their country, also they come to overthink that it might cause their people not to work and focus on bitcoin which will be a big problem for them so that's why they are bitcoin forbidden.
Maybe because China is a communist country, they do not want anything or something to crawl under them, they do not want transactions not regulated by their government, they do not want such types of transactions, what the emperor says will be obeyed, everything must be in control they.

[Ravion]

The reason for that is simple. The Chinese government doesn't want its citizens to be putting their money into something which it can't control. By using Bitcoin Chinese people and companies can avoid paying taxes and can get their money out of the country pretty easily.
It's not just about people in China who are buying Bitcoins, the Chinese government is reducing the number of miners in the country too. The way their doing this is not just by putting up laws and through their central bank. The government is actually reducing the amount of energy available to miners. The reason that China was such a suitable place for miners was because of the low energy costs. Many large mining setups in China have started moving to other countries.

[ronaldo 1994]

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

[hamim18]

China is not going to ban Bitcoin. It's just a rumor that some Chinese sprout whenever they want some cheap coins. They have done it multiple times in last few years.China also banned Bitcoin in 2014, 2015 and 2016.

[Anorna]

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/

What China did is ban banks that deal with Cryptocurrencies not the Cryptocurrencies themselves. Reason is simple, they are incapable of tracing any person to a transaction so government cannot ensure preventive measures against fraud, money laundering and other criminal activities. Its unlikely they will effectively eliminate Cryptocurrency trading completely. China is home to a large number of bitcoin mining farms but it appears they are too clamping down on this because they have consumed huge amounts of resources.

[kiky03]

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.

[kucritt]

china is unique country, the bitcoin in chnia is not banned i think, chinese people still can use bitcoin as i know, the government create a new policy about bitcoin about the regulation of bitcoin, so i think bitcoin still can use in china. we can see that there are many project from china right now