Why China banned bitcoin？

[teklang01]

I think, China banned bitcoin is because it is decentralized and nobody can control it. I think the reason is simple, all the property and assets of a person is taxable and they can't impose tax on bitcoin. They can't also control the in and out of bitcoin wealth of their people.

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[goku21]

want to ban bitcoin in china because they do not want bitcoin because maybe so many bitcoin sellers are falling so they do not want to lose their china so they do not want bitcoin but bitcoin longterm even if it drops good hold bitcoin

[VclDm]

I hope that in the near future, China will have policies and regulations on the market cryptocurrency and will not prohibit bitcoin which in turn will participate in bitcoin. Currently, a number of developed countries around the world are using bitcoin and I think China will quickly use bitcoin.

[olatslodi]

As far as I know, China is an anticorruption country. This also makes China not being able to monitor it, and that would not satisfy the Chinese authorities. If the government can not control it will be a big problem if used massively for transactions.  And I've read China will make its own cryptocurrency.

[menoharrison]

Reason is simple, when there 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 i think that's the reason.

[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/

Because Bitcoin serves as a alternative value against a Renminbi (also known as Yuan) during the course maintained voluntarily low by the local authorities. A wool stocking that now attracts more than gold

[Google+]

I think the article you give is a bit wrong because in China it should be bitcoin acceptable and can be used for some payment method, because I think it is impossible if china prohibits the circulation of bitcoin.

[aryaadikariyansyahsuwarto]

I think it's because of the negative impacts that bad defamatory actors cause, they abuse bitcoin by criminals and deal with bitcoins. so now bicoin polluted, not even close the possibility of other countries will follow it ..

[zhanyiguai261315]

China's state television is publishing messages that are bad for cryptocurrency.

But a lot of people who don't know how to encrypt money use these messages to invest in encrypted money!

Maybe new investors will bring the market up!

[tsinelas]

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 china is not really going to ban bitcoin but regularize it. China as one of the most influencial country might have  not thought bitcoin to be this powerful amongst its people.

[assyla]

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/

For me, they ban the bitcoin in their country because bitcoin is decentralized which means bitcoin doesnt use any taxes, the government will not earn any tax from any transactions that uses bitcoin.

[vanjava]

Because many Chinese people are abusing the use of bitcoin. And also the Chinese government forbids bitcoin transactions in order not to affect the currency price of the country.

[Wasaisisi]

It seems obvious the reason china block bitcoin. As I know It's because China already has its own digital payment system, where China can manage its digital money and get its entire community to start using it. If bitcoin enters china, it will become a competitor and even bitcoin will get rid of it.

[troglobait]

the reason is the same as with the ban in other countries. The government is afraid of everything that can not control. Half the Internet is banned in China. This is a country with a communist system. What more can you expect from them?

[kangbasir]

in my opinion one of the reasons china forbids bitcoin one of the virtual currency or bitcoin that is difficult to control
Bitcoin exchange rate up and down 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 regulated.

[jeluhtajem]

I think that the Chinese government is concerned about the growing power and popularity of digital currencies - which could potentially weaken the official control of China's money supply.

[Enijesiku Sulaimom]

I heard about this, but I haven't find any article or news relating to it.

Though there are many countries who are worried about the price volatility of Bitcoin and try to regulate it with harsh transaction methods or KYC standards for exchanges but I don't think they can ban bitcoin, they can only find a way to protect their people from being scam

[krik234]

China actually banned everything from the outside

[shata]

Did China really banned bitcoin? How? At what stage is it already now? Basically, if we generalize it, Government's lifeblood is taxation. Some countries lives because of the people's or citizens of one's country is paying taxes. Where does taxes being based from? Technically from his or her source of income. And yeah! This is where it starts. Because cryptocurrency is on line with underground economy, cryptocurrency earnings are not taxed, does giving effect to the individual especially the Government themselves.

[cr1tbayman]

Guys are you still talking about China banning crypto? It never happened and probably never will. They ae interested in this market and all they will do - is regulate it.