Why China banned bitcoin？

[Jerson]

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.

[Wintersoldier]

China is a communist country which otherwise likely to support a system which could brought equal distribution of wealth on the government and for the people. They could have  a better way or solution on implementing their own currency that they could manage and centralized in terms of their government.

[endut15]

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/

if for now I know that bitcoin is not prohibited by china country to circulate. so if any news about this do not immediately believe. as this will only make the bitcoin down.

[Kamote_1102]

I don't know if China really banned Bitcoin. because when you search on youtube about Bitcoin Mining, you will see that the largest bitcoin Mining ever built is in China. maybe they just have some strict regulations, particularly on Bitcoin. Perhaps, they are just protecting the Interest of their Country. we still do not know the real reason behind it.

[electronus]

This may include, in particular, the direct restriction of the supply of electricity to the miners. In China, almost 80% of the world's mining capacities are located, and their closure can seriously affect the market of bitcoins.

[Qeupe]

China ban bitcoin because can't control it. Bitcoin is now only a virtual product, even if the world circulation is just a transfer function, which itself is involved in money laundering activities, so the need for anti-money laundering protocol to join the platform Trading, because of the small amounts for money laundering people, can not play a major role, and now the value is high, it's bound to be used.

[KingOfWinterfell01]

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/

Bitcoins in China was banned due to the uncontrolled volume of bitcoins in the country. They had to 'ban' it or better yet control it with stricter regulations that would somehow control the flow of bitcoins in the world. With that kind of control, they can shift the balance of the economy to its proper place.

[modamo]

China just ban Bitcoin and ICO as  competitors for creating its own cryptocurency. But with this they make great influense on global community and crypto-currency volatility, as well as South Korea.

[pawitrawijaya]

This is bad news.. I don't know the reason.. But, I think bitcoin is not worth to be banned in China.. Because bitcoin is a good currency, China should learn bitcoin first.. Hopefully one day China can change its perspective about bitcoin...

[soul-impact]

The Chinese government sees bitcoin as virtual currency. Bitcoin weakens China's economy.

[Erlinda Santiago]

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/

oh because they think that bitcoin is weakening their economy thats why they banned bitcoi so that they can prevent from that failure

[icoinvesting]

Bitcoin try to regulate it with harsh tax methods or KYC standards for exchanges

[adadaorlina]

As far as I know, China is an anti-corruption 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.

[WootenMayo]

The news I got was that China did not ban bitcoin transactions.

[buhna]

I heard that they don't ban crypto. It is strategy. They want to control prices and market. And they can do it. Make price lower. Then they can buy crypto with low price and sell it when it will have X.

[Malian]

In 2017, China 2 times announced that it will regulate cryptocurrencies and prohibit ICO. Then this news was canceled. Do not believe everything that is written by the media.

[pxo.011]

is it true of a fud? i thought china's government accepting bitcoin and bitcoin was legalized?

[Gathel]

The Chinese government issued a policy prohibiting the transaction of initial coin offerings (ICO). The ban was issued not without reason.

As quoted from Reuters on Friday (15/09/2017), there are several reasons Bamboo Curtain country banned Bitcoin transactions.



Virtual currencies are hard 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 arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

[Odlanyer]

If im not mistaken the government of china is not banned bitcoin they accepted bitcoin in their country.

[Djbeats]

According to leaked documents from unknown sources, the Chinese government was concerned over the increasing power and popularity of digital currencies – something that could potentially weaken the official control of China’s money supply.

China is an attractive destination for private investors who, up until recently, bought heavily into cryptocurrency instead of Yuan. Which unsurprisingly caused concern within the higher echelons of Chinese power.