proearner12
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May 25, 2018, 02:43:58 PM |
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China will not ban bitcoin. It is no in their interest to stifle blockchain technology. The ban is only temporary until regulations are in place. If they wanted to ban crypto-currencies they would have done it already. They are more worried about some of the cryptos being scams and pyramid schemes. In China these are very common and has just moved online thus resulting in the crackdown now!
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mysacrifice
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May 25, 2018, 02:44:51 PM |
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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.
There are different speculations about this actually. Main reason could be that China was pissed off because not being able to get tax and that's why banned. Another reason is less likely to try to protect its own people from scams. |
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Zaibraid
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May 25, 2018, 03:00:42 PM |
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If I can summarize it, China has several reason to forbid bitcoin. Among other reasons, the first, the crypto currency is difficult to control. Until now, there is no official institution that regulates the regulation of crypto currency. The price of crypto currency is determined by demand and supply in the market. Second, crypto currency is often misused for fraud. Many people offer investment services crypto currency by promising a number of profits and lead to fraud. Third, crypto currency is mainly bitcoin like bubble phenomenon that will break at any time. This is because many people want to have bitcoins. Furthermore, China is the center of crypto currency transactions so that if this Bubble brokes then the country of China will be very losers. China will also plan to make its own crypto currency that gets government legality. Lastly, crypto currency is often used for illegal transactions by irresponsible people. People are using anonymous facilities in bitcoin so authorities are difficult to track. Crypto currency is often used for money laundering, drug sales, terrorism financing, etc.
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bajigur894784
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May 25, 2018, 03:11:13 PM |
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This year is the year of regulation for cryptocurrency. many of the world's financial regulators began to tighten the laws and legality of cryptocurrency including China.
Virtual Eyes such as bitcoins are hard to control, Bitcoin exchange rates up and down purely following the market mechanism. The Chinese government claims it can not control the exchange rate.
Therefore, from what I find in the media, the Chinese government is banning attempts to establish new rules to regulate the circulation of cryptocurrencies such as bitcoin in order to be more easily controlled in the future.
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xk85jq
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May 25, 2018, 03:40:31 PM |
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china banned bitcoin because government cannot controlled bitcoin transanction, no kyc method ,no transa
cntion report during deposit and widhrawal transanction and they cannot collect taxes.govenment in china controlling their economy.
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Raven91
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May 25, 2018, 03:54:29 PM |
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I think its because china is a better country and it can live witg out using any technology in money, because the world is full of secrets, stealing, scam and crimes that is very redandant in these days, thats why bitcoin is banned, they are being connected without using effort and people are being attached only in the cryptocurrency and not into the government money, thats why it is very hard to the Chinese national to take and adpot again these crypto.
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somtandon2015
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May 25, 2018, 04:05:55 PM |
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I have not found an artical on this.Chinese authorities announced plans to ban the cryptocurrency’s trading in the country.
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lukas52
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May 25, 2018, 04:08:14 PM |
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Many countries have eliminated bitcoin, and do not want to recognize it officially, but there are also many people who are engaged in piracy, and such people more and more.
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Yudi96
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May 27, 2018, 04:43:11 AM
Last edit: May 27, 2018, 06:28:56 AM by Yudi96 |
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Positive thinking may be Chinese want to make their own currency, chinese may not want its currency to fall in price and prohibit bitcoin, continue to invest fore bitcoin can become the world's payment instrument
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hurriebra49
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May 27, 2018, 12:07:16 PM |
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Mostly countries ban the Bitcoin and Crypto currencies because they found some criminals that are using this crypto currency for payment procedure and that is why they feel negative about it because are unable to find out the history of transactions and conform person and i think that is why china banned bitcoin in some areas,
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hacking13
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May 27, 2018, 12:13:59 PM |
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China is a closed monetary system. Its not easy to bring money into the country, and its also impossible to get money in large sums out. So Bitcoin is another means for getting money out of of the country, and that's why they are banned.
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venlo
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May 27, 2018, 12:18:38 PM |
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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.
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Nitnit13
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May 27, 2018, 12:23:01 PM |
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Maybe because china does not want a currency that they can not control and at the end they banned bitcoin. China may also be looking for crypto currencies that they can control or make digital currency for themselves.
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Cash BTC
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May 27, 2018, 12:27:51 PM |
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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.
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rye18
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May 27, 2018, 12:33:04 PM |
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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.
Banning of bitcoin in China is just a pure speculation that really destruct the image of bitcoin im the world market because until now there are so many chinese investing in bitcoin. |
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kb24mvp
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May 27, 2018, 12:44:42 PM |
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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.
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9emb3lelit3
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May 27, 2018, 12:46:56 PM |
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Perhaps the State of China wants to create its own Cryptocurrency in their own Country, which has gained legality or legal in government. Which as we know, if so many things that are prohibited in the State of China which in the end they make their own.
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kirito1614
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May 27, 2018, 12:49:42 PM |
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China denied and illegalize the utilization, and some other type of bitcoin associated exercises for the most part since they think they are not winning from its rising notoriety and rising number of individuals that are currently captivating to bitcoin-subsidiary issues. Besides, they believe that because of this developing group if individuals who utilize bitcoin as a primary wellspring of pay and some by money, tgey are suspecting that their national cash will be old.
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McWayne
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May 27, 2018, 12:54:21 PM |
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Head of the Central Bank of PBoC - Zhou Xiaochuan said that the Central Bank is cautious about crypto-currencies and is working with this industry in the field of research and development.
The central bank doesn't recognize bitcoin as a payment instrument, and closely monitors bitcoin as a financial product, strengthens protection and informs consumers and investors. But at the same time, Zhou admitted that the digital currency is inevitable and will probably eventually replace paper money and coins. He said that it is important to be cautious with the influence of the financial system and investors on the digital currency.
Zhou said that the virtual currency is not integrated with the existing financial products that are financed by the Chinese economy. Consequently, he warns against the government switching to the digital currency. I think they will be happy to use the crypto currency, but only if they find control on it
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Boov
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May 27, 2018, 01:06:42 PM |
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I dont think china totally banned bitcoin in their country , they just make a tougher standards in terms of cryptocurrency . The reason why they did that is for their security , china is a large country and it is really hard to monitor all people at the same time , so the only thing that they can do to limit the security threat cause by bitcoin is to make a tougher security or rules in bitcoin or in any other crypto
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