Why China banned bitcoin？

[reidel21]

Whether China bans bitcoin in or not it still has the potential to increase in price in that people are even getting to know bitcoin now. The bad news will only make people know bitcoin and when the good news come up, more investors are attracted. I hope bitcoin lovers from China can trade using offshore accounts.

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[Tahir460pk]

I don't know about it that china banned bitcoin only read that china government very strict about bitcoin i think both not negotiate with each other that's they gain a way , well what we can say they policy makers know batter everything than us, maybe they want any plus points from bitcoin and as per their demand they are much its just a opinion.

[jjjrmy]

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.

[konomi]

Because Bitcoin provides Chinese riches with a channel to transfer funds abroad without going through the bank, it is necessary to know that in China, the money of many rich people may be obtained through some criminal means.

[sino22]

because china does not like the easy money earning like bitcoin in china have to work hard to get abundant finance so we are not surprised in china do not do bicoin

[klebsiella]

China bans Initial Coin Offerings and cryptocurrency based fundraising because China views cryptocurrency as illegal since they are not issued and recognized by the government. The country saw an increasing turnover in overseas transactions that might lead to evasion. This leaves a lot of risk for the monetary system because of unlawful issuance of cryptocurrency which may scam less crypto-svvy individuals out of their hard earned money.

[martirosyan666]

Probably because china does not want any currency that they can not control and in the end they banned bitcoin because we know that bitcoin can not be controlled by anyone, nor government from all countries in this world. China just wants to have things they can control or hold so that no future chaos will happen in their future.

[Emran4567]

I can not say good about it. Why do not I want to ask Junk to get the ban on Bitcoin? Then I can tell the details.

[chichigirl]

I dont know,  maybe they doesnt know the real benefits behind the crypto currency.  They banned it without doing some investigation about it if it is true or not.

[gidaahmad]

The reason is because the Chinese Government has their own rules. And I'm sure the Chinese government is very smart in making that decision.

[brylle34]

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/

This is an old news bro, this news if from https://www.huxiu.com/article/214979.html?f=myzakercom where the date is 2017-09-17 23:59, The country of China won't ban bitcoin because bitcoin is the future currency or to be exact Block chain is the future technology that will and has been changing the world as of now.

This is the latest news on bitcoin in China, CHINA has powered ahead of other countries with ‘bitcoin technology’ filing more than half of all blockchain patent applications for cryptocurrencies last year. More than half the 406 blockchain related patents last year were filed by China as the market for securing software for digital assets boomed last year.Patent applications for blockchain, which includes the distribution of cryptocurrencies such as bitcoin and ripple, trebled in 2017 as digital currencies like bitcoin hit record highs. China filed 225 of the blockchain patents in 2017, which was a significant increase from the 59 in the previous year.

Alex Batteson, editor at Thomson Reuters’ Practical Law told the Financial Times: “Companies are moving fast in order to protect their ideas in new areas of technological development — long before the technology actually goes to market.

“Patents are also important for companies to attract all-important investment.

“Investors need to know that a business owns and can capitalise on the intellectual property and will not face interference from other parties claiming ownership.”

Of the top nine firms filing for blockchain patents between 2012 and 2017, six were Chines with Beijing Technology Development at the helm.
read more here https://www.express.co.uk/news/world/937020/bitcoin-news-china-bitcoin-technology-cryptocurrency-price-boom

[PalindromemordnilaP]

Basically, bitcoin and crypto will do to banks just like what email did to the postal industry that seems to be so untouchable. It looks like to be a threat since banks will no longer get any transaction fee of money transfers and other online payments if bitcoin and cryptocurrencies will took place.

[Julia Wilson]

Because China is a closed monetary system.  Its slightly more difficult to bring money into China, and its pretty much impossible to get money in large quantities out. So Bitcoin is another mechanism for getting money out of of the country, and that's why they are banned.

When you are trying to get money out, a person is limited to sending less than $10,000 at a time, once per month. There are also some rich folks that buy up gold and jewels and effectively are smuggling them on trains and planes to areas with open economies.

[janhllr]

As I can see that China did not ban bitcoin. It prohibited the banks from dealing with bitcoin, but using/mining is legal. The motivation for banning banks from dealing with bitcoin is to make it harder to use bitcoin as a tool to smuggle the wealth out of china.

[jeepuerit]

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/

My analize, Earlier this month, the People's Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites.”

[Ngewex Yuk]

China and many countries are banned bitcoin certainly reasoned that bitcoin becomes a fiat threat, when people already know the benefits of bitcoin then they will not save money in banks so this is dangerous for the country's economy...

[CamVan]

China does not ban the bitcoin deal as you think, it just banned ico and all its activities are quite difficult

[victoryana]

illegal bitcoin is mean as they think that the bitcoin is not allowed to be active than that the bitcoin of the bitcoin that is not stabilised will the image to the background of the business business

[AjithBtc]

To my knowledge I haven't found China imposing ban upon bitcoin. In the past China was a major contributor to the bitcoin network and due to some issues that arose within the country, it made legal regulations. Still it doesn't banned the usage of bitcoin.

[tatvuong7]

Because China is a foreign exchange control country, bitcoin's anonymous Internet transactions can perfectly bypass the central bank's foreign exchange defense line and make the policy of foreign exchange control ineffective.