Why China banned bitcoin？

[lyndon30]

China banned bitcoin I think it's because they are afraid that bitcoin replace the fiat money as a payment. They also thought that bitcoin is an illegal way of earning money. Also, no one can control cryptocurrency so they banned bitcoin because they can't control it. That's the reason why.

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[judejude]

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality.  But Bitcoin is also part of their economy there's so many Chinese that doing bitcoin and some of them are investors.

[Ambrosius]

Is it because China is a bitcoin transaction center? then the government is worried about it because bitcoin is hard to control and has potential bubble? I think so but I'm not sure.

[godrey123]

I am not sure with my answer but these is only my opinion. China did not actually banned bitcoin, they just wanted to put regularization on it like any other country wanted. Bitcoin is an increasing market and if they cannot regulate it they country will not benifit from it. I think  that is the main reason for it.

[Bitcoin1216]

The main reason china banned bitcoin is certainly afraid of the rapid development of bitcoin so the Chinese government worries that bitcoin is only used to hide money to avoid taxes.

[aileenc]

Bitcoin is a great threat to the Chinese central bank's foreign exchange policy and regulatory policies. 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.

[weiweianll]

China’s foreign exchange controls have caused a large number of renminbi that could have flown out normally to be stopped.
Bitcoin is undoubtedly one of the best means to solve the foreign exchange outflow!
This is why China prohibits BTC!

[TiffanyLien23]

In my opinion, i think the reason why china banned bitcoin because some Chinese investors and financial analysts consider the ban on bitcoin a positive development.The people's Bank of China plans to develop its own national digital currency. If this happens then the ban on bitcoin can be continued. But Chinese traders will still use bitcoin if need be. They go to the markets of Japan, Hong Kong, South Korea and others.They have the largest cryptocurrency trading platform.

[zebu_2]

AFAIK 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.

[alvinmtp]

It's not just the China but governments across the world are not happy to see people are taking the control of their wealth and hence they will try in every way to distract us from using something which is beyond their control. They will use banks, media and their power to restrict the growth of decentralized payment systems. However, things have grown so big that government cannot directly destroy the network and the only way to eliminate the usage of cryptocurrencies is through pressurizing users on multiple fronts. I don't think that it will affect the Crypto industry on the larger time scale because the mass maturity has increased over last few years.

[BIOX]

I think they will not  ban it because around 80% of bitcoins because it is being mined and traded in China, the Chinese powers will have a major influence over the market.

[azisdoank]

well i think China is a specific country. A lot of people live there with limited information because of The Great Firewall of China, it works quite well but it is fairly easy to evade this restriction using proper VPN services. They are afraid of Bitcoin because they can't cut it off like they did with certain webpages and content on the Internet. It will be interesting to see what will happen when Chinese people will switch to cryptocurrencies and China does not really want to deal with bitcoin, they ban Bitcoin only because they are afraid to face the complaints of other countries, other countries do not like and prohibit bitcoin in their country, china can not do the opposite, that only makes them the common enemy of all.

[Syunusa]

China banned bitcoin because the Government of China is planing to introduce their own digital currency that will be used instead of Bitcoin.

[oOVVVVVVVOo]

I think that this can happen because China is interested in creating its own crypto currency, and for this they do not need bitcoin.

[THATBTC]

Sorry, I just went to ask my Chinese friend.
The news I got was that China did not ban bitcoin transactions.
It's just tougher regulation.
I also don't see any news that exchanges stopped trading bitcoins.

yep, china it did not ban btc, that's fake

[sakib12121012]

The China government has banned Bitcoin.Tibetan monks are forbidden form reincarnation without government permission. Interesting choice considering the Chinese Communist party is officially atheist.Of course, The China real reason banned to bitcoin.

[Antonina]

.in general, the digital currency is just a code, and how much such code can be created, the main disappointment did not weaken the investors' enthusiasm only when this chain of code fell into their hands to awaken.

[reighbut2017]

.in general, the digital currency is just a code, and how much such code can be created, the main disappointment did not weaken the investors' enthusiasm only when this chain of code fell into their hands to awaken.

May be the decision of china is due to the crisis encountered by bitcoin few months ago which is a very huge dropping of bitcoins market value and they just want to protect their people from big losses

[erichall]

Sorry, I just went to ask my Chinese friend.
The news I got was that China did not ban bitcoin transactions.
It's just tougher regulation.
I also don't see any news that exchanges stopped trading bitcoins.

yep, china it did not ban btc, that's fake

Seems like fake news like this which leads to fud has taken over the market. I assume it is purposely done to manipulate the prices

[Javanewstar]

It's just a FUD, and China doesn't ban it. People can still encrypt money through private transactions, so the overall market impact of du yu is not large, there is no need to spread the FUD too much.