Why China banned bitcoin？

[kuruyama]

Maybe because china is a communist country, they dont want anything or something crawling beneath them they dont want transactions not regulated by their government, they dont want that type of transaction, what the emperor says will be obeyed, everything must be at their control., So if they cant regulate bitcoin, they all decided to banned bitcoin from their country, also they come to overthink it that it might cause of their people to not work and focus on bitcoin that will be a major problem for them so thats why they banned bitcoin. Whats your thought?

[gcckpxm62308]

Almost all of BTC traders/holders/newbies/investors talking about BTC crash due to Chinese new year, but anyone knows what's the connection between chineese new year and BTC ?

 

I can explain it to you because China has a lot of people who invest in bitcoin. The Spring Festival is a very important festival in China, you need to buy and buy many things for the Spring Festival, such as buying new clothes, buying couplets, giving gifts to parents, gathering, etc., and the Spring Festival Prices are high, which all need to cash Bitcoin, which affects the price of bitcoin.

[yana0901]

Bitcoin is generally a great currency, many do not even know it. Opinions were divided 50 to 50. Someone for, and some against

[Lester Cole]

To clarify some issues, what China did is to ban banks to deal with bitcoin and/or other cryptocurrencies; they also have some limitations when they want to pull out some money (USD 10,000).

FYI, the chinese have most of the mining market because of the advantages the country offer to the people, for example free electricity; A big cost in mining services is electricity and with that you cover your cost.

[Leo Parrish]

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.

[iMark]

Almost all of BTC traders/holders/newbies/investors talking about BTC crash due to Chinese new year, but anyone knows what's the connection between chineese new year and BTC ?

 

I can explain it to you because China has a lot of people who invest in bitcoin. The Spring Festival is a very important festival in China, you need to buy and buy many things for the Spring Festival, such as buying new clothes, buying couplets, giving gifts to parents, gathering, etc., and the Spring Festival Prices are high, which all need to cash Bitcoin, which affects the price of bitcoin.

probably because of the large bitcoin users from china who do cashout from bitcoin to their currency its give little effect on bitcoin price but the topic in this thread is why the Chinese government forbids bitcoin, I think almost all countries have the same reason to ban bitcoin, the reason for this is that decentralized bitcoins can not be controlled, anonymous increasinglyto online financial crime, and other reasons that harm country,

[BingoDog]

First of all there is a big difference between ban and limitations and that should be clear.
China did not ban bitcoin but introduced some limitations to the banks and some regulations to the miners. That also affects the bitcoin market but is not the same as ban so don't give here false informations, this only makes further damage.

[localcrypto]

china banned bitcoin because they dont want their country to engage for easy money and crypto profits they dont want their money to go aboard

[Pandacomel]

It is not a secret that Chinese government is prone to an excessive control over its citizens and their rights. Often having an element of control over every aspect of a daily civilian life – from a number of children that are allowed, to what is accessible on the internet. With so many strict laws, it should not come to a surprise that a decentralised and anonymous Bitcoin will be tackled as well.That why the reason for China banned bitcoin in there country.

[wave1002012]

China is a communist country and they are very strict in their policy so I'm not surprised if they banned bitcoin.

[v_Harley]

The Chinese government felt that the BTC was a scam, that BTC would defraud investors, and that the country's ability to accept new things was poor, so the Chinese government banned crypto and closed exchanges.

[Michellekking]

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/

I think you need to distinguish between prohibitions and non-advocates. China has not banned bitcoin transactions. The Chinese can still trade bitcoin. They can still trade bitcoin in other countries.

[syarifudin]

Why China forbids its inhabitants to trade in bitcoin!
Maybe the reason is because china is afraid that bitcoin will replace paper money in the country (china) and they are also afraid that bitcoin will harm the state bank, and one reason may be that china wants to make a Crypto currency better than bitcoin and more in demand by the entire population of the world.

[pekavcilar01]

It's a completely strategic event.
These tweets are making a lot of false news in the environment.
They are saying that the government is bringing a ban and they are letting people sell their bitcoins. On this count, the whales are screaming.

[suvo05]

China has history of banning several thing, and it is a very long list. Google, Youtube, Facebook, Twitter ,....the list goes on. So it is not so much surprising that bitcoin is also in that list.

[KingScorpio]

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/

Actually this Ban is just temporary even super dense populated urban China cant in the long term upkeep their centralised financial system,

the reasons are diverse,

some main ones is about the secured access to consumption capacities for specialised laborers,

adolf hitlers echo is still present in many societies abroad,

but in the end it will be dropped anyway.

[santafewarrior1980]

I believed Bitcoin is not totally banned in china because there are still Chinese doing transaction with bitcoin.

[motoprose]

China has become a not crypto-friendly zone in the world.

People are moving out their businesses that has anything to do with bitcoin in the droves.
Mining and crypto trading is not welcome business there any longer.

[binghope]

According to press reports, China has not banned bitcoin. They still offer normal bitcoin deals, but they have made the rules more strict. As when withdrawing the bitcoin from wallets to cash, they require identity verification. Then you can withdraw. This gives them more control, avoiding the money laundering of officials taking bribes

[Falgorn]

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.