Why China banned bitcoin？

[AlexanderAnthony]

Based on the news that I have read the Beijing states that Bitcoin is not a currency, and prohibits banks and other financial institutes from trading in it (No middle man) and 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, with that said China adopts a relatively hands off approach to the cryptocurrency.

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[Marucya]

China is an attractive place for private investors, who until recently bought mostly crypto currency instead of Yuan. And this caused concern in the highest echelons of Chinese power.
The truth is that Bitcoin is here to stay, regardless of the ban on crypto-currencies in China.

[kasansa]

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/

We have already seen china taking contrast decisions related to bitcoin regulation.Some times.PBOC strictly regulates exchanges and we hear the news that china is going to ban bitcoin totally and then suddenly we see china being lenient to crypto currencies.Its totally a suspicious country in all aspects.

[JerryJam]

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.The Chinese government will lose the opportunity to manipulate the market.

[jakagintiri]

Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, the Government does not like something that can not be regulated, did not rule out China to create its own crypto that could become the government's legality.

[aleksej.rozhkov]

Because the government is crazy. China thinks that it is independent of all strange external digital innovations.

[lanareyDEY]

There are many projects in which you can invest a fairly small amount, and check it for efficiency

[vladimirnesgibaev1]

Tell us about how do you earn, invest or trade, or do you do anything else?

[brickafterbrickwalldpt]

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. Cashless transactions are very popular in huge cities so I guess that it wouldn not be a problem. They just have to learn about Bitcoin.

[Warren Buffert]

Why is this still being discussed, it is not banned.

[crairezx20]

Why is this still being discussed, it is not banned.

They are still pretending that China banned bitcoin they are not thinking why bitmain still selling antminer.

Only ICO's was ban base on what I heard not bitcoin. This is still fud and they keep spreading this fake news.

I heard from China friend that bitcoin is now regulated heavily. So it's not banned.

[Mazda17]

China does not prohibit bitcoin, just do not think it is a currency, of course, bitcoin is now just a virtual product, even if the circulation of the world is only a transfer function, which itself involved in money laundering activities, so the need for an anti-money laundering protocol to join Trading platform, due to the small amount for the money-laundering people, can not play a leading role, and now the value is high, it will certainly be used.

A good opinion and I like your opinion.
Actually china will not kill or eradicate the bitcoin, it's just chinese it bluffs the bitcoin users so they sell cheaply then that's why china can buy it with very cheap price and they will sell it with very expensive price, let alone bitcoin users mostly from china so it's perfectly natural for a blasphemous person to be afraid to keep a lot of bitcoin if the tip is cheap, so they will sell it for quick money.

[Old Bindu]

There is a version (at the beggining of the January in the Internet) the Chinese regulator directly points to the need to stop the mining of bitcoins in the country - because of "consuming a huge amount of electricity and speculation with virtual currencies."

[The_White_RabbitBTC]

No wonder, they have banned Google there.. And mining..
Everything is possible, there is still a strong sense of communism and a head dictator position in the country.
Wouldn't be surprised if they announce their own cryptocurrency, going Venezuela's way
But this type of regime gives amazing results turns out. They are able to build a whole train station in only 9 hours, which is unseen in the western world
Think they will start a massive chaos in the world when they get free..

[rainezerr]

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.

I agree on that, they totally ban all the icos but not the entire cryptocurrency so people can still use mining hardware to earn bitcoins, maybe they are controlling the amount of usage on cryptocurrency because it is affecting some of the companies on their area.

[freshm4ker]

Many say that China forbids and overrides the use and other forms of bitcoin chain activity because they think it does not earn from its growing popularity and the number of people actively involved in bitcoin affiliation issues. In addition, this growing community has been using bitcoin as the main source of income and some by other currencies.

[valentine401]

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/

It does not matter if bitcoins will be banned on china because the electricity consumption is very low so obviously they can still be earning a huge amount of bitcoins from their mining hardware and sell it on the market to earn fiat.

[TravelMug]

Why is this still being discussed, it is not banned.

They are still pretending that China banned bitcoin they are not thinking why bitmain still selling antminer.

Only ICO's was ban base on what I heard not bitcoin. This is still fud and they keep spreading this fake news.

I heard from China friend that bitcoin is now regulated heavily. So it's not banned.

They ban ICO, then they closed their local trading platforms. Obviously next is the bitcoin mining farm. Bitmain is already looking at alternatives,

https://interestingengineering.com/bitcoin-miners-in-china-will-move-operations-to-other-countries-in-wake-of-new-regulations

Because they know that bitcoin will be totally outlaw in China. So I guess that a ban will be imminent.

[DAOfan]

China didn't ban bitcoin, although they are going after bitcoin miners and exchanges very hard with regulations. China was without a doubt leading the way in crypto for a long time. They were making money hand over fist and the new of regulations out of china is pretty much the current market top. China and the US really love shooting themselves in the foot so they can protect their banking industries. I know they think that money laundering and whatever is important, but in reality those are very few cases compared to the huge amount of money crypto bring to the economy.

[Schirer]

In order to understand the reasoning behind Chinas decisions, it is very important to understand the most important thing in Chinas politics ( or second most important thing next to security of their country) and it is economic growth!

Look at the decisions they are making in order to sustain their economic growth - their mega , giga, and ultra giga construction projects also in other countries.

Cryptocurrencies if not regulated in their way are promoting capital flowing out of their country without any returns thus the ban after ban and this is why i believe that China will re-emerge in crypto industry with regulated sector, if you agree with me buy the fuck up with NEO.