Why China banned bitcoin？

[gcckpxm62308]

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/

[1714614476]

1714614476

[woshiniubia]

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.

[akkocoin]

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?

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. Bitcoin also provides great convenience to laundering money-laundering transactions in China's enhanced regulatory zone, great threat to the Chinese central bank's foreign exchange policy and regulatory policies.

[johnwest]

I couldnt find any article or news relating to this..  

There are many countries who are worried about the price volatility of Bitcoin and try to regulate it with harsh tax methods or KYC standards for exchanges but I dont think they will ban bitcoin, simply because they cant ban it completely.

[Colorblind]

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?

People are too often see regulations as a ban. You shouldn't mix those things.

[wolf one]

This is because Bitcoin is in conflict with China's monetary strategy, with China's accession to the SDR, China's RMB internationalization strategy has been fully promoted. The internationalization of the RMB is essentially a regional centralized monetary strategy, while the decentralized this feature runs counter to China's RMB internationalization strategy and the collision of such strong currency attributes has forced China to resort to "capital punishment" over Bitcoin.

[bttcoin]

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.

[Davidbee]

I haven't found an article on this.
Can you give me a source of the articles you see?
I want to make sure of the truth of the news.

[Greenkarki]

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?

I Just gone through an article / News on why China banned cryptocurrencies and its consequenses. This would give some information.

http://www.newtraderu.com/2017/10/06/china-ban-cryptocurrency/

The ICOs are the reason behind.

[shone08]

I haven't found an article on this.
Can you give me a source of the articles you see?
I want to make sure of the truth of the news.

Because theres no news about banned of bitcoin in china the news that OP said is about regulating of bitcoin in china its different from banned but because of this news some people think that china banned the bitcoin now it has a big effect to the price of bitcoin some exchange site in china are banne bitcoin because some people in china are using cryptocurrency than their local currency.

[FredduMan]

China has narrowly restricted the Bitcoin trade because of their difficulty in regulating investors and the difficulty of making this tax regulation on Bitcoin. While many parties are always giving bad news that investment in crypto currencies is very risky, because there is no legal party which guarantee behind.
But i still doubt about it, OKCoin as one of big exchanges where office in Hongkong, are still available accepting member for doing crypto trading.

[piloder]

China banned bitcoin trading because they think through bitcoin many chinese millionaire are sending money out of their country to invest in foreign countries which will be disastrous for their economy.

Also bitcoin trading platform were not following KYC policy and allowing international trades to trade their bitcoin against YUAN.

Some of the chinese bankers want to get that massive profit by running trading platform under their name, so first they have stopped the running one and now soon will launch their own platform.

[Kazarang]

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?

In China, the largest number of crypto-farms in the world. As a result of the ban, China will lose more

[TheBTCpost]

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?

All about banks controlling the money, money laundering also

These country’s hold on tight to the USD and don’t want it to leave the country. Bitcoin allows the traders / investors to make big USD gains.

[yytcoin]

In essence, the digital currency is only code, and how much similar code can be created, the main body of the discouragement did not dampen the enthusiasm of investors, only when that string of code hit in their own hands to awake. Therefore, the ban on bitcoin transactions in China is to prevent similar "tulip bubble" to bring you unpredictable losses to investors.

[Pursuer]

www. newtraderu .com

this does not seem like the most reliable source that you could use!

I am still going to say the same thing as ever: they never banned bitcoin. they closed down their exchanges that were unregulated and shady. and they did that months ago and nothing has changed that I am aware of so far.

as for people, they are still mining bitcoin and trading bitcoin and other cryptocurrencies off the counter and went back to the real way of trading decentralized cryptocurrencies meaning peer to peer.

[Pasadoble]

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?

China loses a lot of income, because of training on this exchanges, the exchange rates were low, so it was also bad for Chines currency.

[Kazarang]

www. newtraderu .com

this does not seem like the most reliable source that you could use!

I am still going to say the same thing as ever: they never banned bitcoin. they closed down their exchanges that were unregulated and shady. and they did that months ago and nothing has changed that I am aware of so far.

as for people, they are still mining bitcoin and trading bitcoin and other cryptocurrencies off the counter and went back to the real way of trading decentralized cryptocurrencies meaning peer to peer.

It's true, all the countries of the world understand, to prohibit bitcoin is not real. So they try to regulate it in some way according to the laws.

[sudhirratra68]

If it is really a ban and not just because of being hard to put this into regulations, probably, there may be the following reasons that China banned bitcoin.

1. The bitcoin ban is a way for China to enforce capital controls.
2. Chinese own money is going out of the country for investments in foreign countries and that could be a threat to their economy.
3. Despite China’s ban on cryptocurrency exchanges, there may be a plan of the government to issuing its own sovereign digital currency.

[ainunfm]

china is communisme country so the goverment control the people and that contradict with bitcoin itself and another reason is because much miners in there consumed much electricty energy or due stock reason with bank of china
https://techcrunch.com/2018/01/08/china-is-reportedly-moving-to-clampdown-on-bitcoin-miners/