Why China banned bitcoin？

[Allison567]

In fact, the Chinese government officials banned, but there are still many people in China are investing in bitcoin, I think the Chinese government may prohibit while testing, after all, the development of Bitcoin is that we can see, so China did not Forbidden.

[Hopeful2017]

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/

Chinese government officials are the main culprit why Bitcoin is being banned in their countries. There are several hypothesis why they are doing this. First, imagine if majority of Chinese people are just doing Bitcoin the whole day, there manpower in a lot of industries and factories will be crippled. We all know that China has a lot of factories and many factory workers. It would result to disaster if all or most people would do bitcoin. Second, Bitcoin makes bank loss huge some of money.

[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/

Chinese government officials are the main culprit why Bitcoin is being banned in their countries. There are several hypothesis why they are doing this. First, imagine if majority of Chinese people are just doing Bitcoin the whole day, there manpower in a lot of industries and factories will be crippled. We all know that China has a lot of factories and many factory workers. It would result to disaster if all or most people would do bitcoin. Second, Bitcoin makes bank loss huge some of money.

I also read other news about the reasons for China's restriction on the development of bitcoin. They think bitcoin has an impact on the RMB's status and does not match the future internationalization strategy of the RMB. This is not conducive to China's economic development. And China Prohibition of illegal mining, although they do not state that the prohibition, but the behavioral aspects of Bitcoin transactions in many ways, I think this bitcoin will be a negative blow.

[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/

What do you think happens when everyone invests in crypto? Without any investment in the construction of life projects, losing a significant amount of tax money makes the annual total unsatisfactory.

You make sense that China is a big tax country. If everyone uses bitcoin, it will have a tremendous impact on the national treasury. Public affairs and state science and technology research and development rely on tax revenue. Bitcoin is contrary to China's national conditions.

[Bitcoinjheta]

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/

Chinese government officials are the main culprit why Bitcoin is being banned in their countries. There are several hypothesis why they are doing this. First, imagine if majority of Chinese people are just doing Bitcoin the whole day, there manpower in a lot of industries and factories will be crippled. We all know that China has a lot of factories and many factory workers. It would result to disaster if all or most people would do bitcoin. Second, Bitcoin makes bank loss huge some of money.

I also read other news about the reasons for China's restriction on the development of bitcoin. They think bitcoin has an impact on the RMB's status and does not match the future internationalization strategy of the RMB. This is not conducive to China's economic development. And China Prohibition of illegal mining, although they do not state that the prohibition, but the behavioral aspects of Bitcoin transactions in many ways, I think this bitcoin will be a negative blow.

Well, for those news that china has forever banned bitcoin is not true that is just a rumors. They have just controlled the crypto currencies in there country to spread out because they can not contribute a lot to the economic stability. The reason is that china is more concerned on the taxation they collected for the development of there country as well.

[alphaomega.f]

one of the reasons is because bitcoin mining uses huge wattage of electricity considering that it's the country where bitcoin mining activity is high. and if we will think about this, people who spend time mining in bitcoin will increase as time pass by because people will realize that it is possible to earn through mining. and the manpower needed in china will increase at a high rate because people will choose to mine instead of working in the industry. 

another thing is, they want to reduce the number of crimes committed through bitcoin like fraud and money laundering.

[TrumpD]

This in not the first time China has banned bitcoin - in 2014, they did so as well. Link: https://www.reuters.com/article/us-china-bitcoin/china-bitcoin-exchanges-say-certain-banks-to-close-their-accounts-idUSBREA3A11J20140411

So we should not be surprised by the bitcoin price decline as a result of this action taken by the Chinese government. This drop is very comparable to the 2014 scenarios when bitcoin dropped from $1,163 to $475, when the banned was effected. But see what happened after that, especially late last year. I foresee on and off bans of this nature happening over the coming months and even years; until governments get a full understanding on how to control cryptos.

[Granslam]

China prohibited and illegalized the use, and any other form of bitcoin affiliated activities mostly because they think they are not earning from its rising popularity and rising number of people that are actively engaging to bitcoin-affiliated matters. Moreover, they think that vecause of this growing community if people who use bitcoin as a main source of income and some by currency, tgey are thinking that their national currency will be obsolete.

[casdder]

I think the news is just that some people spread it out and want the Chinese to sell their coins and then buy it. These messages are flooding on social media and we should learn to judge the truth of those messages.

[InvestICO2L]

What is the benefit of the Chinese government when accepting the use of bitcoin? I think not! Their people are using bitcoin as a form of tax evasion. The presence of bitcoins also increases the number of criminals using bitcoins as a form of money laundering. Therefore, they prohibit the use of bitcoin.

As far as you know, China is a extremely developed country, especially it covers a lot of people. In fact, Bitcoin is quite popular in this country, maybe it takes massively impact to the finacial of all citizen. We all know that almost the people in china both use bitcoin ,even they are incredibly professional in this field. In addition, bitcoin is anonymous and notoriously volatile, which is out of control of the government. Therefore China had cracked down the use of bitcoin.

[Coinlover9]

Because they are trying to bring in regulations and it take time.Once they have a clear set of rules I will be normal for Bitcoin.

[Lasvista]

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 the main reason is all about the scam of it , and to be honest I still doing some basic search regarding this topic and I wanna share it tou you guys I hope you look to it and help others to know and expand their understanding.

Link: http://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-china-exchange-ban-cryptocurrency-trading-government-a8161721.html

[frery]

I asked my Chinese friend.
He said he had received no information about the ban.
So I question the accuracy of your message.

You can question, I am also questioning, because this is my news on the Internet in mainland China, there have been many media reports, but my friend also told me that China has not completely banned, and now I am also very puzzled.

China has never supported bitcoin. When it came to birth in Bitcoin, China did not realize it was a threat and it adopted a laissez-faire attitude. However, more and more people use Bitcoins as prices get higher and higher Bitcoin, do you still remember the bitcoin virus of the year? Almost everyone in China knows the word bitcoin, so China is starting to value bitcoin and researching it. Now that China is not barred, you can still trade bitcoin, but trading bitcoin in China is going to be huge limit.

[MuhNofa]

-Virtual currencies are hard to control
-Easy to use for fraud
-Destroying the investment world
-China wants to make its own virtual money
-Used illegal transactions
I guess the above are some of the reasons why china forbids bitcoin.

[Vin183~]

I have hear any information from multiple sources. china forbids bitcoin because china also wants to make its own coin.

[12tribes]

I think you have been misinformed. The Chinese authorities themselves have good chunk of yuan in bitcoin so that could not be. I am however aware that they have place stricter measures to protect their citizens so that they don't get scammed or defrauded.

[htmcoin]

In fact, the Chinese government officials banned, but there are still many people in China are investing in bitcoin, I think the Chinese government may prohibit while testing, after all, the development of Bitcoin is that we can see, so China did not Forbidden.

China fears bitcoin is being used by officials to divert assets and Bitcoin can not be regulated, which the Chinese government thinks is dangerous. But the government will not completely ban Bitcoin, he just advised people not to participate.

[delarossa]

There are various reasons why china prohibits Bitcoin, which are:
1. The virtual currency tend to fluctuate
2. Prone to fraud
3. China want to make their own virtual currency
4. Can also be used for illegal transactions.

That's all I know.

[thaitea.deluxe]

they ban bitcoin because the government on china dont want their peoples get rich from trading bitcoin.

[rwishva]

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 ?