Why China banned bitcoin？

[Citataw]

China has not banned cryptocurrency and bitcoin. introduced only more stringent restrictions

[andregunawan1]

Beijing - One of the popular virtual money alias cryptocurrency, Bitcoin, is experiencing a decline in exchange rates. Chinese policy is the reason.

The Chinese government issued a policy prohibiting the transaction of initial coin offerings (ICO). The ban was issued not without reason.

As quoted from Reuters on Friday (15/09/2017), there are several reasons Bamboo Curtain country banned Bitcoin transactions.

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

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. During this time many things are banned in China, in the end they make their own.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities. (ang / dnl)

[juliopirlo]

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/

There are several reasons why the Bamboo Curtain country (China) forbids Bitcoin.

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment.
Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

china wants to make their own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality.

Used illegal transactions
Bitcoin transactions are difficult to trace .

[haxker007]

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/

China banned Btc on the grounds that they remove the household access to stages and exchanges that empower individuals to trade advanced currencies and it has been accounted for starting at now. They will square access to residential and remote administrations keeping in mind the end goal to avoid budgetary hazard. A large portion of them said that it can influence their economy that is the reason they banned Btc in their nation.

[shibisu]

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/

There are several reasons for China's Bamboo Curtain prohibiting Bitcoin transactions.

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism.

Easy to use for fraud
for some people who understand the Bitcoin movement, it could be a lucrative investment.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have.

China is the center of virtual currency transactions
two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

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.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities

[andregunawan1]

China Banned the Use of BitCoin

Two major world financial institutions, Bank Central China and Bank Of America, issued a statement about the viability of BitCoin, a popular digital currency on the Internet today.

The price of 1 BitCoin (1 BTC) against the US Dollar fell below USD 1000 after Bank Central China issued a statement that 'prohibits' bank banks within the jurisdiction of China to transact using BitCoin. Meanwhile Bank of America Merrill Lynch, in a research report on BitCoin issued a statement saying that the BitCoin currency has the potential to become a 'prime means' in the payment of online transactions in the future.

The reason the Bank Central China issued a statement prohibiting the use of BitCoin is - because BitCoin is not a real currency and this currency has no legal status in a financial institution. This is also related to the rampant use of BitCoin for illegal activities such as, online gambling, drug trafficking, cyber porns, funding hacking activities and others.

China is one of the countries with the largest flow of funds and BitCoin activities in the world. BitCoin with a volume of 2 Million BTC was traded last month in BTC China, one of the largest BitCoin exchange in China.

As a result of a statement from Bank Central China, Bloomberg reported earlier that BitCoin traded at a price of USD 1,138.58, but after the announcement of Bank Central China was released in the afternoon, the price of Bitcoins fell at $ 980.

Meanwhile, on the other hand, in its report - Bank of America says, digital currency could be a 'serious competitor' against the conventional currency. In the report mentioned, price movements and BitCoin transactions continue to increase, this is because more and more people and companies that receive BitCoin as an alternative currency to transact.

[ondabeat]

Bitcoin contradicts China's monetary strategy, with China's accession to SDR, China's RMB internationalization strategy has been fully promoted. The internationalization of RMB is essentially a regional centralized monetary strategy.

[leow]

The fact is that China, more precisely, its leadership will do everything to ensure that the economy continues to develop. Therefore, it will take extreme measures to preserve power at this historical stage. Mess with the exchange rate of the yuan, the bitcoin, of course, prevented to achieve stable performance before the October summit.

China: bitcoin interfered with controlling the movement of capital
The bitcoin ban is a way to secure capital controls, given the $ 1 trillion that has left the country since the summer of 2014. Foreign exchange reserves came to a relative norm in 2017 and increased by less than $ 100 billion. Countering foreign capital outflows, stabilizing the Renminbi, and banning bitcoins are a few steps taken by Chinese authorities to provide a positive backdrop to the National Congress

[soulripper]

Among the reasons that caused China to ban Bitcoin in their country is that bitcoins are labeled as a mere fraud and untrue. In addition, it is also one way for China to enforce national capital. The binding on outflows, the recovery in yuan, and bitcoin restrictions are all made up of several steps taken by Chinese authorities to ensure smooth navigation at the National Congress.

[aljun107]

Because of the very large electricity usage that have caused china to loose a huge amount of electricity because of the miners. China has been known for the most country producing bitcoin with the use of mining however they havd banned it because of the electricity issues.

[loraalbert]

I think, China is dubbed economic and commercial domination. Their money is flowing into the crypto market and moving out of the world. That's how they feel uncomfortable. Thus, limiting and controlling the crypto and bitcoin markets is the goal of managing their currency and citizens.

[Bugcoin5]

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 Bitcoin banned China  because they may affect the stability of the government and its authorities.So far they have not seen such a risk in bitcoin , and it is not as popular in China right now to be able making a huge influence to the economics. Therefore, they would not take any action on bitcoin so far.

[Hagmonar]

I think other country dont ban crypto currency or bitcoin because they can realy ban it but they are just trying to be more strict when it comes to crypto currency specialy in ICO. Because some ICO is scam and this is the most hot topic now around the world.

[lillyann]

It should be noted that despite the ban on BTC trading, many traders will be able to use over-the-counter platforms such as Telegram (because they provide privacy). Telegram is also illegal in China, so only those who know VPN technology will be able to evade the ban and set up an account there.

Although the People's Bank of China officially supports blockchain-based technologies behind Bitcoin, it still supervises them. The suspicion of the bank is due to the fact that during the transaction in the Bitcoin network it is possible to bypass capital controls. The Chinese government is afraid of a further deterioration of the country's economic situation, which started in 2014 and lasted until 2016, which is why it protects the yuan's exchange rate and engages in crypto-currencies such as Bitcoin.

[eyangcrypto]

Virtual currency or bitcoin is difficult to control the Government, while the Chinese state does not like something that can not be regulated, and can Ruin the investment world for the country of China. the center of virtual currency transactions. Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break. Used illegal transactions Bitcoin transactions difficult to trace It was made use by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

[yasong]

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/

虽然比特币不一定靠谱，但政府发行的货币显然更不靠谱。于是，两害相权取其轻。

[ibhk]

I think there are 6 causes:
- Virtual money is hard to control

-Easy to use for fraud

-Danger the investment world

-Chinese become the center of virtual currency transactions

-China wants to make his own virtual money

-Used illegal transactions

In my opinion anyway

[Bitlife81]

For me i think China ban bitcoin because they don't want their people to earn money in easy way they want their people to be industrious not to earn money that they don't deserve and banks will be bunkrapted.

[kopijos]

I heard some issues and the reason why china forbids crypto is because the Chinese state money has started to shift and lost with bitcoin. other than that shina became one of the countries that many people use bitcoin so that is the main problem why the government can be firm and act to ban bitcoin.

[HolderLoo]

As I think, the Chinese banning bitcoin is only sooner or later. Earlier, it revealed that the central bank was researching and issuing digital money. Getting too well known bitcoin and the power of profit will make them anxious. Their investment in bitcoin and crypto will affect the success of their own digital money.