Why China banned bitcoin？

[Dod Ong]

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/

For me, We all know the country China are very prosperous country, So they think that if they use bitcoin their country suffering a fall because of bitcoin. They think that the bitcoin is illegal because of some scammers in bitcoin so they did not use any crypto also the bitcoin.

[Geor]

Many countries have eliminated bitcoin, and do not want to recognize it officially, but there are also many people who are engaged in piracy, and such people more and more.

[nazaididuan1]

Chinese investors like to blindly follow suit, they will not study the real meaning of BTC and digital cryptographic currency!

Just want to make money through BTC, easy to be cheated, and some of the encryption money to cheat money!

The Chinese government banned the BTC in order to stabilize the domestic financial order!

[levvv]

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 dont think china banned bitcoin. China have a big cryptocurrency mining farms.
China may create a mining tools in the future to sustained their mining operations.

[x xurtjati]

I assume that the Chinese government does not want to promote European-style business like bitcoin but many of its possible constricts with strict rules to limit bitcoin users and I assume that this is just a game to keep the popularity that the country can flourish. without the bitcoin

[Kjara]

China uses it's own strategies to regulate rapidly growing crypto market.

Today the director of the Blockchain Research Office at the standards institute of China’s IT Ministry government told that they are going to issue Blockchain Standards In 2019. Special group, known as the Blockchain and Distributed Accounting Technology Standardization Committee already begun work on the project.

China Will Issue Blockchain ‘Standards’ In 2019, Says Gov’t Official

[CryptoMauren]

Why china forbids bitcoin because virtual currency is hard to control, easy to use for fraud, destructive investment world, China wants to make its own virtual money, Used illegal transactions.

[Wong Kalong]

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/

The Chinese government forbids Bitcoin because virtual money is hard to control, easy to use for fraud, undermine investment, China becomes the center of virtual currency transactions, China wants to make its own virtual money, and Bitcoin can be used for illegal transactions. These are the reasons I know but the rest surely the Chinese Government has good reason and purpose to ban Bitcoin.

[Df9898]

because china is afraid of its people using bitcoin as criminals like using bitcoin to save the results of corruption.

[jennygamilo]

They think that the billion yen will be wiping out the big money in them, and will invest in big countries

[Noelbetty12]

Perhaps China was just trying to protect their countries economy since they have so much to lose than other countries do. Using bitcoin for trading could end up bad for their economy given that loses could occur especually in this time when cryptocurrency are in crisis.

[miramare]

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/

The government is afraid of the freedom behind of bitcoin. Also there is a key reason that a lot of rich Chinese use Bitcoin to transfer their money into dollars and move them to oversea.

[DisWhale]

Chinese reasons for banning cryptocurrencies hold no strong pillars. I see it to be a planned agenda against cryptocurrency in general. Their major claims are that Bitcoin and other cryptocurrencies are use for the funding of terrorism of which they have no solid proof and also for money laundering. Anyway, let's wait and see what becomes of China in the era where all countries will begin to accept the kind and good ideology of Bitcoin and cryptocurrencies.

[purgs08]

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/

As per the news, China aims to clamp down on all cryptocurrency trading with a ban on foreign exchanges.

[tentara pelajar]

Because as far as I know China will make its own cryptocurrency. Banned bitcoin so citizens only use crypto currenccy that will be made later.

[purgs08]

Because as far as I know China will make its own cryptocurrency. Banned bitcoin so citizens only use crypto currenccy that will be made later.

other people in china use Bitcoin to buy drugs in blackmarket

[Powerpuff]

China’s regulations may have stopped certain activities, but they haven’t shut down enthusiasm. Some companies involved in Cryptocurrencies and blockchain in China are taking this positively and they are saying that once the government starts to regulate we see this as a sign of it going legal.”

[t39]

In any case, experts perceive the limitation of the use of Bitcoin in China as a positive movement for the Bitcoin industry, as the Chinese government will no longer be able to manipulate the market.

[Chopmoney]

I don't think China has banned bitcoin transactions. The Chinese government has only stepped up its oversight of bitcoin. They do not encourage bitcoin transactions, which they see as risky.

[voron84-05]

I think that the ban is most likely due to the fact that the Chinese government wants first of all to deal with the potential of technology and understand the threats to the economy and the country as a whole. The economy of China is fundamentally dependent on production and new technologies that are not related to production can seriously damage if not start to control them. Sooner or later they start to openly use the blockchain.