Why has China banned BTC exchanges? Communists.

[fernandoaleixo]

How perhaps the most controversial country in the world like China has banned BTC? Their flag is red communist and we often see news about Chinese workforce, the censorship, the state-run business, the lack of freedom to protest and rally, the constant pressure that is the Chinese society and most recently, the cameras everywhere watching your life everytime as you leave home (at least in the big urban areas). At the same time, China is the world's strongest economy, truly the biggest force in the capitalist world, strong investor and voracious land buyer, China is the world factory.
One of BTC biggest believers and investors are Chinese, there are many chinese enterpreuners with a very capitalist mindset (different from what you would expect from a communist country) and I believe the a good portion of cryptocurrency users in Asia are Chinese, so... Why? It has to do with elections, ideology and communists. The left-leaning voters have no trust in "foreigner things" and the current president in order to guarantee his position, he needs their loyal support and by banning BTC trades hes appealing to his Communist voting bloc.
So in the following years BTC will come back at full strenght in China, even though I dislike the chinese president he has done many good things for the international market and the capitalist world.

What do you guys think? Do you think maybe other leftist countries will follow Chinese example?

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[aleksej996]

I assume that it is all about control.
Bitcoin is very hard to regulate and control, since it was built in such a decentralized and permissionless way.

Governments like to control things, especially communist regimes.
They are centralized by nature and decentralized technologies don't really fit their agenda.

I guess it those exchanges will open up in China again eventually, but I don't think this has much to do with gaining favor.

[kiemnhieutien]

I think that the most important reasons is they (the government) earn nothing from it. Because they can control, and because of that, they can collect tax. So the reason is from the weakness of the government.
And you know what? When a Communists government can't control something, they ban it. Very simple.

[fernandoaleixo]

I assume that it is all about control.
Bitcoin is very hard to regulate and control, since it was built in such a decentralized and permissionless way.

Governments like to control things, especially communist regimes.
They are centralized by nature and decentralized technologies don't really fit their agenda.

I guess it those exchanges will open up in China again eventually, but I don't think this has much to do with gaining favor.

I believe Chinese government has the capacity to control their BTC users and in fact many Chinese have been using it for the past years. But at the same time, it's a foreigner asset and as you say, this decentralized aspect lures the communist. And you thinking in the wrong way, owning your private company is allowed in China, you just need to pay an enormous quantity of taxes, and that the Chinese government can inflict over their citizens easily.

[TeQuiero]

How perhaps the most controversial country in the world like China has banned BTC? Their flag is red communist and we often see news about Chinese workforce, the censorship, the state-run business, the lack of freedom to protest and rally, the constant pressure that is the Chinese society and most recently, the cameras everywhere watching your life everytime as you leave home (at least in the big urban areas). At the same time, China is the world's strongest economy, truly the biggest force in the capitalist world, strong investor and voracious land buyer, China is the world factory.
One of BTC biggest believers and investors are Chinese, there are many chinese enterpreuners with a very capitalist mindset (different from what you would expect from a communist country) and I believe the a good portion of cryptocurrency users in Asia are Chinese, so... Why? It has to do with elections, ideology and communists. The left-leaning voters have no trust in "foreigner things" and the current president in order to guarantee his position, he needs their loyal support and by banning BTC trades hes appealing to his Communist voting bloc.
So in the following years BTC will come back at full strenght in China, even though I dislike the chinese president he has done many good things for the international market and the capitalist world.

What do you guys think? Do you think maybe other leftist countries will follow Chinese example?

China banned crypto exchanges just because they have not figured out a way to legalize crypto currency yet. Many people in rural areas still don't know about bitcoin or they only know it as some kinf of multi level form or scam. Scammers can use this and take advantages. See this: https://cointelegraph.com/news/vietnam-pincoin-ifan-icos-exposed-as-scams-that-allegedly-stole-660-million

Btw, banning crypto exchanges has nothing or very little to do with politics since China is a mono-party country. Its government has the absolute right to do every thing.

You are right to believe in China's influence on cypto currency as some of the biggest exchanges are China owned: Binance, Huobi, Okex or Kucoin...

[Viarahine]

By limiting its technological growth, China is increasingly lagging behind Western countries. The paradox of China's economic system is that, on the one hand, the government is committed to growth and innovation, and on the other — in every way restrains them.

[paxmao]

How perhaps the most controversial country in the world like China has banned BTC? Their flag is red communist and we often see news about Chinese workforce, the censorship, the state-run business, the lack of freedom to protest and rally, the constant pressure that is the Chinese society and most recently, the cameras everywhere watching your life everytime as you leave home (at least in the big urban areas). At the same time, China is the world's strongest economy, truly the biggest force in the capitalist world, strong investor and voracious land buyer, China is the world factory.
One of BTC biggest believers and investors are Chinese, there are many chinese enterpreuners with a very capitalist mindset (different from what you would expect from a communist country) and I believe the a good portion of cryptocurrency users in Asia are Chinese, so... Why? It has to do with elections, ideology and communists. The left-leaning voters have no trust in "foreigner things" and the current president in order to guarantee his position, he needs their loyal support and by banning BTC trades hes appealing to his Communist voting bloc.
So in the following years BTC will come back at full strenght in China, even though I dislike the chinese president he has done many good things for the international market and the capitalist world.

What do you guys think? Do you think maybe other leftist countries will follow Chinese example?

Since when is China communist? Have you been in some other planet the last 50 years?

The goverment saw that money was massively flowing out of their system and laundered and they decided to cut in a very Chinese style.

[Byzantium101]

I think that the average Chinese citizen does not have the same access to investment opportunities that you may have in western countries. As you can see here
http://www.scmp.com/week-asia/society/article/2095827/why-are-middle-class-chinese-moving-their-money-abroad
the economic policy of China is based on the binary system: Money out = Bad , Money in = good.

Bitcoin and bitcoin exchanges were hurting too much and the authorities did not have enough control about the outflow of capital, so.... the banned.