Why is Bitcoin a threat to China? Is China deliberately imposing sanction on BTC

[DashingAgent]

Why is Bitcoin a threat to China? Is China deliberately imposing sanction on BTC

China has always imposed sanctions on bitcoin and China has always called it a conspiracy. China believes that if the world became rich because of bitcoin, no country would need China. This is because people will become economically prosperous, which will reduce their dependence on China. On the other hand, members of the Chinese Communist Party are very interested in bitcoin. I don't think that China will ever call the bitcoin a legal currency, but a time will surely come when China will have to trade by buying bitcoins from the world. Because how long can China trust banks? As the banks may start printing a lot of money which will increase the inflation and people will be forced to move to Dogecoin. If this happens then everyone will be forced to accepting cryptocurrency and The inflation of the dollar will be as much as the amount of tokens like Shiba Inu.

[lovemycar]

Why is Bitcoin a threat to China? Is China deliberately imposing sanction on BTC

China has always imposed sanctions on bitcoin and China has always called it a conspiracy. China believes that if the world became rich because of bitcoin, no country would need China. This is because people will become economically prosperous, which will reduce their dependence on China. On the other hand, members of the Chinese Communist Party are very interested in bitcoin. I don't think that China will ever call the bitcoin a legal currency, But a time will surely come when China will have to trade by buying bitcoins from the world.

I don't know the specific reason, but Huobi China issued an announcement that it wants to clear Chinese users. If a chain reaction is triggered, it can be said with certainty that China does not have the soil suitable for the growth of Bitcoin. If you think about it at a deeper level, it may have something to do with the trade war between China and the United States. The Chinese government does not want the money of Chinese retail investors to be harvested by Wall Street in the United States.

[GreatArkansas]

This China issue now, I believe it is just temporary. It's just like, "At first, they will hate you, but later on, they will join with you", "If you can't beat them, join them".

I don't find any negative effects on Bitcoin for this China issue for the long term, yes it may affect the price because of the news and other Bitcoin holders that don't believe for long term of Bitcoin could panic sell.

[justdimin]

I don't think that China will ever call the bitcoin a legal currency, but a time will surely come when China will have to trade by buying bitcoins from the world. Because how long can China trust banks? As the banks may start printing a lot of money which will increase the inflation and people will be forced to move to Dogecoin. If this happens then everyone will be forced to accepting cryptocurrency and The inflation of the dollar will be as much as the amount of tokens like Shiba Inu.

It has been like that for a long time. It is a big threat to China because what china has a dictatorship and what bitcoin promises is a decentralization. Decentralization in a dictatorship doesn't work out well. So, we should not really be shocked to learn that China trying to impose sanctions on BTC, why would they really care about something that would give power to people? If they were a nation that gave power to people then they wouldn't rule like this to begin with.

People all around the world is scared of CCP so it is not a shock that they would be putting rules against freedom. Maybe Scandinavian countries and all those type of places would end up giving some sort of rules about it that supports crypto, because they are as free as possible already.

[CryptopreneurBrainboss]

As the banks may start printing a lot of money which will increase the inflation and people will be forced to move to Dogecoin.

That's unlikely to happen, dogecoin is a joke and both the influencers and speculators promoting it know this but just want to profit from the ignorance of the community and it's working. Why do we always focus more on the negativity meanwhile there are many positive things ongoing in the industry. It's no news china banned Bitcoin related activities but this isn't the first time and just like other times, it'll easily be forgotten. 

Thread like this are contributing to the spread of fud in the community. The ban shoudn't be taken as any big deal instead news like El Salvador making Bitcoin a legal tender, same as Dubai allowing crypto trading in free zone should be published more and discussed as those are news that brings trust and confidence to the community.

[Slow death]

China has always imposed sanctions on bitcoin and China has always called it a conspiracy.

they've also said this to google, facebook, instagram and various things that are created abroad. they're not just against bitcoin, there are lots of things from abroad that they don't want their people to use

China believes that if the world became rich because of bitcoin, no country would need China. This is because people will become economically prosperous, which will reduce their dependence on China.

No. that's not the reason

On the other hand, members of the Chinese Communist Party are very interested in bitcoin.

who can prove it? Is the second time I hear it without proof

[mk4]

It's pretty simple — Bitcoin is freedom, and the Chinese communist party wants the total opposite of freedom. Need I say more? Not to mention that they seem to be about to release the digital yuan, which increases mass surveillance.

[jrrsparkles]

China wants to make their digital Yuan as their reserve currency of this world that is the reason why they are banning the decentralized cryptos which will become a threat to their centralized digital money in the future but they don't have any plans to let the US dollars down but they're just waiting for it to happen since covid and further economic crisis all around the world.

[Natalim]

China wants to make their digital Yuan as their reserve currency of this world that is the reason why they are banning the decentralized cryptos which will become a threat to their centralized digital money in the future but they don't have any plans to let the US dollars down but they're just waiting for it to happen since covid and further economic crisis all around the world.

I also believe that this is the main reason why bitcoin continues to threaten China because the Chinese Communist Party have big fears that if they won't give sanction to all bitcoin users, it will reach to the extent that the whole China population will be covered mostly by crypto enthusiasts and that will make their own digital currency to collapse.  And knowing how selfish China is, they won't let other currencies to conquer their own country just because bitcoin has almost reached its borderless transactions that makes China even more threaten about it.

[3la9l_kolbaCa]

This issues has no further basis that it would cause panic to people, but we still need to focus on how the situation goes like.
China really wanted to push their cryptocurrency, but people nowadays was really fascinated with bitcoin in a first place. It only made these communist country frustrated to convince their society but it doesn't stop their citizen. I guess everybody learned how to spot their manipulations, but the reality was purely a social media threat to people who strongly holds bitcoin.

[Alf_m.h]

As the banks may start printing a lot of money which will increase the inflation and people will be forced to move to Dogecoin.

That's unlikely to happen, dogecoin is a joke and both the influencers and speculators promoting it know this but just want to profit from the ignorance of the community and it's working. Why do we always focus more on the negativity meanwhile there are many positive things ongoing in the industry. It's no news china banned Bitcoin related activities but this isn't the first time and just like other times, it'll easily be forgotten. 

Thread like this are contributing to the spread of fud in the community. The ban shoudn't be taken as any big deal instead news like El Salvador making Bitcoin a legal tender, same as Dubai allowing crypto trading in free zone should be published more and discussed as those are news that brings trust and confidence to the community.

Threads like that need to be created, when compared to El Salvador which doesn't have their official currency, with China as the influence of the global market, you can see how this affects the decline in BTC prices, a thing or news that brings trust and confidence to the people, should be given in balance.
That's where their fundamentals will be at stake, because BTC is no longer at the promotion stage, but at the stage of resilience in economic issues, such as whether gold is worth it or not.
such eligibility shifts their position "investment goods or medium of exchange(currency)."
doubts about BTC affect the fundamentals they make a global currency.

[Wexnident]

They're pretty much all in on the idea of doing a system where everything is under their control, Bitcoin isn't part of that. As you know, Bitcoin is pretty much a system where no one is control, the system is pretty much free of external influences, hence China has in no way of actually trying to put the system under their control. In a sense, you could even say china is a control freak. It's nothing really new actually, nor is it a bigdeal. It's just China being china. It's in their system, it's pretty much their core belief, and that's really the only explanation you'd ever need imo.

[zanezane]

It's a threat to their project Digital Yuan that's the total opposite of bitcoin, they simply don't want the competition to be flourishing instead of their project so they attack them to make sure that it's going to be smooth sailing for their project.

[Tashana]

Yes, I think this is only temporary, because China’s current demand is to ban cryptocurrencies, but the future may be different. The law is a manifestation of power, and we will wait and see.

[airdata]

Yes, I think this is only temporary, because China’s current demand is to ban cryptocurrencies, but the future may be different. The law is a manifestation of power, and we will wait and see.

China many time said that Cryptocurrency is illegal and we will banned cryptocurrency and cryptocurrency releted all transaction from chaina. It is not new, i don’t know that, why they always create a panic news in market, i think Their target is something other.           

[CryptopreneurBrainboss]

you can see how this affects the decline in BTC prices, a thing or news that brings trust and confidence to the people, should be given in balance.

Wasn't the news said to be fake since it was just a rumors, and even though it's something china is hoping on doing or has already done, it won't be their first time banning Bitcoin related activities. The decline in prices are caused by manipulations from the whales hoping to capitalized on the fud currently ongoing in the community. Give Bitcoin couple of weeks, it'll recover and even be trading more than the price it was when the news broke.

[btc_angela]

China has always imposed sanctions on bitcoin and China has always called it a conspiracy. China believes that if the world became rich because of bitcoin, no country would need China.

That's one of the worst conspiracy I heard so far about China banning crypto.

On the other hand, members of the Chinese Communist Party are very interested in bitcoin. I don't think that China will ever call the bitcoin a legal currency, but a time will surely come when China will have to trade by buying bitcoins from the world.

This is contradictory to what they wanted. They already have the digital Yuan, and they want Yuan to replace the US dollar. So if they trade with Bitcoin, what will happen to their digital Yuan?

Because how long can China trust banks? As the banks may start printing a lot of money which will increase the inflation and people will be forced to move to Dogecoin. If this happens then everyone will be forced to accepting cryptocurrency and The inflation of the dollar will be as much as the amount of tokens like Shiba Inu.

Banks printing has nothing to do with China. And we don't know if they trust banks or not, but for sure their banks are controlled by their government.

[palle11]

China is getting more attention because of there hate they express for cryptocurrency but I don't think that it is all about hate but more political to get attention and they are now getting it because everybody is talking, writing and analysing the Chinese economy and cryptocurrency. The replacement of bitcoin has got China developing digital Yuan but this is just centralized because no country would drop theirs totally for digital Yuan except China makes it a condition to trade, exchange and import product from another country with Yuan as the only payment option. I see this can happen with a little more time.

[slaman29]

This China issue now, I believe it is just temporary. It's just like, "At first, they will hate you, but later on, they will join with you", "If you can't beat them, join them".

I don't find any negative effects on Bitcoin for this China issue for the long term, yes it may affect the price because of the news and other Bitcoin holders that don't believe for long term of Bitcoin could panic sell.

True for every moment in Bitcoin's history where various people have come up against Bitcoin.

Academics, educationers, finance people, bankers, politicians, businessmen, even police and governments. They fear what is coming, because they either don't understand what's coming or they understand so well that it threatens their livelihoods.

China is not afraid of Bitcoin. People should see that.

[fullhdpixel]

China is getting more attention because of there hate they express for cryptocurrency but I don't think that it is all about hate but more political to get attention and they are now getting it because everybody is talking, writing and analysing the Chinese economy and cryptocurrency. The replacement of bitcoin has got China developing digital Yuan but this is just centralized because no country would drop theirs totally for digital Yuan except China makes it a condition to trade, exchange and import product from another country with Yuan as the only payment option. I see this can happen with a little more time.

China is getting more attention because they are vastly rich and 1+ billion people lives there. If crypto was accepted and loved there, it would mean that a huge economy is getting into crypto like crazy and people would want that, but if people do not like crypto there then it wouldn't even be a problem.

However, what we have right now is a huge economy with a billion people wanting to get in but the politicians not allowing them to get in. This is why there is still some hate towards them and people believe that they are doing it on purpose. I hope to see it get better in the future, but I doubt that it would ever happen to get any better.