What do you think China will lose by banning Bitcoin?

[lhrbeijing]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

[mk4]

Only China would really know, but a safe assumption is that the Chinese Communist Party(CCP) doesn't want their people to have access to a currency/asset that they don't have control with. As we all know, if there's one thing that the CCP really loves — it's control.

[Upgrade00]

They would lose whatever benefit the innovative digital technology brings.

The Chinese government, like all other ones with a ban on Bitcoin, do not see it's potential value to be worth more than the strict control it has on the flow of money. Bitcoin cannot be controlled or regulated.

We've seen China ban or fine companies or individuals who has been vocal against the government, resulting in many elites moving out of China to less stringent nations

[$anounimus$]

It all seems like a knee-jerk reaction from the government and I don't see any real reason why China is banning crypto.

Bitcoin will change the way we bank, apply, or transfer money. If the government does not allow its citizens to work with bitcoin, it will lose its citizens' confidence in the future as well as investment opportunities, it will destroy jobs in the country, and deter foreign businesses from investing in China.

I think That's fine and the Government there makes the decision, but there are still plenty of reasons to keep cryptocurrencies legal so they don't harm their own people and impact the rest of the world.

[Kakmakr]

Well, for one thing.... if Bitcoin become a global reserve currency in the future and countries like China banned it, then they will lose out on the benefits of their people to use that currency. I do not think that will bother them too much, because their government wants total control over their citizens and the financial freedom that Bitcoin provide, will be perceived as a threat to their control.

My guess is that China will bring out their own government controlled Crypto currency (GovCoin) and they will force people to use that. Their citizens that will be using that currency, will be verified and all transactions will be monitored by their government.

[pooya87]

It is not about what they lose but about what they gain. China is the only country that has a CBDC that is actually being used on a large scale (with a high transaction volume) and they wanted to force more people into the direction of using their centralized altcoin by putting more and more restrictions on any decentralized cryptocurrency that people may want to use like bitcoin. Hence the ban on mining bitcoin and the exchanges.

P.S. Of course there are other reasons for said actions. For example one of the reasons to shut down the exchanges were the massive amount of money they were laundering (with their 0 fee fake trades). Or ban on mining was because of their energy crisis.

[davis196]

The only thing that China is losing is potential tax income. Many people in China are still using crypto, but they are trying as hard as they can to hide it from the government officials. If crypto was legal, a big portion of those people would declare their crypto income and pay taxes for it. I don't want to discuss the potential benefits of the blockchain technology, because such benefits are yet to be discovered.
Another thing that China lost is the ability to influence the cryptocurrency markets. Remember when more than 50% of crypto mining was located in China and every FUD news coming from there had an immediate impact over the crypto prices. I'm glad that this is over.

[Frankolala]

 China has seen that Bitcoin is a decentralized currency, so the government doesn't want its citizens to have financial freedom. CCP has always want to have control over it's citizens by monitoring their transactions. China will not have foreign investors that will invest in the country that much,especially the ones that uses bitcoin. It will affect the country and the citizens especially the traders who buys and sells abroad. So many benefits of bitcoin will not be achieved anymore by the Chinese. Banning bitcoin might affect their economy a little,if some present foreign investors in the country don't like the banned,they might leave the country to a bitcoin friendly country or any country that uses bitcoin. Tax paying on crypto should not be why it should be banned

 
 

[bittraffic]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

Nothing to lose but part of thier sovereignty of course government wants the control of their citizen's wealth. They even created the first CBDC to counter it.

But maybe there is a possibility China will unban if they continue to pursue the reunification with Taiwan and US will interfere with it where they'd be also sanctioned like Russia and it's possible that countries not supporting the unification will only trade with BTC to affect CCP's control.

[mindrust]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

They drive away investors basically. All those jobs the crypto industry created is now not existent in China. Banning crypto creates more unemployment. More unhappy people. Unhappy people don't like their rulers and usually riot. Riots create fights and fights create deaths.

We can safely say banning crypto kills people. And who is responsible?

Whoever banned crypto.

Murderers.

[lhrbeijing]

Haha, many people use the word “control” when talking about the CCP, why can't it be a kind of protection?
So does monitoring of classified communications around the world count as control by some agency in the United States?
Isn't the US protecting its so-called national security?

Some people say that the wealth accumulated by an individual should be in the sun.
In other words, there is no fear of being investigated by financial institutions if it is legal property.
It doesn’t matter if you don’t use Bitcoin to maintain your anonymity. What do you think?

[cryptoaddictchie]

They lose nothing. Its their prerogative to initiate use of crypto but since they do not want to associate their people with it means they are not interested. Knowing China, that almost associated with everything is something confusing. A blockchain idea is really good and Im not sure why they are hating it. Maybe because they not surr if they gain something worth here.

Chinese community love making money, so im sure their Government is thinking the same. Or they have ulterior motives for that industry.

[Lorence.xD]

Only China would really know, but a safe assumption is that the Chinese Communist Party(CCP) doesn't want their people to have access to a currency/asset that they don't have control with. As we all know, if there's one thing that the CCP really loves — it's control.

More like they don't want to share the profits of hodling bitcoin, China is pretty hypocritical in this situation, they have a large bitcoin reserve while at the same time trying to suppress their people because they see them as a competition and confiscation is a good way to get them more bitcoin.

[NotATether]

What do you think countries have to lose by making this choice?

Essentially nothing (which is pretty much everyone else has been saying here in this thread), because we know they aren't going to go full El Salvador and convert a part of their investments to Bitcoin - in fact you'd be hard-pressed to find a government that deals with crypto on a daily basis, except maybe (and that's a big maybe) Russia.

[avikz]

I am bullish on the future of Bitcoin as a technology.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

China is a very restrictive country so I believe they will not loose anything apart from their financial freedom. But that's what their government wants! They have a huge internal market and they have copied almost everything from the west. So their impact for not accepting cryptocurrency will be next to none. The communist part of China doesn't want to depend on anything external which is good from the perspective of administration. That's how they are becoming the next super power and a big threat to the world.

[yudi09]

I am bullish on the future of Bitcoin as a technology.

Yes. I have long believed.

We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.

What do you think countries have to lose by making this choice?

China is known as a communist country, so the economic system is regulated and facilitated by the state, so that none of its citizens are allowed to have personal wealth, even though China has implemented a trickle-down economy or what is known as trickle-down economics.
As far as we know, Xi Jinping has returned the Chinese economic system to the above economic system, which is all regulated by the state.

The state's loss by banning Bitcoin in my opinion is that they cannot enjoy the greatness that Bitcoin has. Because Bitcoin can only be controlled by people who have Bitcoin.
However, the ban will not fail Bitcoin.

[Z-tight]

Haha, many people use the word “control” when talking about the CCP, why can't it be a kind of protection?

BTC is an innocuous tech, there may be a few drawbacks, but so are there in paper money and essentially in everything people use on earth, i know of the claims of enviromental protection, money laundering, high risks and all, but most of these allegations against BTC are lies, and some are not caused by BTC in itself, but people who use it, i don't see a reason to protect people from BTC.

So does monitoring of classified communications around the world count as control by some agency in the United States?
Isn't the US protecting its so-called national security?

That has to do with politics and is very different from BTC which has no affiliation to politics. If the US feels doing that protects their national security, then what threat is BTC to China's national security that caused a ban on it, none, that is why this is very different from China's BTC ban. BTC only threatens their control of people's money, and that should not be a threat in a free world.

Some people say that the wealth accumulated by an individual should be in the sun.
In other words, there is no fear of being investigated by financial institutions if it is legal property.
It doesn’t matter if you don’t use Bitcoin to maintain your anonymity. What do you think?

Governments should freely allow people make their choice on that.

[Aanuoluwatofunmi]

China may not really loose to that extent despite the ban because it's economy is stable and balanced already but don't be amazed to discover that the Chinese citizens still byepass ban through p2p and the only people to loose were those citizens not using bitcoin decentralized network through p2p and yet are willing to participate with bitcoin investment, no one needs to come out in claiming he's into bitcoin but can still maintain a financial freedom with p2p fully under decentralization, you need to know that China is a kind of country that likes operating under their own development and innovations and have a coordinate persuasive ability through it kind of leadership in position, but i still have this good convinctions that bitcoin is fine with runnings under p2p network in China despite the ban.

[Rruchi man]

What do you think countries have to lose by making this choice?

In my country after the restrictions placed on bitcoin and cryptocurrency involvement, it didn't succeed in reducing interest in bitcoin but rather forced many citizens who were once loyal to the government and would never do whatever the government tagged as illegal to have a rethink of their decision. By extension, what China stands to gain by banning bitcoin, is less obedient and loyal citizens, because many people will seek ways to continue with their cryptocurrency without the knowledge of the government.

[glendall]

for now they have not experienced or know the losses they will miss , but china is very critical of bitcoin so whatever happens to bitcoin they are not affected they just believe in their currency and their country 's ability to build their country . and they believe that without bitcoin the country and its people will prosper (just my thoughts)