Topic: Why China banned bitcoin？ - page 11. (Read 2150 times)

There may be the two sides of this question and this will be answered in two different points which are:

1)                Some Chinese speculators and money related examiners consider the restriction on Bitcoin a constructive development. The individuals' Bank of China intends to build up its own particular national computerized cash. On the off chance that this happens then the restriction on Bitcoin can be proceeded. In any case, Chinese dealers will in any case utilize Bitcoin if require be. They go to the business sectors of Japan, Hong Kong, South Korea and others. They have the biggest digital currency exchanging platform. The Chinese government will lose the chance to control the market.

2)             China is a strong and specific country. Many individuals live there with constrained data due to The Great Firewall of China, it works great yet it is genuinely simple to sidestep this limitation utilizing appropriate VPN administrations. They fear Bitcoin in light of the fact that they can't cut it off as they did with specific site pages and substance on the Internet. It will enthusiasm to perceive what will happen when Chinese individuals will change to digital currencies. Cashless exchanges are extremely well known in colossal urban communities so I figure that it would not be an issue. They simply need to find out about Bitcoin.

Am I right?

China is a closed monetary system.  Its slightly more difficult to bring money into China, and its pretty much impossible to get money in large quantities out. So Bitcoin is another mechanism for getting money out of of the country, and that's why they are banned.

the transaction did not stop, but some of the exchange sites were closed by the government. but people can still trade with bitcoin.
if the reason is the same as the government of another country, then the reason is that bitcoin is potentially a scam, because of its irregular price.

Because of the very large electricity usage that have caused china to loose a huge amount of electricity because of the miners

I heard that it was rumored that China stopped using bitcoins because of the ICOs. Because many Chinese people have been robbed and disadvantaged by the ICOs they have joined.

That is why the Chinese government is concerned about it and it has been temporarily suspended. But now trading and exchangers are still in their country maybe this problem is solved.

Because all the transactions in China are controlled carefully, so the government is not interested in decentralised coins.

Legal Implications that When a case is filed against Bitcoin, not the people transacting bitcoins, inside the jurisdiction, governments cannot be able to perform their legal obligation to the society. Governments are not able to tract payments in bitcoins. very much difficult for governments to audit transactions, and perform their obligations. so china banned bitcoin.

I think the future of China will accept bitcoin because bitcoin today brings a lot of benefits to the needs of today's human development. As I see it, China is not completely banned bitcoin. It is the country that is exploring or introducing bitcoin policies to obtain effective, safe and popular transactions on the cryptocurrency market.

China has not banned bitcoin, which is a big misunderstanding.
Even without exchanges, the Chinese can still buy digital currency.

Perhaps the cause of China forbidding bitcoin is because it prohibits foreign websites that they can not control and China itself is afraid that Bitcoin will make the economic level in China will decline. Because investing bitcoin is very risky.

China note Ban Bitcoin is just Ban regulations.China is positive and sees great power maybe in future they launch their own cryptocurrency

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.

Chinese regulators cited concerns about money laundering and illicit activity as reasons for why they shuttered digital currency exchanges in the first place. Nonetheless, the fact that the cryptocurrency world is largely decentralized means that many investors are predicting it will just find a way around the Chinese ban. We cannot do anything about it because they also have the right to do what their government think the best for Chinese people.

because China is afraid of democracy

I do not really know the actual reason on in the first place,  why bitcoin was banned in China knowing its advantages but I remember what kind of country is China.  China is a business country,  hearing this,  an answer struck my mind. Maybe the reason why they banned it is because the bitcoin is actually blooming in China.  Maybe it scare those banks and other businesses because investors might just invest their money in bitcoin. Maybe that is why they banned bitcoin.

Earlier this month, the People's Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites Chinese regulatory authorities had imposed a ban on initial coin offerings (ICO), a cryptocurrency-based fundraising process, and termed it illegal in China in September 2017. That ban triggered an instant 6% decline in bitcoin prices. Following the ban, the Shanghai-based BTCC bitcoin exchange was forced to close its Chinese trading operations. Visit this site https://www.investopedia.com/news/bitcoin-banned-china/

bitcoin is banned in China because cryptocurrency transactions in recent years become booming in China. Many investors are turning to the Bitcoin market, increasing demand. The growing demand for cryptocurrency transactions encourages Chinese regulators to take action, in an effort to anticipate potential risks that arise in the future. The Chinese regulator has posted an order to close BTCC on September 4, 2017.

Many Posibling Reasons Why they do this, one of the reasons they may just want to lower the market price of bitcoin and then buy it at a lower price because it often happens to everyone who wants to buy bitcoin and love to sell in a high price. It is also possible that they can do this because they want to focus on the many of the projects they are launching so that it will quickly succeed.

Chinese regulators have been wary of virtual currencies such as BTC. Although these virtual currency provides the development of emerging technologies in business opportunities, but regulators also worry that Chinese consumers will use virtual currency such as COINS to avoid to transfer money overseas strictly limited, and use them to launder money. After all, BTC's international trade is in dollar terms, and the current BTC serves as a powerful intermediary for the renminbi to go offshore into dollars.

So China has banned bitcoin, which is what dictatorship is, without human rights.

The biggest and the only reason why China and all other countries has banned bitcoin is because of its decentralisation and because of this decentralisation , there is a lot of controversy and there is lot of illegal use of bitcoin and moreover if any illegal activities is carried out with the bitcoins between two terrorist then no third party can see their transactions because bitcoin transactions does not involve any third party seizure and thus most of the companies and countries are against bitcoin and other crypto currencies.