Topic: Why China banned bitcoin？ - page 13. (Read 2150 times)

I think why this is happened in China and we also know that China is the biggest growing economy country in the world and we can found a lot of investors in China. But for me Bitcoin is also part of their economy there's so many Chinese that doing bitcoin and some of them are investors. They also made their own version of Bitcoin and Ethereum platform and they call it NEO platform the same as bitcoins digital transactions and investing. I know Chinese are gonna make these as a good and profitable for anyone in the world. So why they have to banned Bitcoin? I think they just copy it and make out of their source.

Because China does not want any currency that they can not control. Therefore china does not allow bitcoin in the country.

Yes china did not actual banned bitcoin but they just regulate it. With bitcoin being regulated makes it hard for bitcoin users. Just like those countries who banned bitcoin or regulate it, China is also afraid of bitcoin because they cannot control it and cannot monitor every transactions made because of bitcoin transactions being anonymous. In short China cannot make money with every transactions made with bitcoin.

The Chinese government issued a policy prohibiting the transaction of initial coin offerings (ICO). The ban was issued not without reason.

 there are several reasons Bamboo Curtain banned Bitcoin transactions. Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

because of training on this exchanges, the exchange rates were low, so it was also bad for Chines currency.

They really do that?

China hasn't made any ban upon bitcoin. It made the usage with hard restrictions which is almost the same as a ban. But, people continue to use it. With such a initiation from China, Japan made itself stronger into the cryptocurrency network making a large contribution with support from the government.

Maybe because china does not want any currency they do not abisa control or will disrupt the china economy, but I do not know also why china banned bitcoin. Because I know China does not want the goods they have, but they can not control.

In China, "farms" of the miners are located mainly in sparsely populated outlying areas with inexpensive electricity and a cool climate. 80% of the power spent on creating bitcoins in the beginning of the year in China.

China has always been an aggressor to new technologies, I think that in a year or two, China will be more loyal

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.

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism. The government can not control the exchange rate, unlike the yuan against the US dollar. The government does not like something that can not be arranged.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.

Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

I believe they're afraid fo the potential flow of the capital from the country as it's what they regulate very actively. ONce they will be able to understand blockchain, they might let people use it to some extend

Beijing states that it is not a currency, and prohibits banks and other financial institutes from trading in it. At the same time, the government acknowledges the cryptocurrency as a “commodity traded online” and allows the public to buy and sell it as they please, with its only proviso being that they do so at their own risk.

i think they already mined enough bitcoins they wanted and when they are too efficient too mine government close all mining farm and start thinking of there own blockchain like neo. but if china bans all crypto then neo will over i think

The Chinese government issued a policy to ban the transaction of initial coin offerings (ICO) and ban bitcoin on the grounds:
Virtual currencies are hard to control
Easy to use for fraud
Destroying the investment world
China is the center of virtual currency transactions
China wants to make its own virtual money.
Used illegal transactions.

because china scared many who use the bitcoin for crimes like corruption save results.

Because China wants to control anything and everything, bitcoin is decentralized, it is anonymous that can bypass the central banks foreign defense line. Bitcoin is being a big threat to China's central banks foreign exchange policy and regulations.

As far as I know, Bitcoin is banned on China. This is a long news now and in fact it is not that surprising unless you do not know this information. I do not know the exact reason behind this but all I know is that China is not accepting Bitcoin now and but still, there are people who are still mining Bitcoin in their country.