Why China banned bitcoin？ - page 14.

teddyppap

member

Activity: 72

Merit: 10

Quote from: woshiniubia on January 26, 2018, 04:47:05 AM

Sorry, I just went to ask my Chinese friend.
The news I got was that China did not ban bitcoin transactions.
It's just tougher regulation.
I also don't see any news that exchanges stopped trading bitcoins.

Throughout the past few minutes, it has been known that virtual currency is banned by the Chinese government, so they strictly forbid investors to bitcoin for the sole reason that the bank has Revenue is slower than other countries, the government does not gain from prosperous people developed by bitcoin,

Nolivelasco13

newbie

Activity: 65

Merit: 0

China does not prohibit bitcoin, just do not think it is a currency, of course, bitcoin is now just a virtual product, even if the circulation of the world is only a transfer function, which itself involved in money laundering activities, so the need for an anti-money laundering protocol to join Trading platform

Yatsan

legendary

Activity: 2436

Merit: 1232

Leading Crypto Sports Betting & Casino Platform

Quote from: gcckpxm62308 on January 26, 2018, 04:42:42 AM

China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me?
This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/

In terms of cryptocurrency on China, anything is good for cryptocurrency not until when the crime rate involving of cryptocurrency soared for the past months. Chinese government wants to protect their citezens on scams and frauds, in such manner China would never take the risks for cryptocurrency for economic purposes when they can really make it out with another way.

Cryptoreflector_666

member

Activity: 728

Merit: 24

Quote from: freshm4ker on May 13, 2018, 07:40:39 PM

They are ready to avoid taxes if possible, therefore the conversion of personal property to bitcoin is also a suitable method to avoid taxes. The Chinese government also manages China's taxation as well as its citizens' assets. Managing bitcoin is almost impossible so the government issues a ban on bitcoins. Cool

The standard scheme of the fight with invincible. We can only wait for the moment when the person who came to the aid of these "outdated minds" just take and destroy all this stagnant intelligence. Pavel Durov is now engaged in this in Russia. I wonder who in China will take on this mission of modern Robin hood

freshm4ker

sr. member

Activity: 726

Merit: 251

They are ready to avoid taxes if possible, therefore the conversion of personal property to bitcoin is also a suitable method to avoid taxes. The Chinese government also manages China's taxation as well as its citizens' assets. Managing bitcoin is almost impossible so the government issues a ban on bitcoins. Cool

fianaindriati

sr. member

Activity: 700

Merit: 250

Quote from: shone08 on January 26, 2018, 05:13:06 AM

Quote from: Davidbee on January 26, 2018, 05:07:22 AM

I haven't found an article on this.
Can you give me a source of the articles you see?
I want to make sure of the truth of the news.

Because theres no news about banned of bitcoin in china the news that OP said is about regulating of bitcoin in china its different from banned but because of this news some people think that china banned the bitcoin now it has a big effect to the price of bitcoin some exchange site in china are banne bitcoin because some people in china are using cryptocurrency than their local currency.

indeed I also have not read news like this, you should be more careful again in giving information here, because the information is very in need by friends here, if the info given is wrong then, others will judge wrong.

Ann Impas

full member

Activity: 420

Merit: 101

Huobi is from China right? Why they are still working. I don't think that China will ban cryptocurrency. What I knew as what other mentioned, they are just being strict in the regulations of cryptocurrency in their county. I'm also currency holding a coin that is working on their expansion in the chinese market.

tiktak89

member

Activity: 364

Merit: 10

Now China does not forbid anything. On the contrary, it is very positive about bitcoins. Don't know what has caused such frequent changes of mood and opinion.

Urbinklin

full member

Activity: 283

Merit: 100

China has repeatedly announced a ban of bitcoin, ICO, cryptocurrency. But in fact, everything is different. Why take actions that run counter to the country's development? Wink

RealMorda

newbie

Activity: 266

Merit: 0

Realistic implications of the ban still remain uncertain, and it's unlikely they will effectively eliminate cryptocurrency trading completely. China is home to a large number of bitcoin mining farms as a lot of regions offer cheap subsidized electricity, making mining a profitable venture.

Marjorie521

newbie

Activity: 52

Merit: 0

Is this real or just propaganda?

YzzyGo

newbie

Activity: 196

Merit: 0

Chinese tend to grab business and money opportunities readily and their government is afraid that they may be scammed by cryptocurrency which themselves don't fully understand. It's just their way of protecting their people. Also, they are working on regulating crypto in their country.

YED

full member

Activity: 209

Merit: 100

To clarify some issues, what China did is to ban banks to deal with bitcoin and/or other cryptocurrencies; they also have some limitations when they want to pull out some money (USD 10,000).
FYI, the chinese have most of the mining market because of the advantages the country offer to the people, for example free electricity; A big cost in mining services is electricity and with that you cover your cost.

johnstampa

newbie

Activity: 6

Merit: 0

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.”

kipo

member

Activity: 294

Merit: 10

Maybe I have missed something but I haven't heard about the ban of Bitcoin by China. I don't think that it is truth because according to the news I have heard they have stricter regulations but not the complete ban

Oto3

member

Activity: 195

Merit: 10

At present, China's domestic currency transaction network lacks legal recognition clause, which means that these currencies are free to operate without any agency. any management. This is a tremendous business risk.

yoseph

sr. member

Activity: 868

Merit: 266

Quote from: pantheraio on May 13, 2018, 02:24:33 PM

Probably because china does not want any currency that they can not control and in the end they banned bitcoin because we know that bitcoin can not be controlled by anyone, nor government from all countries in this world. China just wants to have things they can control or hold so that no future chaos will happen in their future.

In a country where the leaders seem to be in total control of almost everything, its not surprising that they would want to ban something that they have no control and that it Bitcoins and other cryptos that are decentralized.

pantheraio

member

Activity: 168

Merit: 12

Probably because china does not want any currency that they can not control and in the end they banned bitcoin because we know that bitcoin can not be controlled by anyone, nor government from all countries in this world. China just wants to have things they can control or hold so that no future chaos will happen in their future.

Happydd

sr. member

Activity: 630

Merit: 250

China bans bitcoin as it affects economic development. The Chinese government wants to develop their national currency. Bitcoins can influence the monetary policy of the country so they banned bitcoins.

n0ne

hero member

Activity: 2604

Merit: 548

Vave.com - Crypto Casino

China haven't made any ban upon bitcoin usage, it made hard regulations upon bitcoin as well other cryptocurrency usage. This got initiated when there were fake trading volumes from the exchanges functioning in the country. Later when the inspection upon exchanges were made by PBOC, it lead to hard regulations and not a ban.

Topic: Why China banned bitcoin？ - page 14. (Read 2079 times)