Why China banned bitcoin？ - page 17.

Khalp1

newbie

Activity: 154

Merit: 0

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/

Chinese officials aren't dumb, they know that if they ban Bitcoin they won't be able to regulate it and it would make matters worse. Banning it would mean telling everyone in China it posed a threat. People would jump on to that and exploit it more. So they disallow central banks to use it because that would allow capital flow outwards. Individuals won't be able to get out of China easily anyways.

jayarbillones

newbie

Activity: 98

Merit: 0

For me I don't think China has banned bitcoin transactions. The Chinese government has only stepped up its oversight of bitcoin.so they banned the bitcoin, like they had banned twitter, they want to limit as much as possible.

satria2

member

Activity: 297

Merit: 10

Quote from: t39 on May 11, 2018, 04:19:14 AM

In any case, experts perceive the limitation of the use of Bitcoin in China as a positive movement for the Bitcoin industry, as the Chinese government will no longer be able to manipulate the market.

It becomes something nice but maybe they have another way to make a profit from Bitcoin in the future.

Corsicoin

full member

Activity: 448

Merit: 107

CryptoSport

I have your answer guyz...

I think Chinese banned bitcoins because they can't pronounce it correctly!

Roll Eyes

nishcalsim

newbie

Activity: 1

Merit: 0

This is real news ? And can you please let me know is this happen also in other countries ?

www.cotrader.com

JiuMiBe

newbie

Activity: 108

Merit: 0

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.

znakistu

full member

Activity: 263

Merit: 100

Michael J. Casey, a financial analyst and research investigator, put forward his opinion on the ban on ICO and bitcoin trade in the PRC. He believes that the crypto currency in China is being persecuted for geopolitical reasons.

bajingluncat

jr. member

Activity: 406

Merit: 2

besides not in accordance with the provisions of the monetary authority of china. the Chinese government is also worried about the negative effects of using bitcoin that can be misused by criminals such as terrorism and money laundering. It is very clear that it could harm the Chinese government

Gudhal Untu

full member

Activity: 845

Merit: 100

The reasons for many countries banned bitcoin including china of course because of worry that the use of bitcoin is increasingly massive will be used for illegal transactions, money laundering, increasing corruption, and will make legal currency disappear.

piter_wip12592

newbie

Activity: 219

Merit: 0

Quote from: fuding12 on May 11, 2018, 05:29:45 AM

From what i know. Bitcoin still growing fast in china, The use of virtual money in china got time was banned, but it was only temporary. The Chinese government's move to ban the cryptocurrency at the time is related to the possibility of money laundering through the virtual currency. This was announced by Robin Zhu, one of the top brass in Huobi.

What you say is true. Currently I think China is forbidding bitcoins because they can not control the money laundering of the rulers. But if China controls this, then I think this is the country that will thrive the virtual currency market.

fuding12

member

Activity: 133

Merit: 10

From what i know. Bitcoin still growing fast in china, The use of virtual money in china got time was banned, but it was only temporary. The Chinese government's move to ban the cryptocurrency at the time is related to the possibility of money laundering through the virtual currency. This was announced by Robin Zhu, one of the top brass in Huobi.

bankgilabet

full member

Activity: 173

Merit: 100

because Chinese Government Concerned About Fraud.
These regulatory actions by China are aimed at controlling the increasing mania involving decentralized, non-regulated cryptocurrencies which have recently soared to astronomical valuations. However, despite the ICO ban and momentary decline, cryptocurrency trading continued in China, as many participants switched to foreign exchanges, like those based in Hong Kong and Japan, to deal in virtual currencies.

voron84-05

newbie

Activity: 196

Merit: 0

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.

Chopmoney

newbie

Activity: 196

Merit: 0

I don't think China has banned bitcoin transactions. The Chinese government has only stepped up its oversight of bitcoin. They do not encourage bitcoin transactions, which they see as risky.

t39

hero member

Activity: 742

Merit: 500

In any case, experts perceive the limitation of the use of Bitcoin in China as a positive movement for the Bitcoin industry, as the Chinese government will no longer be able to manipulate the market.

Powerpuff

hero member

Activity: 839

Merit: 500

China’s regulations may have stopped certain activities, but they haven’t shut down enthusiasm. Some companies involved in Cryptocurrencies and blockchain in China are taking this positively and they are saying that once the government starts to regulate we see this as a sign of it going legal.”

purgs08

newbie

Activity: 232

Merit: 0

Quote from: tentara pelajar on May 11, 2018, 01:34:09 AM

Because as far as I know China will make its own cryptocurrency. Banned bitcoin so citizens only use crypto currenccy that will be made later.

other people in china use Bitcoin to buy drugs in blackmarket

tentara pelajar

newbie

Activity: 210

Merit: 0

Because as far as I know China will make its own cryptocurrency. Banned bitcoin so citizens only use crypto currenccy that will be made later.

purgs08

newbie

Activity: 232

Merit: 0

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/

As per the news, China aims to clamp down on all cryptocurrency trading with a ban on foreign exchanges.

DisWhale

jr. member

Activity: 336

Merit: 1

Improve your mode of payment with crypto

Chinese reasons for banning cryptocurrencies hold no strong pillars. I see it to be a planned agenda against cryptocurrency in general. Their major claims are that Bitcoin and other cryptocurrencies are use for the funding of terrorism of which they have no solid proof and also for money laundering. Anyway, let's wait and see what becomes of China in the era where all countries will begin to accept the kind and good ideology of Bitcoin and cryptocurrencies.

Topic: Why China banned bitcoin？ - page 17. (Read 2080 times)