Why China banned bitcoin？ - page 18.

miramare

hero member

Activity: 1162

Merit: 568

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/

The government is afraid of the freedom behind of bitcoin. Also there is a key reason that a lot of rich Chinese use Bitcoin to transfer their money into dollars and move them to oversea.

Noelbetty12

jr. member

Activity: 168

Merit: 5

Now You Can Be The Bookmaker!

Perhaps China was just trying to protect their countries economy since they have so much to lose than other countries do. Using bitcoin for trading could end up bad for their economy given that loses could occur especually in this time when cryptocurrency are in crisis.

jennygamilo

newbie

Activity: 140

Merit: 0

They think that the billion yen will be wiping out the big money in them, and will invest in big countries

Df9898

newbie

Activity: 196

Merit: 0

because china is afraid of its people using bitcoin as criminals like using bitcoin to save the results of corruption.

Wong Kalong

member

Activity: 377

Merit: 10

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/

The Chinese government forbids Bitcoin because virtual money is hard to control, easy to use for fraud, undermine investment, China becomes the center of virtual currency transactions, China wants to make its own virtual money, and Bitcoin can be used for illegal transactions. These are the reasons I know but the rest surely the Chinese Government has good reason and purpose to ban Bitcoin.

CryptoMauren

member

Activity: 283

Merit: 10

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.

Kjara

member

Activity: 322

Merit: 14

China uses it's own strategies to regulate rapidly growing crypto market.

Today the director of the Blockchain Research Office at the standards institute of China’s IT Ministry government told that they are going to issue Blockchain Standards In 2019. Special group, known as the Blockchain and Distributed Accounting Technology Standardization Committee already begun work on the project.

China Will Issue Blockchain ‘Standards’ In 2019, Says Gov’t Official

x xurtjati

newbie

Activity: 132

Merit: 0

I assume that the Chinese government does not want to promote European-style business like bitcoin but many of its possible constricts with strict rules to limit bitcoin users and I assume that this is just a game to keep the popularity that the country can flourish. without the bitcoin

levvv

member

Activity: 532

Merit: 17

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/

i dont think china banned bitcoin. China have a big cryptocurrency mining farms.
China may create a mining tools in the future to sustained their mining operations.

nazaididuan1

jr. member

Activity: 350

Merit: 1

Chinese investors like to blindly follow suit, they will not study the real meaning of BTC and digital cryptographic currency!

Just want to make money through BTC, easy to be cheated, and some of the encryption money to cheat money!

The Chinese government banned the BTC in order to stabilize the domestic financial order!

Geor

full member

Activity: 378

Merit: 100

Many countries have eliminated bitcoin, and do not want to recognize it officially, but there are also many people who are engaged in piracy, and such people more and more.

Dod Ong

full member

Activity: 323

Merit: 100

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/

For me, We all know the country China are very prosperous country, So they think that if they use bitcoin their country suffering a fall because of bitcoin. They think that the bitcoin is illegal because of some scammers in bitcoin so they did not use any crypto also the bitcoin.

tdtduy

newbie

Activity: 112

Merit: 0

Not all wealthy people in China are well aware of paying taxes. They are ready to evade taxes if possible. Therefore, the conversion of personal property to Bitcoin is also a suitable method for evading taxes. The Chinese government manages China's taxation as well as private citizens' assets. Managing Bitcoin is almost impossible. Unable to manage, so the government issued a ban.

Omparkash72

copper member

Activity: 336

Merit: 0

Bitcoin is a digital currency, control to digital currency is not quite good. China ban crypto currency because of some drawback of digital currency. Hard to tracing, lot of iligeal transaction, use this digital currency for drugs and other iligeal activities, easy to fraud and also not paying tax as per norms,China became the centre of virtual currency transaction. So it is not ban it is just a review of some drawback of Bitcoin, That must be improved in future for everyone betterment.

naldal barcelona

newbie

Activity: 89

Merit: 0

Because of the very large electricity usage that have caused china to loose a huge amount of electricity because of the miners. China has been known for the most country producing bitcoin with the use of mining however they havd banned it because of the electricity issues

nanda1280

newbie

Activity: 63

Merit: 0

Because 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.

Kingjagat

newbie

Activity: 122

Merit: 0

Quote from: Btcjunpitz18 on March 06, 2018, 09:36:24 AM

to prevent financial risk, China regulate the withdrawal of bitcoin. It is not being banned but to upgrade the security and anti money laundering systems, that's why there's a temporary suspension on all withdrawals on bitcoin.

I think because Bitcoin also provides a great convenience for laundering money laundering transactions in China's improved regulatory zone, a major threat to Chinese central bank's foreign exchange policy and policy.
Because China is a country of foreign exchange control, anonymous Internet transactions of bitcoin can perfectly cross the central bank's foreign exchange line and make the foreign exchange control policy ineffective.

rokergila01

newbie

Activity: 84

Merit: 0

One of the popular virtual money alias cryptocurrency, Bitcoin, is experiencing a decline in the exchange rate. Chinese policy is the reason. The Chinese government issued a policy prohibiting the transaction of initial coin offerings (ICO). The ban was issued not without reason. Virtual currency difficult 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. Destructive investment world Bitcoin potentially bubble and break up after a lot more popular and many 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.

yasong

newbie

Activity: 55

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/

The increase in the number of stakeholders and the strong speculative atmosphere are the tools for criminal activities such as money laundering, drug trafficking, smuggling, and illegal fund-raising. Various types of so-called “currency” trading platforms have no legal basis in China.

SellBuyAcc

newbie

Activity: 61

Merit: 0

They do not banned the bitcoin at all, they just emphasize the regulation in which people really attracts to bitcoin so they can control on how people really buy or purchase the said currency. You know what my friend ask me to buy bitcoin in behalf of him because they are only limited to buy it in CHina.

Topic: Why China banned bitcoin？ - page 18. (Read 2080 times)