Topic: Why China banned bitcoin？ - page 2. (Read 2079 times)
well i think China is a specific country. A lot of people live there with limited information because of The Great Firewall of China, it works quite well but it is fairly easy to evade this restriction using proper VPN services. They are afraid of Bitcoin because they can't cut it off like they did with certain webpages and content on the Internet. It will be interesting to see what will happen when Chinese people will switch to cryptocurrencies and China does not really want to deal with bitcoin, they ban Bitcoin only because they are afraid to face the complaints of other countries, other countries do not like and prohibit bitcoin in their country, china can not do the opposite, that only makes them the common enemy of all.
I think they will not ban it because around 80% of bitcoins because it is being mined and traded in China, the Chinese powers will have a major influence over the market.
It's not just the China but governments across the world are not happy to see people are taking the control of their wealth and hence they will try in every way to distract us from using something which is beyond their control. They will use banks, media and their power to restrict the growth of decentralized payment systems. However, things have grown so big that government cannot directly destroy the network and the only way to eliminate the usage of cryptocurrencies is through pressurizing users on multiple fronts. I don't think that it will affect the Crypto industry on the larger time scale because the mass maturity has increased over last few years.
AFAIK China did not ban bitcoin. It prohibited the banks from dealing with bitcoin, but using/mining is legal. The motivation for banning banks from dealing with bitcoin is to make it harder to use bitcoin as a tool to smuggle the wealth out of china.
In my opinion, i think the reason why china banned bitcoin because some Chinese investors and financial analysts consider the ban on bitcoin a positive development.The people's Bank of China plans to develop its own national digital currency. If this happens then the ban on bitcoin can be continued. But Chinese traders will still use bitcoin if need be. They go to the markets of Japan, Hong Kong, South Korea and others.They have the largest cryptocurrency trading platform.
China’s foreign exchange controls have caused a large number of renminbi that could have flown out normally to be stopped.
Bitcoin is undoubtedly one of the best means to solve the foreign exchange outflow!
This is why China prohibits BTC!
Bitcoin is undoubtedly one of the best means to solve the foreign exchange outflow!
This is why China prohibits BTC!
Bitcoin is a great threat to the Chinese central bank's foreign exchange policy and regulatory policies. Bitcoin's anonymous internet transactions can perfectly bypass the central bank's foreign exchange defense line and make the policy of foreign exchange control ineffective.
The main reason china banned bitcoin is certainly afraid of the rapid development of bitcoin so the Chinese government worries that bitcoin is only used to hide money to avoid taxes.
I am not sure with my answer but these is only my opinion. China did not actually banned bitcoin, they just wanted to put regularization on it like any other country wanted. Bitcoin is an increasing market and if they cannot regulate it they country will not benifit from it. I think that is the main reason for it.
Is it because China is a bitcoin transaction center? then the government is worried about it because bitcoin is hard to control and has potential bubble? I think so but I'm not sure.
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. But Bitcoin is also part of their economy there's so many Chinese that doing bitcoin and some of them are investors.
It is not impossible that China wants to create its own cryptocurrency that can be government legality. But Bitcoin is also part of their economy there's so many Chinese that doing bitcoin and some of them are investors.
China banned bitcoin I think it's because they are afraid that bitcoin replace the fiat money as a payment. They also thought that bitcoin is an illegal way of earning money. Also, no one can control cryptocurrency so they banned bitcoin because they can't control it. That's the reason why.
Because China is a foreign exchange control country, bitcoin's anonymous Internet transactions can perfectly bypass the central bank's foreign exchange defense line and make the policy of foreign exchange control ineffective.
To my knowledge I haven't found China imposing ban upon bitcoin. In the past China was a major contributor to the bitcoin network and due to some issues that arose within the country, it made legal regulations. Still it doesn't banned the usage of bitcoin.
illegal bitcoin is mean as they think that the bitcoin is not allowed to be active than that the bitcoin of the bitcoin that is not stabilised will the image to the background of the business business
China does not ban the bitcoin deal as you think, it just banned ico and all its activities are quite difficult
China and many countries are banned bitcoin certainly reasoned that bitcoin becomes a fiat threat, when people already know the benefits of bitcoin then they will not save money in banks so this is dangerous for the country's economy...
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/
My analize, 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.” This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
As I can see that China did not ban bitcoin. It prohibited the banks from dealing with bitcoin, but using/mining is legal. The motivation for banning banks from dealing with bitcoin is to make it harder to use bitcoin as a tool to smuggle the wealth out of china.
Because 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.
When you are trying to get money out, a person is limited to sending less than $10,000 at a time, once per month. There are also some rich folks that buy up gold and jewels and effectively are smuggling them on trains and planes to areas with open economies.
When you are trying to get money out, a person is limited to sending less than $10,000 at a time, once per month. There are also some rich folks that buy up gold and jewels and effectively are smuggling them on trains and planes to areas with open economies.
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