Topic: Why China banned bitcoin？ - page 20. (Read 2080 times)

I think Bitcoin banned China  because they may affect the stability of the government and its authorities.So far they have not seen such a risk in bitcoin , and it is not as popular in China right now to be able making a huge influence to the economics. Therefore, they would not take any action on bitcoin so far.

I think, China is dubbed economic and commercial domination. Their money is flowing into the crypto market and moving out of the world. That's how they feel uncomfortable. Thus, limiting and controlling the crypto and bitcoin markets is the goal of managing their currency and citizens.

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.

Among the reasons that caused China to ban Bitcoin in their country is that bitcoins are labeled as a mere fraud and untrue. In addition, it is also one way for China to enforce national capital. The binding on outflows, the recovery in yuan, and bitcoin restrictions are all made up of several steps taken by Chinese authorities to ensure smooth navigation at the National Congress.

The fact is that China, more precisely, its leadership will do everything to ensure that the economy continues to develop. Therefore, it will take extreme measures to preserve power at this historical stage. Mess with the exchange rate of the yuan, the bitcoin, of course, prevented to achieve stable performance before the October summit.

China: bitcoin interfered with controlling the movement of capital
The bitcoin ban is a way to secure capital controls, given the $ 1 trillion that has left the country since the summer of 2014. Foreign exchange reserves came to a relative norm in 2017 and increased by less than $ 100 billion. Countering foreign capital outflows, stabilizing the Renminbi, and banning bitcoins are a few steps taken by Chinese authorities to provide a positive backdrop to the National Congress

Bitcoin contradicts China's monetary strategy, with China's accession to SDR, China's RMB internationalization strategy has been fully promoted. The internationalization of RMB is essentially a regional centralized monetary strategy.

China Banned the Use of BitCoin

Two major world financial institutions, Bank Central China and Bank Of America, issued a statement about the viability of BitCoin, a popular digital currency on the Internet today.

The price of 1 BitCoin (1 BTC) against the US Dollar fell below USD 1000 after Bank Central China issued a statement that 'prohibits' bank banks within the jurisdiction of China to transact using BitCoin. Meanwhile Bank of America Merrill Lynch, in a research report on BitCoin issued a statement saying that the BitCoin currency has the potential to become a 'prime means' in the payment of online transactions in the future.

The reason the Bank Central China issued a statement prohibiting the use of BitCoin is - because BitCoin is not a real currency and this currency has no legal status in a financial institution. This is also related to the rampant use of BitCoin for illegal activities such as, online gambling, drug trafficking, cyber porns, funding hacking activities and others.

China is one of the countries with the largest flow of funds and BitCoin activities in the world. BitCoin with a volume of 2 Million BTC was traded last month in BTC China, one of the largest BitCoin exchange in China.

As a result of a statement from Bank Central China, Bloomberg reported earlier that BitCoin traded at a price of USD 1,138.58, but after the announcement of Bank Central China was released in the afternoon, the price of Bitcoins fell at $ 980.

Meanwhile, on the other hand, in its report - Bank of America says, digital currency could be a 'serious competitor' against the conventional currency. In the report mentioned, price movements and BitCoin transactions continue to increase, this is because more and more people and companies that receive BitCoin as an alternative currency to transact.

There are several reasons for China's Bamboo Curtain prohibiting Bitcoin transactions.

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism.

Easy to use for fraud
for some people who understand the Bitcoin movement, it could be a lucrative investment.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have.

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.

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

China banned Btc on the grounds that they remove the household access to stages and exchanges that empower individuals to trade advanced currencies and it has been accounted for starting at now. They will square access to residential and remote administrations keeping in mind the end goal to avoid budgetary hazard. A large portion of them said that it can influence their economy that is the reason they banned Btc in their nation.

There are several reasons why the Bamboo Curtain country (China) forbids Bitcoin.

Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment.
Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have.

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 their own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality.

Used illegal transactions
Bitcoin transactions are difficult to trace .

Beijing - One of the popular virtual money alias cryptocurrency, Bitcoin, is experiencing a decline in exchange rates. 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.

As quoted from Reuters on Friday (15/09/2017), there are several reasons Bamboo Curtain country 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. (ang / dnl)

China has not banned cryptocurrency and bitcoin. introduced only more stringent restrictions

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There are many projects in which you can invest a fairly small amount, and check it for efficiency

I think that China's influence on cryptocurrencies is greatly exaggerated. Summit 20 is coming soon... I'm afraid the price will start to fall even more.

Without getting into so much details, my take on this is China is a communist country which means their government is in control of everything there so it is very obvious why they don't want their people to use Bitcoin because it is something that they cannot control, they think it is not for them so banning it is the way for them to ensure that their people are not involved in it any longer.

It’ll be a little hard for me to read the articles you gave in your thread. And I used goggle translate to read your article and I'm not too sure if goggle translate completely translate Chinese language to English.
 
But in my opinion China doesn’t ban bitcoin completely, I am sure Chinese can still hold and transact bitcoin with others. If China bans bitcoin completely I’m sure there must still be some people accessing bitcoin to violate the rule.

China doesn’t ban bitcoin completely, they just close all the ICO in their country. Many people misunderstand China and also many people spread bad news about bitcoin in China. The Chinese government is still allows to hold and trade bitcoin in the country. Only all of the ICOs are closed by the Chinese government because they feels can’t control bitcoin’s ICO that predicted will rule over their own currency.

You are right somehow, there are a lot of factory workers in china and because of cryptocurrency the employees are reduced and most of them are choosing to run a mining rig because the cost of electricity in their area is very low.

China doesn't necessaeily banned bitcoin. It just limit the cryptocurrency utilize in the country and the new crypto that are just starting. This is because of a lot of news related to crypto that are relative to a lot of scam. China is just regulating the security in their country. Or who knows maybe they see crypto as a threat so they are limiting the circulation until its gone.

No one knows the intention of this country, maybe they are planning to create there own.