Topic: Why China banned bitcoin？ - page 23. (Read 2150 times)
Banned for influnce to the cny.
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/
Maybe this is little I know about this. The digital money trading ban plan is limited to the exchange. But for over the counter (OTC) transactions over digital currencies, it would still be permitted. as evidenced by the current running of the existing exchanges in China. This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
From what I read, Beijing bans bitcoin because they are saying that it is not a currency and many people use it for criminal purposes and transactions. And of course, the government can't control it.
China is a country whose development is so rapid. why does China forbid Bitcoin? The most obvious reason is, because China itself is afraid that Bitcoin will make the economic level in China will decline, with many of its citizens investing in other countries by Bitcoin. By knowing how to invest in Bitcoin, they plan to build their own platform.
China did not ban Bitcoin but they have stopped only ICO's and exchanges in China I don't think that China had stopped peer to peer transactions in China any way china is considered the biggest source of cryptocurrency mining in the world. The Chinese authorities may be thinking broadly about their industry and they have any financial risk to regulate sometime they may be having any problem concerning electricity energy because some of Chines mining companies are trying to swift to Canada and Switzerland . Most of all in China people may be using crypto for criminal activities may be these are the reason for ban.
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?
People are too often see regulations as a ban. You shouldn't mix those things.
Yes it should no be mixed because they are different things.
But in china i know bitcoin is banned by government. This is not just normal regulation but its really ban. Thats what i get.
In order to understand the reasoning behind Chinas decisions, it is very important to understand the most important thing in Chinas politics ( or second most important thing next to security of their country) and it is economic growth!
Look at the decisions they are making in order to sustain their economic growth - their mega , giga, and ultra giga construction projects also in other countries.
Cryptocurrencies if not regulated in their way are promoting capital flowing out of their country without any returns thus the ban after ban and this is why i believe that China will re-emerge in crypto industry with regulated sector, if you agree with me buy the fuck up with NEO.
Look at the decisions they are making in order to sustain their economic growth - their mega , giga, and ultra giga construction projects also in other countries.
Cryptocurrencies if not regulated in their way are promoting capital flowing out of their country without any returns thus the ban after ban and this is why i believe that China will re-emerge in crypto industry with regulated sector, if you agree with me buy the fuck up with NEO.
Well politics can really affect cryptocurrencies growth since some of the members of governments does not really want their people to gain wealth in order for them to still have people that will work on their infra structures more on factories.
China is known for banning foreign websites that they cant control this causes the use of so-called the great firewall of china on bitcoin related risks.the fear of financial risk
As far as my knowledge know, China is a country that wants to control and reign every battle. Regardless of what they can do, if it can't manipulate a certain things they will prohibit it to circulate their country. China has this high grossing bank, if ever bitcoin will circulate around the world they are afraid that btc will outrun their bank. And also they want to please their own authorities emphasizing that btc is a self governed virtual currency, meaning out of their power control. 
China has been serious with bitcoin and related activities from the day the PBOC made inspection over different exchanges operating within the country. This made them make regulatory compliance for a flawless operation without harming the user community even when something goes out of their control.
China banned bitcoin because they cut off the domestic access to platforms and exchanges that enable people to trade digital currencies, and it has been reported as of now. They will block access to domestic and foreign services in order to prevent financial risk. Most of them said that it can affect their economy thats why they banned bitcoin in their country.
China is known for banning foreign websites that they cant control this causes the use of so-called the great firewall of china on bitcoin related risks.the fear of financial risk
I thought it was a known fact that china abhors bitcoin due to money laundering issues and how criminals are transferring their assets and avoiding taxes which is weakening the Yuan so bad. The Chinese government in order to properly manage his economy did the obvious.
In order to understand the reasoning behind Chinas decisions, it is very important to understand the most important thing in Chinas politics ( or second most important thing next to security of their country) and it is economic growth!
Look at the decisions they are making in order to sustain their economic growth - their mega , giga, and ultra giga construction projects also in other countries.
Cryptocurrencies if not regulated in their way are promoting capital flowing out of their country without any returns thus the ban after ban and this is why i believe that China will re-emerge in crypto industry with regulated sector, if you agree with me buy the fuck up with NEO.
Look at the decisions they are making in order to sustain their economic growth - their mega , giga, and ultra giga construction projects also in other countries.
Cryptocurrencies if not regulated in their way are promoting capital flowing out of their country without any returns thus the ban after ban and this is why i believe that China will re-emerge in crypto industry with regulated sector, if you agree with me buy the fuck up with NEO.
China didn't ban bitcoin, although they are going after bitcoin miners and exchanges very hard with regulations. China was without a doubt leading the way in crypto for a long time. They were making money hand over fist and the new of regulations out of china is pretty much the current market top. China and the US really love shooting themselves in the foot so they can protect their banking industries. I know they think that money laundering and whatever is important, but in reality those are very few cases compared to the huge amount of money crypto bring to the economy.
Why is this still being discussed, it is not banned.
They are still pretending that China banned bitcoin they are not thinking why bitmain still selling antminer.Only ICO's was ban base on what I heard not bitcoin. This is still fud and they keep spreading this fake news.
I heard from China friend that bitcoin is now regulated heavily. So it's not banned.
They ban ICO, then they closed their local trading platforms. Obviously next is the bitcoin mining farm. Bitmain is already looking at alternatives,
https://interestingengineering.com/bitcoin-miners-in-china-will-move-operations-to-other-countries-in-wake-of-new-regulations
Because they know that bitcoin will be totally outlaw in China. So I guess that a ban will be imminent.
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/
This is the news link I saw before：http://www.myzaker.com/article/59bf055a9490cb703500002b/
It does not matter if bitcoins will be banned on china because the electricity consumption is very low so obviously they can still be earning a huge amount of bitcoins from their mining hardware and sell it on the market to earn fiat.
Many say that China forbids and overrides the use and other forms of bitcoin chain activity because they think it does not earn from its growing popularity and the number of people actively involved in bitcoin affiliation issues. In addition, this growing community has been using bitcoin as the main source of income and some by other currencies. 
I think that the Chinese government is concerned about the growing power and popularity of digital currencies - which could potentially weaken the official control of China's money supply.
I agree on that, they totally ban all the icos but not the entire cryptocurrency so people can still use mining hardware to earn bitcoins, maybe they are controlling the amount of usage on cryptocurrency because it is affecting some of the companies on their area.
No wonder, they have banned Google there.. And mining..
Everything is possible, there is still a strong sense of communism and a head dictator position in the country.
Wouldn't be surprised if they announce their own cryptocurrency, going Venezuela's way
But this type of regime gives amazing results turns out. They are able to build a whole train station in only 9 hours, which is unseen in the western world
Think they will start a massive chaos in the world when they get free..
Everything is possible, there is still a strong sense of communism and a head dictator position in the country.
Wouldn't be surprised if they announce their own cryptocurrency, going Venezuela's way
But this type of regime gives amazing results turns out. They are able to build a whole train station in only 9 hours, which is unseen in the western world
Think they will start a massive chaos in the world when they get free..
There is a version (at the beggining of the January in the Internet) the Chinese regulator directly points to the need to stop the mining of bitcoins in the country - because of "consuming a huge amount of electricity and speculation with virtual currencies."
Jump to: