Why China banned bitcoin？ - page 25.

Michellekking

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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 think you need to distinguish between prohibitions and non-advocates. China has not banned bitcoin transactions. The Chinese can still trade bitcoin. They can still trade bitcoin in other countries.

v_Harley

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The Chinese government felt that the BTC was a scam, that BTC would defraud investors, and that the country's ability to accept new things was poor, so the Chinese government banned crypto and closed exchanges.

wave1002012

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China is a communist country and they are very strict in their policy so I'm not surprised if they banned bitcoin.

Pandacomel

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It is not a secret that Chinese government is prone to an excessive control over its citizens and their rights. Often having an element of control over every aspect of a daily civilian life – from a number of children that are allowed, to what is accessible on the internet. With so many strict laws, it should not come to a surprise that a decentralised and anonymous Bitcoin will be tackled as well.That why the reason for China banned bitcoin in there country.

localcrypto

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china banned bitcoin because they dont want their country to engage for easy money and crypto profits they dont want their money to go aboard

BingoDog

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First of all there is a big difference between ban and limitations and that should be clear.
China did not ban bitcoin but introduced some limitations to the banks and some regulations to the miners. That also affects the bitcoin market but is not the same as ban so don't give here false informations, this only makes further damage.

iMark

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Quote from: gcckpxm62308 on February 05, 2018, 10:34:38 PM

Quote from: rwishva on February 04, 2018, 09:10:23 AM

Almost all of BTC traders/holders/newbies/investors talking about BTC crash due to Chinese new year, but anyone knows what's the connection between chineese new year and BTC ?

Undecided

I can explain it to you because China has a lot of people who invest in bitcoin. The Spring Festival is a very important festival in China, you need to buy and buy many things for the Spring Festival, such as buying new clothes, buying couplets, giving gifts to parents, gathering, etc., and the Spring Festival Prices are high, which all need to cash Bitcoin, which affects the price of bitcoin.

probably because of the large bitcoin users from china who do cashout from bitcoin to their currency its give little effect on bitcoin price but the topic in this thread is why the Chinese government forbids bitcoin, I think almost all countries have the same reason to ban bitcoin, the reason for this is that decentralized bitcoins can not be controlled, anonymous increasinglyto online financial crime, and other reasons that harm country,

Leo Parrish

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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.

Lester Cole

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To clarify some issues, what China did is to ban banks to deal with bitcoin and/or other cryptocurrencies; they also have some limitations when they want to pull out some money (USD 10,000).

FYI, the chinese have most of the mining market because of the advantages the country offer to the people, for example free electricity; A big cost in mining services is electricity and with that you cover your cost.

yana0901

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Bitcoin is generally a great currency, many do not even know it. Opinions were divided 50 to 50. Someone for, and some against

gcckpxm62308

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Quote from: rwishva on February 04, 2018, 09:10:23 AM

Almost all of BTC traders/holders/newbies/investors talking about BTC crash due to Chinese new year, but anyone knows what's the connection between chineese new year and BTC ?

Undecided

I can explain it to you because China has a lot of people who invest in bitcoin. The Spring Festival is a very important festival in China, you need to buy and buy many things for the Spring Festival, such as buying new clothes, buying couplets, giving gifts to parents, gathering, etc., and the Spring Festival Prices are high, which all need to cash Bitcoin, which affects the price of bitcoin.

kuruyama

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Maybe because china is a communist country, they dont want anything or something crawling beneath them they dont want transactions not regulated by their government, they dont want that type of transaction, what the emperor says will be obeyed, everything must be at their control., So if they cant regulate bitcoin, they all decided to banned bitcoin from their country, also they come to overthink it that it might cause of their people to not work and focus on bitcoin that will be a major problem for them so thats why they banned bitcoin. Whats your thought?

rwishva

newbie

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Almost all of BTC traders/holders/newbies/investors talking about BTC crash due to Chinese new year, but anyone knows what's the connection between chineese new year and BTC ?

Undecided

thaitea.deluxe

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they ban bitcoin because the government on china dont want their peoples get rich from trading bitcoin.

delarossa

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MINTER

There are various reasons why china prohibits Bitcoin, which are:
1. The virtual currency tend to fluctuate
2. Prone to fraud
3. China want to make their own virtual currency
4. Can also be used for illegal transactions.

That's all I know.

htmcoin

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Quote from: Allison567 on February 01, 2018, 03:56:08 AM

In fact, the Chinese government officials banned, but there are still many people in China are investing in bitcoin, I think the Chinese government may prohibit while testing, after all, the development of Bitcoin is that we can see, so China did not Forbidden.

China fears bitcoin is being used by officials to divert assets and Bitcoin can not be regulated, which the Chinese government thinks is dangerous. But the government will not completely ban Bitcoin, he just advised people not to participate.

12tribes

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I think you have been misinformed. The Chinese authorities themselves have good chunk of yuan in bitcoin so that could not be. I am however aware that they have place stricter measures to protect their citizens so that they don't get scammed or defrauded.

Vin183~

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I have hear any information from multiple sources. china forbids bitcoin because china also wants to make its own coin.

MuhNofa

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-Virtual currencies are hard to control
-Easy to use for fraud
-Destroying the investment world
-China wants to make its own virtual money
-Used illegal transactions
I guess the above are some of the reasons why china forbids bitcoin.

frery

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Merit: 17

Quote from: gcckpxm62308 on February 01, 2018, 03:31:37 AM

Quote from: Maryverycool on January 26, 2018, 06:02:49 AM

I asked my Chinese friend.
He said he had received no information about the ban.
So I question the accuracy of your message.

You can question, I am also questioning, because this is my news on the Internet in mainland China, there have been many media reports, but my friend also told me that China has not completely banned, and now I am also very puzzled.

China has never supported bitcoin. When it came to birth in Bitcoin, China did not realize it was a threat and it adopted a laissez-faire attitude. However, more and more people use Bitcoins as prices get higher and higher Bitcoin, do you still remember the bitcoin virus of the year? Almost everyone in China knows the word bitcoin, so China is starting to value bitcoin and researching it. Now that China is not barred, you can still trade bitcoin, but trading bitcoin in China is going to be huge limit.

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