Why China banned bitcoin？ - page 26.

Lasvista

full member

Activity: 396

Merit: 104

Quote from: gcckpxm62308 on January 26, 2018, 03:42:42 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 the main reason is all about the scam of it , and to be honest I still doing some basic search regarding this topic and I wanna share it tou you guys I hope you look to it and help others to know and expand their understanding.

Link: http://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-price-china-exchange-ban-cryptocurrency-trading-government-a8161721.html

Coinlover9

member

Activity: 224

Merit: 11

Because they are trying to bring in regulations and it take time.Once they have a clear set of rules I will be normal for Bitcoin.

InvestICO2L

full member

Activity: 420

Merit: 102

Quote from: tikaka on January 27, 2018, 11:55:43 AM

What is the benefit of the Chinese government when accepting the use of bitcoin? I think not! Their people are using bitcoin as a form of tax evasion. The presence of bitcoins also increases the number of criminals using bitcoins as a form of money laundering. Therefore, they prohibit the use of bitcoin.

As far as you know, China is a extremely developed country, especially it covers a lot of people. In fact, Bitcoin is quite popular in this country, maybe it takes massively impact to the finacial of all citizen. We all know that almost the people in china both use bitcoin ,even they are incredibly professional in this field. In addition, bitcoin is anonymous and notoriously volatile, which is out of control of the government. Therefore China had cracked down the use of bitcoin.

casdder

member

Activity: 110

Merit: 22

I think the news is just that some people spread it out and want the Chinese to sell their coins and then buy it. These messages are flooding on social media and we should learn to judge the truth of those messages.

Granslam

full member

Activity: 196

Merit: 100

China prohibited and illegalized the use, and any other form of bitcoin affiliated activities mostly because they think they are not earning from its rising popularity and rising number of people that are actively engaging to bitcoin-affiliated matters. Moreover, they think that vecause of this growing community if people who use bitcoin as a main source of income and some by currency, tgey are thinking that their national currency will be obsolete.

TrumpD

sr. member

Activity: 602

Merit: 265

This in not the first time China has banned bitcoin - in 2014, they did so as well. Link: https://www.reuters.com/article/us-china-bitcoin/china-bitcoin-exchanges-say-certain-banks-to-close-their-accounts-idUSBREA3A11J20140411

So we should not be surprised by the bitcoin price decline as a result of this action taken by the Chinese government. This drop is very comparable to the 2014 scenarios when bitcoin dropped from $1,163 to $475, when the banned was effected. But see what happened after that, especially late last year. I foresee on and off bans of this nature happening over the coming months and even years; until governments get a full understanding on how to control cryptos.

alphaomega.f

member

Activity: 154

Merit: 11

one of the reasons is because bitcoin mining uses huge wattage of electricity considering that it's the country where bitcoin mining activity is high. and if we will think about this, people who spend time mining in bitcoin will increase as time pass by because people will realize that it is possible to earn through mining. and the manpower needed in china will increase at a high rate because people will choose to mine instead of working in the industry.

another thing is, they want to reduce the number of crimes committed through bitcoin like fraud and money laundering.

Bitcoinjheta

full member

Activity: 798

Merit: 104

Quote from: gcckpxm62308 on February 02, 2018, 03:04:22 AM

Quote from: Hopeful2017 on February 01, 2018, 03:00:37 AM

Quote from: gcckpxm62308 on January 26, 2018, 03:42:42 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/

Chinese government officials are the main culprit why Bitcoin is being banned in their countries. There are several hypothesis why they are doing this. First, imagine if majority of Chinese people are just doing Bitcoin the whole day, there manpower in a lot of industries and factories will be crippled. We all know that China has a lot of factories and many factory workers. It would result to disaster if all or most people would do bitcoin. Second, Bitcoin makes bank loss huge some of money.

I also read other news about the reasons for China's restriction on the development of bitcoin. They think bitcoin has an impact on the RMB's status and does not match the future internationalization strategy of the RMB. This is not conducive to China's economic development. And China Prohibition of illegal mining, although they do not state that the prohibition, but the behavioral aspects of Bitcoin transactions in many ways, I think this bitcoin will be a negative blow.

Well, for those news that china has forever banned bitcoin is not true that is just a rumors. They have just controlled the crypto currencies in there country to spread out because they can not contribute a lot to the economic stability. The reason is that china is more concerned on the taxation they collected for the development of there country as well.

gcckpxm62308

member

Activity: 120

Merit: 21

Quote from: tranduc2101 on January 27, 2018, 12:11:46 PM

Quote from: gcckpxm62308 on January 26, 2018, 03:42:42 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/

What do you think happens when everyone invests in crypto? Without any investment in the construction of life projects, losing a significant amount of tax money makes the annual total unsatisfactory.

You make sense that China is a big tax country. If everyone uses bitcoin, it will have a tremendous impact on the national treasury. Public affairs and state science and technology research and development rely on tax revenue. Bitcoin is contrary to China's national conditions.

gcckpxm62308

member

Activity: 120

Merit: 21

Quote from: Hopeful2017 on February 01, 2018, 03:00:37 AM

Quote from: gcckpxm62308 on January 26, 2018, 03:42:42 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/

Chinese government officials are the main culprit why Bitcoin is being banned in their countries. There are several hypothesis why they are doing this. First, imagine if majority of Chinese people are just doing Bitcoin the whole day, there manpower in a lot of industries and factories will be crippled. We all know that China has a lot of factories and many factory workers. It would result to disaster if all or most people would do bitcoin. Second, Bitcoin makes bank loss huge some of money.

I also read other news about the reasons for China's restriction on the development of bitcoin. They think bitcoin has an impact on the RMB's status and does not match the future internationalization strategy of the RMB. This is not conducive to China's economic development. And China Prohibition of illegal mining, although they do not state that the prohibition, but the behavioral aspects of Bitcoin transactions in many ways, I think this bitcoin will be a negative blow.

Hopeful2017

member

Activity: 238

Merit: 10

Greentoken-invest in ecology

Quote from: gcckpxm62308 on January 26, 2018, 03:42:42 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/

Chinese government officials are the main culprit why Bitcoin is being banned in their countries. There are several hypothesis why they are doing this. First, imagine if majority of Chinese people are just doing Bitcoin the whole day, there manpower in a lot of industries and factories will be crippled. We all know that China has a lot of factories and many factory workers. It would result to disaster if all or most people would do bitcoin. Second, Bitcoin makes bank loss huge some of money.

Allison567

jr. member

Activity: 40

Merit: 2

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.

gcckpxm62308

member

Activity: 120

Merit: 21

Quote from: Maryverycool on January 26, 2018, 05:02:49 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.

tranduc2101

member

Activity: 333

Merit: 10

Lifestyle & Wellness Platform

Quote from: gcckpxm62308 on January 26, 2018, 03:42:42 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/

What do you think happens when everyone invests in crypto? Without any investment in the construction of life projects, losing a significant amount of tax money makes the annual total unsatisfactory.

tikaka

full member

Activity: 336

Merit: 100

What is the benefit of the Chinese government when accepting the use of bitcoin? I think not! Their people are using bitcoin as a form of tax evasion. The presence of bitcoins also increases the number of criminals using bitcoins as a form of money laundering. Therefore, they prohibit the use of bitcoin.

Rabeya

full member

Activity: 222

Merit: 100

China wants to control money laundering. Thats why they have imposed rules on bitcoin trade but exactly the haven't banned in my search.

Nicholas Duncan

brand new

Activity: 0

Merit: 0

China is planning to cut off domestic access to platforms and exchanges that enable people to trade digital currencies, it has been reported.

Bitcoin and all other major digital currencies plummeted after it emerged that trading could be banned in South Korea.

Speculation around the Chinese government’s plans for a major bitcoin crackdown have likely also contributed to the huge declines that have happened across the board.

:: The Independent’s bitcoin group is the place for the best headlines and discussion of all cryptocurrencies. Like it here for the latest on how people are making money – and losing it

dewynijhof

member

Activity: 292

Merit: 11

dApps Development Automation Platform

it is easy to know, bitcoin investors are being banned all around China country because China government is still having problems related to bitcoin so much include laws and financial system that they can not control, moreover, China said bitcoin is still very unstable to be used, so they are still banning bitcoin temporary.

gwaposakon

full member

Activity: 854

Merit: 101

i dont know why china is banning bitcoin in their country, but i think there are some reason why china is banning bitcoin in their country, maybe they are a bitcoin hater, or anything else, or maybe they dont supporting community.

kioicoin

full member

Activity: 178

Merit: 100

Quote from: sudhirratra68 on January 26, 2018, 04:32:52 AM

If it is really a ban and not just because of being hard to put this into regulations, probably, there may be the following reasons that China banned bitcoin.

1. The bitcoin ban is a way for China to enforce capital controls.
2. Chinese own money is going out of the country for investments in foreign countries and that could be a threat to their economy.
3. Despite China’s ban on cryptocurrency exchanges, there may be a plan of the government to issuing its own sovereign digital currency.

Bitcoin is not issued by the monetary authorities, does not have legal and monetary and other monetary attributes, is not a real currency. In essence, management prevents a series of unpredictable problems by blocking Bitcoin-related businesses in financial institutions. Of course, this move is more on the national strategic level to consider.

Topic: Why China banned bitcoin？ - page 26. (Read 2150 times)