Topic: Why China banned bitcoin？ - page 3. (Read 2150 times)

Basically, bitcoin and crypto will do to banks just like what email did to the postal industry that seems to be so untouchable. It looks like to be a threat since banks will no longer get any transaction fee of money transfers and other online payments if bitcoin and cryptocurrencies will took place.

This is an old news bro, this news if from https://www.huxiu.com/article/214979.html?f=myzakercom where the date is 2017-09-17 23:59, The country of China won't ban bitcoin because bitcoin is the future currency or to be exact Block chain is the future technology that will and has been changing the world as of now.

This is the latest news on bitcoin in China, CHINA has powered ahead of other countries with ‘bitcoin technology’ filing more than half of all blockchain patent applications for cryptocurrencies last year. More than half the 406 blockchain related patents last year were filed by China as the market for securing software for digital assets boomed last year.Patent applications for blockchain, which includes the distribution of cryptocurrencies such as bitcoin and ripple, trebled in 2017 as digital currencies like bitcoin hit record highs. China filed 225 of the blockchain patents in 2017, which was a significant increase from the 59 in the previous year.

Alex Batteson, editor at Thomson Reuters’ Practical Law told the Financial Times: “Companies are moving fast in order to protect their ideas in new areas of technological development — long before the technology actually goes to market.

“Patents are also important for companies to attract all-important investment.

“Investors need to know that a business owns and can capitalise on the intellectual property and will not face interference from other parties claiming ownership.”

Of the top nine firms filing for blockchain patents between 2012 and 2017, six were Chines with Beijing Technology Development at the helm.
read more here https://www.express.co.uk/news/world/937020/bitcoin-news-china-bitcoin-technology-cryptocurrency-price-boom

The reason is because the Chinese Government has their own rules. And I'm sure the Chinese government is very smart in making that decision.

I dont know,  maybe they doesnt know the real benefits behind the crypto currency.  They banned it without doing some investigation about it if it is true or not.

I can not say good about it. Why do not I want to ask Junk to get the ban on Bitcoin? Then I can tell the details.

Probably because china does not want any currency that they can not control and in the end they banned bitcoin because we know that bitcoin can not be controlled by anyone, nor government from all countries in this world. China just wants to have things they can control or hold so that no future chaos will happen in their future.

China bans Initial Coin Offerings and cryptocurrency based fundraising because China views cryptocurrency as illegal since they are not issued and recognized by the government. The country saw an increasing turnover in overseas transactions that might lead to evasion. This leaves a lot of risk for the monetary system because of unlawful issuance of cryptocurrency which may scam less crypto-svvy individuals out of their hard earned money.

because china does not like the easy money earning like bitcoin in china have to work hard to get abundant finance so we are not surprised in china do not do bicoin

Because Bitcoin provides Chinese riches with a channel to transfer funds abroad without going through the bank, it is necessary to know that in China, the money of many rich people may be obtained through some criminal means.

There are many speculations why bitcoin is being banned in China and i think one of the very reason behind it is that the Republic of China thinks that bitcoin is threat to the country's economic growth as it may also threat to be a major competitor for the banks in the future.

I don't know about it that china banned bitcoin only read that china government very strict about bitcoin i think both not negotiate with each other that's they gain a way , well what we can say they policy makers know batter everything than us, maybe they want any plus points from bitcoin and as per their demand they are much its just a opinion.

Whether China bans bitcoin in or not it still has the potential to increase in price in that people are even getting to know bitcoin now. The bad news will only make people know bitcoin and when the good news come up, more investors are attracted. I hope bitcoin lovers from China can trade using offshore accounts.

I dont think china totally banned bitcoin in their country , they just make a tougher standards in terms of cryptocurrency . The reason why they did that is for their security , china is a large country and it is really hard to monitor all people at the same time , so the only thing that they can do to limit the security threat cause by bitcoin is to make a tougher security or rules in bitcoin or in any other crypto

Head of the Central Bank of PBoC - Zhou Xiaochuan said that the Central Bank is cautious about crypto-currencies and is working with this industry in the field of research and development.
The central bank doesn't recognize bitcoin as a payment instrument, and closely monitors bitcoin as a financial product, strengthens protection and informs consumers and investors. But at the same time, Zhou admitted that the digital currency is inevitable and will probably eventually replace paper money and coins. He said that it is important to be cautious with the influence of the financial system and investors on the digital currency.
Zhou said that the virtual currency is not integrated with the existing financial products that are financed by the Chinese economy. Consequently, he warns against the government switching to the digital currency. I think they will be happy to use the crypto currency, but only if they find control on it

China denied and illegalize the utilization, and some other type of bitcoin associated exercises for the most part since they think they are not winning from its rising notoriety and rising number of individuals that are currently captivating to bitcoin-subsidiary issues. Besides, they believe that because of this developing group if individuals who utilize bitcoin as a primary wellspring of pay and some by money, tgey are suspecting that their national cash will be old.

Perhaps the State of China wants to create its own Cryptocurrency in their own Country, which has gained legality or legal in government. Which as we know, if so many things that are prohibited in the State of China which in the end they make their own.

Reason is simple, when there government looks at bitcoins, they are incapable of tracing any person or company holding responsibility for Bitcoin not only in their jurisdiction, but in the entire planet! so i think that's the reason.

Banning of bitcoin in China is just a pure speculation that really destruct the image of bitcoin im the world market because until now there are so many chinese investing in bitcoin.

China and many countries banned bitcoin would have argued that decentralization and anonymous are two features that the country does not like, if the government can not control it will be a big problem if used massively for transactions.

Maybe because china does not want a currency that they can not control and at the end they banned bitcoin. China may also be looking for crypto currencies that they can control or make digital currency for themselves.