Because the Bitcoin exchange rate rises and falls 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.
Topic: Why China banned bitcoin？ - page 4. (Read 2079 times)
China is a closed monetary system. Its not easy to bring money into the country, and its also impossible to get money in large sums out. So Bitcoin is another means for getting money out of of the country, and that's why they are banned.
Mostly countries ban the Bitcoin and Crypto currencies because they found some criminals that are using this crypto currency for payment procedure and that is why they feel negative about it because are unable to find out the history of transactions and conform person and i think that is why china banned bitcoin in some areas,
Positive thinking may be Chinese want to make their own currency, chinese may not want its currency to fall in price and prohibit bitcoin, continue to invest fore bitcoin can become the world's payment instrument
Many countries have eliminated bitcoin, and do not want to recognize it officially, but there are also many people who are engaged in piracy, and such people more and more.
I have not found an artical on this.Chinese authorities announced plans to ban the cryptocurrency’s trading in the country.
I think its because china is a better country and it can live witg out using any technology in money, because the world is full of secrets, stealing, scam and crimes that is very redandant in these days, thats why bitcoin is banned, they are being connected without using effort and people are being attached only in the cryptocurrency and not into the government money, thats why it is very hard to the Chinese national to take and adpot again these crypto.
china banned bitcoin because government cannot controlled bitcoin transanction, no kyc method ,no transa
cntion report during deposit and widhrawal transanction and they cannot collect taxes.govenment in china controlling their economy.
cntion report during deposit and widhrawal transanction and they cannot collect taxes.govenment in china controlling their economy.
This year is the year of regulation for cryptocurrency. many of the world's financial regulators began to tighten the laws and legality of cryptocurrency including China.
Virtual Eyes such as bitcoins are hard to control, Bitcoin exchange rates up and down purely following the market mechanism. The Chinese government claims it can not control the exchange rate.
Therefore, from what I find in the media, the Chinese government is banning attempts to establish new rules to regulate the circulation of cryptocurrencies such as bitcoin in order to be more easily controlled in the future.
Virtual Eyes such as bitcoins are hard to control, Bitcoin exchange rates up and down purely following the market mechanism. The Chinese government claims it can not control the exchange rate.
Therefore, from what I find in the media, the Chinese government is banning attempts to establish new rules to regulate the circulation of cryptocurrencies such as bitcoin in order to be more easily controlled in the future.
If I can summarize it, China has several reason to forbid bitcoin. Among other reasons, the first, the crypto currency is difficult to control. Until now, there is no official institution that regulates the regulation of crypto currency. The price of crypto currency is determined by demand and supply in the market. Second, crypto currency is often misused for fraud. Many people offer investment services crypto currency by promising a number of profits and lead to fraud. Third, crypto currency is mainly bitcoin like bubble phenomenon that will break at any time. This is because many people want to have bitcoins. Furthermore, China is the center of crypto currency transactions so that if this Bubble brokes then the country of China will be very losers. China will also plan to make its own crypto currency that gets government legality. Lastly, crypto currency is often used for illegal transactions by irresponsible people. People are using anonymous facilities in bitcoin so authorities are difficult to track. Crypto currency is often used for money laundering, drug sales, terrorism financing, etc.
As far as I know, China is an anti-corruption country. This also makes China not being able to monitor it, and that would not satisfy the Chinese authorities. If the government can not control it will be a big problem if used massively for transactions. And I've read China will make its own cryptocurrency.
There are different speculations about this actually. Main reason could be that China was pissed off because not being able to get tax and that's why banned. Another reason is less likely to try to protect its own people from scams.
China will not ban bitcoin. It is no in their interest to stifle blockchain technology. The ban is only temporary until regulations are in place. If they wanted to ban crypto-currencies they would have done it already. They are more worried about some of the cryptos being scams and pyramid schemes. In China these are very common and has just moved online thus resulting in the crackdown now!
According to leaked documents from unknown sources, the Chinese government was concerned over the increasing power and popularity of digital currencies – something that could potentially weaken the official control of China’s money supply.
China is an attractive destination for private investors who, up until recently, bought heavily into cryptocurrency instead of Yuan. Which unsurprisingly caused concern within the higher echelons of Chinese power.
China is an attractive destination for private investors who, up until recently, bought heavily into cryptocurrency instead of Yuan. Which unsurprisingly caused concern within the higher echelons of Chinese power.
If im not mistaken the government of china is not banned bitcoin they accepted bitcoin in their country.
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.
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.
is it true of a fud? i thought china's government accepting bitcoin and bitcoin was legalized?
In 2017, China 2 times announced that it will regulate cryptocurrencies and prohibit ICO. Then this news was canceled. Do not believe everything that is written by the media.
I heard that they don't ban crypto. It is strategy. They want to control prices and market. And they can do it. Make price lower. Then they can buy crypto with low price and sell it when it will have X.
The news I got was that China did not ban bitcoin transactions.
As far as I know, China is an anti-corruption country. This also makes China not being able to monitor it, and that would not satisfy the Chinese authorities. If the government can not control it will be a big problem if used massively for transactions. And I've read China will make its own cryptocurrency.
Jump to: