Topic: why China goverment allergic to bitcoin? - page 6. (Read 718 times)

   Since china is a powerful country they fear the democratic life of people so without the concern of the people china tries to ban which feels bad  to the government first of all they banned social network such as facebook etc; now they banned Bitcoin exchanges and not Bitcoin they fear that they will not get profit from Bitcoin transactions.

China is a well-known country for duplicating and creating their own version of any stuff. They do this to support the local industry. For example, the government banned youtube and creates their own version of "youtube" named Youku. Maybe they want to create their version of bitcoin.
The other reason because China is a totalitarian country. They want to control everything in their hands. Bitcoin is a thing that they can't control and monitor it as bitcoin is decentralized and anonymous.

Bitcoin can not trace the origin and destination, customary to regulate how all the stakeholder departments can accommodate this stuff, but also do have a lot of hidden worries, all kinds of corruption have a good money laundering, the transfer of wealth abroad, each Underground trading, gambling money laundering a lot easier. It is a direct blow to the problems that the country is facing now

It all comes down to their political and economic structure. Politically, China is a one party Totalitarian state that needs to maintain as much control over the lives of it's people in order to maintain power. Bitcoin can threaten their control over peoples lives as individuals using Bitcoin could fund movements against the Chinese Government which are much harder to trace.

Economically, because Bitcoin competes directly with the Chinese Yuan, it is in China's interest to suppress Bitcoin so that the Chinese Yuan is used more frequently. Because the Chinese Government controls the value of the Chinese Yuan, this is a powerful instrument which can be used to the Chinese Government's advantage.

Environmentally, Bitcoin mining in China has contributed quite significantly to their pollution problems which is more of a cherry on top.

Chinese have announcement that they have banned bitcoin and all of have the connectivity with bitcoin, altcoin and ico have lauching will be banned in chinese. They the reason why have to do it for bitcoin and altcoin, they want to protect their people form the negatife affect from bitcoin, all of know bitcoin have the fluactive price and the chinese can not control it so they want the bitcoin not legal in their country.

China is a traditional country.
They are conservative in their thinking.
It's hard to accept new things at once.
They think bitcoin is a scam.
Bitcoin is prohibited from trading in China.

Because bitcoin is out of control, China is a populous country that would otherwise have been hard-pressed to control by economic markets. Therefore, it is normal for a country to enter into a new business that can not be controlled.

Government was make restricted rule about their citizens money. Maybe Chinese people want to convert all their money into bitcoin but it can makes yuan worthless. Maybe that's why china government allergic to bitcoin.

The Chinese government is protecting the interests of other shareholders and preventing capital flight. Moreover, Bitcoin is an encrypted digital currency transaction and the process is not controlled by the state. Therefore, China is afraid that the entry of Bitcoin will affect China's financial market.

They want to have all the control in their hands and Bitcoins had defeated them in this aspect.

As I know trading in china was not good for Chines currency and economics, besides mining was harmful for infrastructure, as the government mentioned.

yes, we know that china is one of the largest bitcoin markets in the world. but the Chinese government is taking action to close the bitcoi market, the reason is that many big investors are beginning to switch to bitcoin markets, thus increasing demand. then also with increasing demand in the bitcoin market, ultimately many companies and parties are harmed.

it is abour their philosophy, china doesnt want entities that they cannot control for they think this will bring bad things to their nation.

There are several reasons the Chinese government forbids bitcoin is 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.

Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have. Evidenced by its value that skyrocketed from Rp 10 million to Rp 60 million in just 8 months. When the bubble bursts and the price falls, the investor will be harmed.

China is the center of virtual currency transactions
Two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.

China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.
maybe it was the reason the Chinese government allergy will bitcoin.

I guess main problem is the pricing on the exchanges in China, when trading there you can easily receive profit, and it is not so good for state economics.

it might be the way the want to take control of it and tax it.
but governments for sure know more about the creators and targets of Bitcoins, and hence they act.
maybe we don't know something important..

Yes, its true. I took 1 point from your explanation, thats the decentralize of bitcoin.
I think the main reason is because china can not overcome the decentralize bitcoin

It's not just China that doesn't want Bitcoins to be legal, many other countries don't want it to be legal either as it is decentralised, it possesses risk to them as it's difficult to impose taxes on them, etc. The reason other countries don't ban it immediately is because of their democracy, if it wasn't for democracy of other countries, the Governments would have banned any crypto currency possible.

The Chinese government started to ban ico if I think we know that all China is the world's largest shareholder in the world, hopefully it does not happen.

First of all I want to know that China is already banned bitcoin?

If someone say yes give me the proof

Many governments are trying to regulate the crypto currency usage,but we are talking here that they banned bitcoin and it is a crime if Chinese use bitcoin.I don't think they banned bitcoin,they just shut down the local exchanges and ICOs because it will affect the revenue of their country due to no taxes for crypto usage.