Topic: Why does China hate Bitcoin? - page 7. (Read 8861 times)
China does not hate bitcoin but hates the way of pouring money from bitcoin to Chinese bitcoin users. I think China government doesn't like the way of decentralized. I guess China will reopen the door again for bitcoin.
Cryptos cannot be banned. Only the trading of it can be banned.
Banning of speculative trading on exchanges of coins in China could also mean having a more stable crypto currency that could becomes easier to be adopted for actual use = real value and real long-term growth (albeit much slower).
Only once the crypto market have become more stable and less volatile, would China then be more open towards cryptos again; and they might control which cryptos they would allow most likely. Look out for selected cryptos that are working closely with the Chinese government to conform to their rules and regulations, and are happy to do so (such as NEO, Loopring, VeChain, XinFin, and TRON -- an ambitious project which is currently still under heavy development, and so on..)
Here's an interesting perspective article: Fear not, China is not banning cryptocurrency
https://medium.com/@chewweichun/fear-not-china-is-not-banning-cryptocurrency-79dffdf4036f
And a response to my comment over there here:
Banning of speculative trading on exchanges of coins in China could also mean having a more stable crypto currency that could becomes easier to be adopted for actual use = real value and real long-term growth (albeit much slower).
Only once the crypto market have become more stable and less volatile, would China then be more open towards cryptos again; and they might control which cryptos they would allow most likely. Look out for selected cryptos that are working closely with the Chinese government to conform to their rules and regulations, and are happy to do so (such as NEO, Loopring, VeChain, XinFin, and TRON -- an ambitious project which is currently still under heavy development, and so on..)
Here's an interesting perspective article: Fear not, China is not banning cryptocurrency
https://medium.com/@chewweichun/fear-not-china-is-not-banning-cryptocurrency-79dffdf4036f
And a response to my comment over there here:
Quote
Juni LEE
Feb 7
QTUM, VeChain, and XinFin are Singapore crypto projects (a country that is highly supportive of crypto-fine-techs) and strong law/punishment against scammers. So probably won’t be as impacted as other crypto projects based in China, etc. in terms of value growth. However selected chinese cryptos such as NEO are still promising, due to their compliance with the government. The reduced ability of speculative trading of these coins in the Chinese market could hopefully also prevent the creation of unrealistic bubbles and crazy volatility, thus giving these coins a lot more promise to gain wisespread adoption as currencies (rather than a speculative trading commodity in a volatile irrational market based on the emotions of greed and fear).
7
1 response
Wei Chun Chew
Feb 7
Yes. Many of the firms have moved to crypto-friendly countries like Singapore to avoid regulations in China. Volatility in the market is definitely one of the main deterrence to adoption. NEO has working relationships with many other blockchain firms and is viewed as the biggest blockchain project in China. We would definitely see some support from the government with regards to these highly promising projects. In the upcoming months, or even years as the market stabilizes, it is these firms with working products and established relationships that will take the limelight in the industry.
Feb 7
QTUM, VeChain, and XinFin are Singapore crypto projects (a country that is highly supportive of crypto-fine-techs) and strong law/punishment against scammers. So probably won’t be as impacted as other crypto projects based in China, etc. in terms of value growth. However selected chinese cryptos such as NEO are still promising, due to their compliance with the government. The reduced ability of speculative trading of these coins in the Chinese market could hopefully also prevent the creation of unrealistic bubbles and crazy volatility, thus giving these coins a lot more promise to gain wisespread adoption as currencies (rather than a speculative trading commodity in a volatile irrational market based on the emotions of greed and fear).
7
1 response
Wei Chun Chew
Feb 7
Yes. Many of the firms have moved to crypto-friendly countries like Singapore to avoid regulations in China. Volatility in the market is definitely one of the main deterrence to adoption. NEO has working relationships with many other blockchain firms and is viewed as the biggest blockchain project in China. We would definitely see some support from the government with regards to these highly promising projects. In the upcoming months, or even years as the market stabilizes, it is these firms with working products and established relationships that will take the limelight in the industry.
This is pretty much the whole story right here...
Bitcoin is the mortal enemy of 'tracking'. Therefore China is going to continue to assault Bitcoin from every angle. You can be sure of that.
Quote
" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "
Bitcoin is the mortal enemy of 'tracking'. Therefore China is going to continue to assault Bitcoin from every angle. You can be sure of that.
I don't see large people wanting to be against of something that is useful to them. We all know how bitcoin wasn't able to be use by any sectors more likely governments which made the. Abolish our very own bitcoin. None the less there is no much thing or reason to do these stopping or much more banning.
China intends to ban the mining of bitcoins in the country due to concerns over excess electricity consumption and financial risks.
The Chinese authorities intend to block access to websites connected with the trade in crypto-currencies in the country.
Earlier in China, the work of exchanges of crypto-currencies and the primary location of tokens were banned.
The Chinese authorities intend to block access to websites connected with the trade in crypto-currencies in the country.
Earlier in China, the work of exchanges of crypto-currencies and the primary location of tokens were banned.
I don't think China hates bitcoin. China doesn't ban bitcoin.
It's just that bitcoin is so tightly regulated that every country has its own views.
It's just that bitcoin is so tightly regulated that every country has its own views.
Bitcoin affects the Chinese government's dominance, discourages them from taking control of people's assets, and Bitcoin does not have to pay taxes, which has an impact on China's tax revenue.
China hates bitcoin because the Chinese government can not control their economy and want to prevent terrorists. I think most countries prohibit bitcoins because they can not control illegal transactions. We all know bitcoin is being used in bad deeds such as drug trafficking, smuggling.Any country that cares about this and the fact that China prohibits bitcoin is justified. we can not do anything else.
The chinese government or central bank is not CHINA.The people of China love bitcoin and cryptocurrencies.
I think the main reason is because it enables Chinese Citizens to evade taxes. This greatly affects China's funds since there are a lot of Bitcoin investors and users in their country.
This is pretty much the whole story right here...
Bitcoin is the mortal enemy of 'tracking'. Therefore China is going to continue to assault Bitcoin from every angle. You can be sure of that.
I think only those in the Chinese government who hate Bitcoin, but certainly, there are a lot of Bitcoin participants in China, it's a huge country and the Bitcoin participants are a lot. China's economy is growing well, but they still do not want to be in Bitcoin for fear of impact Quote
" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of China’s monetary regulation is to ensure that “the source and destination of every piece of money can be tracked.” "
Bitcoin is the mortal enemy of 'tracking'. Therefore China is going to continue to assault Bitcoin from every angle. You can be sure of that.
Not totally hated the Bitcoin. They just wanted to launched their own digital currency research institute with a director who openly talks about its design possibilities with publication, such as CoinDesk. And the China desire to end the U.S. dollar's global dominance has grown more strident.
china not hate for this, just planning new way to suite for this cryto-currency?
They want to control & regulate bitcoin. Failing that, they will ban it.
China hates everything that gives freedom to people
The Chinese would say that their countryside has a negative understanding of a bitcoin ways .they think a bitcoin is a negative outlook at all of their accounts for 23 percent of all countries that bitcoin is digging the system but everyone is suspected bitcoin is involve in illegal activities and also money laundering and so on.there is an unofficial source for it and there is even any confirmed information here .it accepted bitcoin as a new currency and then for me not all Chinese people hate bitcoin they are also some people especially in a rules and regulations on ICO all people sometime have people who are weak in understanding so sometimes there are rules that are not quite understood by everyone and the rules are so violent that they have done so.sometimes there is a ban on the lack of comprehension of the rules .so it is important to understand the rules in bitcoin.
China, like all other countries/governments don't hate bitcoin. Governments don't need or want cryptos as they have their own currencies. They want to control & regulate bitcoin. Failing that, they will ban it.
China's decision to clamp down on cryptocurrency exchanges earlier this year. Because bitcoin is a threat to financial stability of there economy. However, China is still one of the world’s biggest sources of cryptocurrency mining.
I am not sure whether the Chinese government is afraid of their financial stability but they think that people can do illegal transactions and money laundering with the new digital currency and they wanted to end that for good and so is the reason they are imposing strict regulations.
I think people in China like bitcoin, but it's their goverment hates bitcoin becuase they want to control it and bitcoin is decentrelized. It don't have any taxes.
China is a control freak and wants to regulate almost everything since China can't track or control Bitcoin, China just trying to ban it.
China Country is always making bad issues, this is not good.they want to master anything including Crypto. I am concerned that Chinese people do not have the freedom to develop Crypto.
this may be politics to drop Bitcoin prices.
China is a control freak and wants to regulate almost everything since China can't track or control Bitcoin, China just trying to ban it.
It is not about hate and any other feelings, we should not look at the issue like this. All this restrictions are political issues and have tight connection with county economics, also criminal situation and etc. So they do not hate, at first time they even supported, but now it gone out of control, so some regulations are needed.
For a good reason: governments do not want to see competing currencies. They threaten their monopoly to create money and control the financial system and the economy.
Actually, the reason China is the first big government to take such action isn’t an accident. China more than any other country wants to have firm control of its banking system, and allocate credit according to a political agenda. This means that a competing currency like the Bitcoin would threaten its political system. Why not crush it sooner than later?
While it is still unclear whether the Chinese government will achieve its real objectives, one thing is clear: the buzz for the digital currencies is gone, at least for now.
Actually, the reason China is the first big government to take such action isn’t an accident. China more than any other country wants to have firm control of its banking system, and allocate credit according to a political agenda. This means that a competing currency like the Bitcoin would threaten its political system. Why not crush it sooner than later?
While it is still unclear whether the Chinese government will achieve its real objectives, one thing is clear: the buzz for the digital currencies is gone, at least for now.
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