Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?

13abyknight

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Quote from: Jones chen on April 04, 2018, 08:37:03 AM

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

What do you expect from a sternly communist nation whose economic interests are aligned to benefit only themselves and nobody else? China has always tried to establish dominance over cryptocurrencies by making regulations on trade and resorting to ban exchanges which operated on its soil.
The future also looks grim with nothing positive coming up, with harder rules and regulations being imposed.

Jones chen

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China banned the exchange, but there was no clear objection to mining. I think that what the Chinese government can't understand will not make it happen.

awawo

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Well China serves as the biggest market hubs for cryptocurrency and at that any of the policy will have a great effect on bitcoin but I think with time China is going to be more friendly with crypto since crypto is a new technology and China always do good when it come to technology they are going to formulate a more friendly agreement that will regulates the activities of bitcoin in that country.

kimochidesh

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China has an unfriendly attitude to cryptocurrencies because it is decentralized, which means it will be regulated and controlled by the public only. This goes against its communist idea. Not to forget that China has also banned Facebook, Google, Yahoo, etc. So banning cryptocurrencies by China was not surprising for me at all.

supercanada1

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Quote from: ?? on ??

I am a chinese answer are below:

1 bitcoin should die because this challenge their right to create money

2 large proportion of people do not have knowledge about bitcoin. gov should protect them from suffering scams

3 pumps and dumps makes people lost their money quickly

4 bank and financial institutes a fear of bitcoin can substitue them

Besides, steeling private keys, exploring wallet vulnerability, operating fraudulent exchanges and investing funds, dark web market place are other negative impacts of the coin on individuals and markets. But despite banning Bitcoins, China could also use alternate strategies for reducing security risk. Using highly secure wallets, avoiding the dark web and researching Bitcoin exchanges and other services could make Bitcoin safe to use for multipurpose and the masses could be benefited from the numerous fruits that Bitcoin ears.

Rozita

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Quote from: ?? on ??

I am a chinese answer are below:

1 bitcoin should die because this challenge their right to create money

2 large proportion of people do not have knowledge about bitcoin. gov should protect them from suffering scams

3 pumps and dumps makes people lost their money quickly

4 bank and financial institutes a fear of bitcoin can substitue them

But in this way, people miss a big opportunity. There are a lot of advantages that are ignored by the government. It's not a good idea to ban bitcoin to protect people. Instead of this, the government should help the people to know cryptocurrencies better. Banning a technology won't help people.

cryptobike

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chaina have an friendly policy on cryptocurrency because they are very conservative and they want to ba seperate from others....they will not change their policy

ciciliacrypto

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Chinese people aint stupid ,the have to put in regulation in what they dont understand .

bitbunnny

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I'm not we can say that China actualy acts unfriendly towards Bitcoin. They wanted to regulate exchanges and market and in a way they had some wild west ongoing there especialy related to miners. The rules are very harsh and strict but they are aimed to protect the users from growing scam projects and also to protect the economy.
At the end Bitcoin in China will survive and miners and exchanges will adapt.

NJB18

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Quote from: ?? on ??

I am a chinese answer are below:

1 bitcoin should die because this challenge their right to create money

2 large proportion of people do not have knowledge about bitcoin. gov should protect them from suffering scams

3 pumps and dumps makes people lost their money quickly

4 bank and financial institutes a fear of bitcoin can substitue them

Good to hear an answer from a Chinese. I don't now why most of these so called financial experts will say that bitcoin should be avoided as much as possible due to its high volatility. They will always mention that you will lost your money quickly but they never mentioned that most of these bitcoin hodlers are actually gaining quick money too.

sirkings0003

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Quote from: Jones chen on April 04, 2018, 08:37:03 AM

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

Naturally, no one that enjoys an authority over something would want to just relinquish it just that way. There would be a fight. Yes, they have come up with a lot reasons why they are clamping down on crypto but they are not cogent enough for me. I believe they would change definitely.

liamnorthcoins

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Quote from: Jones chen on April 04, 2018, 08:37:03 AM

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

I think it has to do with the type of government that they have. Their government system wants control over the people and with bitcoin decentralized and anonymity design they will lose the control of their population. Also it might be just a marketing strategy of chinese to make the cryptocurrency drop its value more and when it is very down they will buy almost all available share of bitcoin investment. So if this speculation is true the drop is just for a time and the market value for bitcoin will grow exponentially soon!

VitKoyn

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Quote from: Jones chen on April 04, 2018, 08:37:03 AM

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

We all know that the government of china is know for restricting or banning a lot of things that they can't control or anything that are against their beliefs. Bitcoin and other cryptocurrencies are decentralized in nature so no one can dictate the price and no one can control it, so it is not surprising that they also ban those exchanges that lets people buy and sell cryptocurrency and invest in crypto crowdfunding using their local currency. Will the future change? It depends, it is still possible that they will reverse their decision about cryptocurrency if they are willing to regulate it, if not there is no chance.

PilosopongTacio

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Quote from: Jones chen on April 04, 2018, 08:37:03 AM

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

Its probably because they cant control cryptocurrency.
Having said that, it might also be about the implementation and regulations. Even the idea of imposing taxes on it.
Also there is the issues of fraud and their government might think that cryptocurrency is being used for criminal activities and for other illegal transactions..

mktpromp

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It’s tough to explain actually, as you can see, china is a big country. There are many different things are going on there, before understanding the reasons, you have to understand how china works.

annasadia

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I think there is no specific rules and regulations regarding cryptocurrencies that is developed by China Govt. So it would be hampered by scammers and blackhatted people. And realizing this, they are now working to develop a proper system on it.

thelemot

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Quote from: Jones chen on April 04, 2018, 08:37:03 AM

Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?

I think china does not approve of crypto because people can avoid taxes, maybe that's a big problem for every country. if someone runs his money without having to pay taxes

brampower

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Quote from: YuginKadoya on April 04, 2018, 09:00:28 AM

In my opinion I think they are just implementing rules for security reasons and they rather use this kind of method to keep the public safety from Scammers, Criminals, Terrorist, And all illegal activities, that would use cryptocurrency as a method of getting money I really think they are thinking ways to surely get all these illegal set aside from the transaction of cryptocurrency but these will cause problem with privacy of certain individuals.

Are you telling that only China in the entire world is worried about these things you mentioned. Some third world countries have banned bitcoin and even they are claiming that it will be used for money laundering and terrorism, which is not entirely true, i am not sure why they have an unfriendly policy towards cryptocurrency but i am sure they will regulate it in the future with strict regulations in place.

Anti-Cen

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High fees = low BTC price

It might have something to do with drugs, sex services, gambling and ransomware viruses which Bitcoin has been
built upon and now we have ICO type scams too.

China did not kill bitcoin, miners did with crazy high fees so no one trusts them anymore and they are trying to have the finger
point at anyone else but the guilty parties and if you look at peak fees then the prices has been dropping ever since

Doge dealer

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having an unregulated industry such as the crypto currency industry can spell disaster for an economy such as china's , bitcoins cant be controlled at this point in its existence and there lies the danger for the Chinese government , as the Chinese people are heavy investors in the crypto world , the fact that bitcoins are decentralized it will pose an issue for them to properly plan because they cannot say with any certainty who and what amount of crypto that person has so definitively it will affect their fiscal planning if its allowed to just be "free" , remember the Chinese carefully plan there economy , planning every single detail , bitcoins provides a serious obstacle as you really cant plan definitively around bitcoins at this point. your also able to move serious amounts around the world in an untraceable manner and this can have serious impacts for them in their effort to be world leaders.

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