China has quite an authoritarian stance on most things that are often taken for granted in Western countries. The Internet in general is heavily censored, with many major sites such as Google and Facebook being restricted.
The Chinese government also has a lot of control over the economy. Much of Chinese industry is publicly owned, and there are currency controls - for example, the government sets official exchange rates on currency.
It's not at all surprising that this would result in relatively strict control over Bitcoin. Bitcoin is difficult to control, so I think they're hoping that authoritarian regulations will deter people from buying or using it.
Topic: Why does China have an unfriendly policy on cryptocurrencies such as bitcoin? - page 2. (Read 226 times)
April 04, 2018, 12:24:48 PM
April 04, 2018, 10:20:03 AM
Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?
As you know China is a very big country and there are thousands of syndicates and smugglers are residing in that country. The Republic of China's one biggest problem is money laundering and bitcoin have become a vector for smugglers and criminals to move out dollars from China. China has a strict policy on sending US dollars out of the country and they even set a limit as to how much a family per year can send an amount of dollars. Thus with those syndicates and smugglers using cryptocurrencies as one way of smuggling money out of China the Chinese Authority have decided to place a strict regulations on the exchanges. Those exchanges on the other hand have failed to comply with the new regulations and have decided to shut down its operations.
April 04, 2018, 10:15:04 AM
Bitcoin And Chinese Internet Stocks Beat Wall Street
Bitcoin and Chinese Internet stocks have left Wall Street in the dust, so far, in 2017, making some investors multi-millionaires quickly. At least investors who poured money into them early.
https://www.forbes.com/sites/panosmourdoukoutas/2017/08/11/bitcoin-and-chinese-internet-stocks-beat-wall-street/#402a3c64e262
Though governments will be liking to regulate bitcoin and other cryptos too.
Bitcoin and Chinese Internet stocks have left Wall Street in the dust, so far, in 2017, making some investors multi-millionaires quickly. At least investors who poured money into them early.
https://www.forbes.com/sites/panosmourdoukoutas/2017/08/11/bitcoin-and-chinese-internet-stocks-beat-wall-street/#402a3c64e262
Though governments will be liking to regulate bitcoin and other cryptos too.
April 04, 2018, 10:13:20 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.
It's not this in the least, they're trying to ensure that they keep control over their currency -- as a much higher number of people (percentage wise) in China are using crypto, or were using crypto, than in the United States. So China felt as if it was losing control over their countries currency and that was a problem to them.
So yeah, you can't frame this like China caring about their people -- that's not even close to what it is.
April 04, 2018, 10:09:35 AM
Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?
Let's look it in this way, creating and issuing your own currency is not something many countries will allow you to do. If you try to create one you may end up in prison. The situation is different with cryptocurrencies as with it being peer-to-peer you can't kill it. Some country will allow it, some won't but ultimetly at the end of the day it's nearly imposbilbe to shut down. So China is doing what it has to do, it is looking at the market closly and trying to regulate some aspect of it, the one they have the control of. Cryptocurrencies are in some grey area in most countries and China is simply doing things, the leaders of country see as things that are done to protect some part. USA is also looking into regulating it, but so far they don't have that "unfriendly policy" but from my understanding both China and USA don't like the fact how most ICOs are done and the way they collect money.
April 04, 2018, 10:04:24 AM
Hi,
China is... a complex country actually.
Officially, this is one of the few countries in the world that isn't capitalist. In reality... Well, this is quite complex. The "communist" characteristic allow the country to implement laws that are really limitating people's actions. On the other hand, this country is the most trading country in the world. The Chinese government is perfectly aware of the opportunities offered by capitalism and they use them. A lot.
They trade, they buy, they offer cheap workforce.
Regarding bitcoin more specifically, I'd say that the existing regulations and the ones that could be implemented next, only reflect what China is. Making profit is ok, as long as officials can benefit. So bitcoin (and other cryptos) is bad because earnings won't be controlled.
China is... a complex country actually.
Officially, this is one of the few countries in the world that isn't capitalist. In reality... Well, this is quite complex. The "communist" characteristic allow the country to implement laws that are really limitating people's actions. On the other hand, this country is the most trading country in the world. The Chinese government is perfectly aware of the opportunities offered by capitalism and they use them. A lot.
They trade, they buy, they offer cheap workforce.
Regarding bitcoin more specifically, I'd say that the existing regulations and the ones that could be implemented next, only reflect what China is. Making profit is ok, as long as officials can benefit. So bitcoin (and other cryptos) is bad because earnings won't be controlled.
April 04, 2018, 09:46:42 AM
Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?
humm... china has a dark politics that wants to control everything that its people do, they are authoritarian. restricting the internet, restricting the press, restricting reproductive rights and freedom of religion. with these all constraints do you think they would allow their people to use a decentralized currency? Of course they would not allow their people to use bitcoin.
Will the future change?
I doubt very much that this happens, just to see that the Chinese government does not seem to change
China To Develop Centralized Crypto, Protects Yuan Against Non-State Digital Currency
The People’s Bank of China (PBoC) will continue to apply strict measures on virtual currencies as part of its strategy for protecting and strengthening the yuan (RMB), according to a statement published March 29 on the bank’s website.
April 04, 2018, 09:33:28 AM
Countries have individual reasons to be hostile on crypto, including the analogy that crypto posses a threat to countries economic development, foster crime, among other reasons
April 04, 2018, 09:11:28 AM
Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?
The Chinese government has great control over the entire economic market. They need to control the market economy, but the currency is fragmented and anonymous, the Chinese government can't control the currency, so they choose to ban the currency, it is not bad for them April 04, 2018, 09:05:22 AM
China is a country with capital controls, and bitcoin affects foreign exchange reserves.
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.
April 04, 2018, 08:37:03 AM
Why does China have an unfriendly policy on cryptocurrencies such as bitcoin?Will the future change?
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