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johnjeff

Why does China hate Bitcoin?

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This is pretty much the whole story right here...
" 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.

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Chinese are really business minded people. Cryptocurrencies bypasses tax in products which means lesser profit for them. Another thing is that online stores are ran by different foreign group; if their citizen choose to buy online than in their local stores, that means more money will be going out than coming in to their country 

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"Chinese media outlet Jinse.com has reported that laws governing the use of virtual currencies in China will be enacted on October 1st 2017. Jinse states that Chinese cryptocurrency regulations were incorporated into the nation’s “General Principles of the Civil Law of the People’s Republic of China” legislation, which was voted on and passed on March 15th".

https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

 

in fact I imagined that the real intention was to start regulating the crypto-market

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On 24/09/2017 at 04:41, johnjeff said:

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.

This is where China and Russia are going to clash soon.
Russia is essentially using and supporting Bitcoin because it is neutral and independent from the global FED led Central Banking System and its FIAT money system... however Chinas Central Bank is still partially under control of the same FED led central Banking System that promotes FIAT money...
 

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10 minutes ago, Bes19 said:

I don't think thhat they hate it but they want something even more. i think They want to ban bitcoin and create their own coin that could surpass btc. 

I would agree. we know what china can really do, they want their own digital currency.

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44 minutes ago, anbushinta said:

I would agree. we know what china can really do, they want their own digital currency.

Yeah that was what i really thought why they banned bitcoin. They are greedy af! They want to manipulate everything.

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Grr, China is so greedy that even see interest on Bitcoins, why they dont let anyone own bitcoins other than themselves. they are so selfish.

Edited by Jenn09

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13 hours ago, Zephiera said:

don't they hate everything?haha they ban something and they will create a similar version to it made exclusively for them. That's why I think they are a super power country. xD

i just think they are really good with business that they foresee the threat of btc in their business

Edited by Mistletoe

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