How China started a war on Cryptocurrency?

[cryptoc]

The aggression of the Chinese government toward cryptocurrency is still raging on. Equally, in a determined clamp down, authorities in China are energetically trying to keep cryptocurrency trading under check.

@cryptoblockwire.com/china-crakcs-down-on-cryptocurrency/

[brecalynch]

China government want relishes firm control of the system back again.

China was once a frontrunner in virtual currencies. The country accustomed be the largest Bitcoin market within the world. At that point, China was leading within the mining and commerce of Bitcoin.

Then the war started.

During a bid to guard the traditional industry and cut back illicit capital flows, the financial institution and different regulators began shooting at cryptocurrency exchanges, movement down access to most of them.

Thus, the cryptocurrency market bled in China. The country’s share of worldwide Bitcoin-trading, that with pride hierarchic around 90%, crashed embarrassingly to below 10%. , The ban on cryptocurrency is geared toward “maintaining the safety and stability of the economic system.”

[owmivmen]

Yes, maybe China considers Crypto very risky to be traded. Rejection of crypto has occurred in China since last year and made crypto prices decline.

[Leebarnes]

There is no clear reason why China has ban bitcoin, how China started a war against cryptocurrency? first, they ban ICO and advised local exchange to stop their activity.

[marshmellow]

All I know, China does not prohibit crypto currency @Leebarnes. Because we know, there are several coins born from China, like NEO. However, China will only regulate trade in crypto.

[kap]

China is always like this,they have banned facebook and created their own social media network.They are known on copying other's work then produce their own,this is why china is one of the most powerful countries they dont rely to other's instead they are creating their own.

[Bobcrypto]

The aggression of the Chinese government toward cryptocurrency is still raging on. Equally, in a determined clamp down, authorities in China are energetically trying to keep cryptocurrency trading under check.

@cryptoblockwire.com/china-crakcs-down-on-cryptocurrency/

I think it is completely a laughable situation for China to be clapping down on cryptocurrencies, unfortunately, there are project that were lunched from china, coin like Neo, plus seroius mining activities going on in China, and by the Chinese citizens. It is not possible to share a particular with your teeth to people and you claimed a hatred for the meat. What China is doing, in my opinion, has no effect because, sooner than latter, crypto will definitely surpass fiat usage.

[Ezzi]

The aggression of the Chinese government toward cryptocurrency is still raging on. Equally, in a determined clamp down, authorities in China are energetically trying to keep cryptocurrency trading under check.

@cryptoblockwire.com/china-crakcs-down-on-cryptocurrency/

I think this is primarily due to the active use of electricity, they are also concerned that they do not pay taxes on it, because it is much more money

[tamango]

CHina has a very centralized government that makes many restrictions so I think it's normal to think that they will continue to fight against crypto when they realized that this can cause many problems of controls  because of decentralizated nature of blockchain principles.