At present, Chinas domestic virtual currency trading platforms lack the relevant legal license, which leads to the virtual currency trading platforms free from the existing regulatory system. In fact, there is a huge business risk.
Money Laundering & Pyramid Schemes
Darknet Transactions
Lack of Licensing
Market Manipulation & Security Concerns
Opinions please.
https://news.bitcoin.com/expert-reasons-chinese-regulators-shut-down-bitcoin-exchanges/ What cause all of this is their FEAR of bitcoin taking over their currency, as we all know China had a distinguishable share when it comes to the transaction on a daily basis. But what they didn't see is its all a chance to alleviate their people's way of living. It's hard to be a country where your government wanted to control everything. Glad that I'm not in China, and hopefully our country won't stop us getting bitcoin.