China's three major virtual currencies trading platform Bitcoin China, Coin Network, OKCoin currency have announced that they will cease trading business, the Chinese regulatory authorities so resolute and beyond imagination. I would like to know why China prohibits bitcoin. What is the reason, who can tell me?
This is the news link I saw before：
http://www.myzaker.com/article/59bf055a9490cb703500002b/ Chinese government officials are the main culprit why Bitcoin is being banned in their countries. There are several hypothesis why they are doing this. First, imagine if majority of Chinese people are just doing Bitcoin the whole day, there manpower in a lot of industries and factories will be crippled. We all know that China has a lot of factories and many factory workers. It would result to disaster if all or most people would do bitcoin. Second, Bitcoin makes bank loss huge some of money.
I also read other news about the reasons for China's restriction on the development of bitcoin. They think bitcoin has an impact on the RMB's status and does not match the future internationalization strategy of the RMB. This is not conducive to China's economic development. And China Prohibition of illegal mining, although they do not state that the prohibition, but the behavioral aspects of Bitcoin transactions in many ways, I think this bitcoin will be a negative blow.