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/There are several reasons for China's Bamboo Curtain prohibiting Bitcoin transactions.
Virtual currencies are hard to control
Bitcoin exchange rate up and down purely following the market mechanism.
Easy to use for fraud
for some people who understand the Bitcoin movement, it could be a lucrative investment.
Destroying the investment world
Bitcoin is potentially bubble and breaks out after a lot of popularity and lots of people want to have.
China is the center of virtual currency transactions
two of the world's largest Bitcoin markets exist in China. Imagine how much damage China suffered when bubble and break.
China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality.
Used illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities