Post
Topic
Board Legal
Re: Why has China declared war on bitcoin and digital currencies?
by
KorakPawon
on 23/05/2018, 03:53:05 UTC
China’s government is starting an all-out war against bitcoin and other digital currencies by banning fundraising through initial coin offerings and shutting down all mainland digital currency exchanges?

They have closed down the exchanges some time ago, but it's not set in stone. What I mean by that is, there's a reason for the ban and it's not "the good of the people" or a similar slogan. They are doing it to make all crypto businesses file for a government issued license and that will require them to pay a certain fee. The license will also make sure only certain people are allowed to run an exchange and this will of course be members of the ruling party or their family members.
IMO by this time next year they will announce the plan to tax and regulate exchanges.
actually this issue has long been discussed China is often open the lid How the use of Bitcoin in their country for various reasons one of the most important thing is the Central Bank of China has banned local companies to conduct transactions related to the virtual money. The ban orders follow fears of a sell-off that could bring Bitcoin's value down to 60 billion dollars from the total since the cryptocurrency transaction reached its highest point.