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/Bitcoins in China was banned due to the uncontrolled volume of bitcoins in the country. They had to 'ban' it or better yet control it with stricter regulations that would somehow control the flow of bitcoins in the world. With that kind of control, they can shift the balance of the economy to its proper place.