Post
Topic
Board Legal
Re: Why has China declared war on bitcoin and digital currencies?
by
ConquerGold
on 15/06/2018, 07:21:50 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.
True that. Since cryptos like bitcoin is decentralized, what they want to happen is for it to have regulations and be able to tax this type of trade. What's ironic is they don't regulate massive mining farms there as well as stop the manufacturing of mining devices there, like they want to make the most money out of the whole industry Roll Eyes