Why Is China Against Bitcoin?

Bitcoin is a cryptocurrency that is approached cautiously by all countries of the world due to crypto mining. Being the first, having a lot of investors, and being secretive are both pros and cons of bitcoin.

While some countries (for example, El Salvador) have taken positive steps towards Bitcoin, some countries (for example, Iran and China) have seriously declared war on Bitcoin.

So, have you ever thought about why the two ends of these scissors don't come together? Would countries oppose such a currency only for reasons we know? Or are there other dangers that we do not know or understand yet? We evaluated the answers to these questions together.

About the Structure of Cryptocurrency

Cryptocurrencies, especially Bitcoin, act based on privacy. Although transactions in all wallets are extremely transparent, being anonymous can be extremely simple for these wallets, which are just simple characters.

This is the first danger for cryptocurrencies and countries. In other words, you can make such a large amount of money that it is not possible to take it out of the country under normal conditions, only through a few minutes of internet connection or a simple USB memory stick.

In this case, it means uncertainty. No country wants to let Chinese currency flow quickly, for example. This uncertainty manifests itself more clearly in countries where there is no environment of trust.

On the Example of Iran

Another country that does not take kindly to Bitcoin is Iran. Of course, Iran does not ban it for religious reasons. Although the country is a country with high natural gas and oil reserves, it has decided to ban crypto mining by using the current power cuts as an excuse.

These prohibitions and sanctions directly serve the founding purposes of cryptocurrencies. Since no oppressive country will be a supporter of privacy and freedom, it will not allow the production and use of such cryptocurrencies.

It can block stock markets in other modern countries. For example, Italy has blocked one of the world's largest stock exchanges, Binance Global. The main reason for this may be to prevent the money from going abroad by using the tax deficits of these exchanges as an excuse.