China bans virtual currencies—
almost everyone knows that.

But the real question is—
you know they’re banned, but do you know why?

A lot of people immediately say:
“Because virtual currencies are risky.”
“Because they’re illegal.”
“The government doesn’t allow them.”

But ask one more question:
What exactly is the government trying to prevent? Why? Is it money laundering, capital flight, financial risk, or something else?

There probably aren’t as many people as you’d think
who can really explain the logic clearly.

Knowing the conclusion isn’t hard. What’s hard is explaining why it holds.
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