Bitcoin Forum

China is appearing to soften its stance on cryptocurrencies as of late

"In an unexpected move, a major Chinese state bank has posted what appears to be a positive infographic (https://openapi.boc.cn/inews/index.html?from=singlemessage&isappinstalled=0#/authorPageDetail/1000899%3FchannelId%3D110000%26fromShare%3D1%26inComeSource%3Dzyzq-main) on its website detailing the history of Bitcoin (https://bitcoin.org/en/) and some basic cryptocurrency concepts. The infographic notes the impressive gains that Bitcoin (https://bitcoin.org/en/) has benefitted from recently and appears to address the relevance of cryptocurrency in today’s world.
Leading crypto payment gateway Coinpayments (https://www.coinpayments.net/) recently formed a partnership with directory listing site Cryptwerk (https://cryptwerk.com/), in a move that will no doubt help increase adoption within the industry. In the press release regarding the partnership, Sean Mackay from Operations at Coinpayments (https://www.coinpayments.net/) raised an interesting point when he said that “It’s important to remember to not just hodl your crypto, but also to spend it to help increase adoption. Since the crypto space is still early days, spending and transferring cryptocurrency has never been so important!”
Trading of Bitcoin (http://China is appearing to soften its stance on cryptocurrencies as of late  "In an unexpected move, a major Chinese state bank has posted what appears to be a positive infographic on its website detailing the history of Bitcoin and some basic cryptocurrency concepts. The infographic notes the impressive gains that Bitcoin has benefitted from recently and appears to address the relevance of cryptocurrency in today’s world.  Leading crypto payment gateway Coinpayments recently formed a partnership with directory listing site Cryptwerk, in a move that will no doubt help increase adoption within the industry. In the press release regarding the partnership, Sean Mackay from Operations at Coinpayments raised an interesting point when he said that “It’s important to remember to not just hodl your crypto, but also to spend it to help increase adoption. Since the crypto space is still early days, spending and transferring cryptocurrency has never been so important!” Trading of Bitcoin and cryptocurrencies in China has been illegal since the country banned Bitcoin exchanges back in 2017. While the ban forced some exchanges to move their operations to other countries, it is believed that millions of Chinese citizens still trade cryptocurrencies through subversive means. Although trading is banned, mining cryptocurrency in the country is still legal, and it is estimated that 60 percent of all Bitcoin’s hash power comes from China. The change follows a recent legal ruling by China’s Hangzhou Internet Court that classified Bitcoin as a commodity that should be considered ‘digital property.’ While the ruling didn’t go so far as to give it a ‘legal currency’ status, the recognition by an authoritative body is evidence of changing mindsets within the country." This brings the question of will china accept cryptocurrency as a currency or will it just stop its level of support at accepting it as a commodity) and cryptocurrencies in China has been illegal since the country banned Bitcoin exchanges back in 2017. While the ban forced some exchanges to move their operations to other countries, it is believed that millions of Chinese citizens still trade cryptocurrencies through subversive means. Although trading is banned, mining cryptocurrency in the country is still legal, and it is estimated that 60 percent of all Bitcoin’s hash power comes from China.
The change follows a recent legal ruling by China’s Hangzhou Internet Court that classified Bitcoin (https://bitcoin.org/en/) as a commodity that should be considered ‘digital property.’ While the ruling didn’t go so far as to give it a ‘legal currency’ status, the recognition by an authoritative body is evidence of changing mindsets within the country."

This brings the question of will china accept cryptocurrency as a currency or will it just stop its level of support at accepting it as a commodity [/font]

-source : https://cryptocurrencynews.com/china-stance-cryptocurrency/

Countries in the world who have come in contact with Bitcoin love the coin but will not be interested to make it their official currency as that might affect their internal financial economy. Bitcoin will the reserve currency I presumed because many other countries will like to have and adopt their own cryptocurrency for internal uses. China will definitely have their government coin or token to be adopted through Bitcoin.

They will have their own centralized coin,
they will also have their own alternative for Libra coin,
but there are also many miners from China... so BTC will be used one way or another

The economic tension between the US and China is increasing rapidly. Meanwhile, some Chinese companies have announced that they will stop buying goods through the US. The US accused China of manipulating foreign exchange. After such tensions, these countries' views have to change against the BTC. Because if one takes over, the others will suffer.

Every country has have the rights of doing such thing like accepting bitcoin as currency but it should be like China as of now which looking forward for bitcoin acceptance of their people and banning of crypto currency is not in effect already .

Probably we might, that is if China will loosen it hold on many things in the future.
Moreover, China is not the only country which cryptocurrency will create huge impact. If many huge  countries  with high population will accept crypto digital, particularly Bitcoin. We will have faster adoption and circulation.

https://i.imgur.com/Kod7PD0.gif

you're right:


Source: https://cointelegraph.com/news/chinas-central-bank-prioritizes-development-of-digital-currency


The Chinese government will not accept cryptos easily because they want to have control over their people and they prioritize things done in their own country. Imagine if satoshi was Chinese? the Chinese government would probably accept bitcoin, but the US government would be creating barriers against bitcoin

What do you mean by accepting Bitcoin As A Currency? Does it mean admit it? Or the enactment of legislative acts? Or use it as an alternative to the official currency?

China is one of the most hard-line countries in the financial arena and is manipulating its domestic currency to guarantee sovereignty in the industrial world. Any threat to the Chinese yuan will prompt the government to enact legislation limiting its circulation as a currency of the Chinese. So China will not rely on btc as a means of making payments.
As for the enactment of legislative laws that regulate its work, this requires international legislative laws governing cryptocurrencies and even if this happens, the currencies to be regulated are the central one.

I think the Chinese government could very possibly be buying bitcoin as a hedge against their currency devaluing. Bitcoin will be legal there & probably taxed but they’re not going to adopt it as their national currency if that’s the question you’re asking.

Never, ever.

They squashed the idea several years ago. If their digital currency plans are true then all and every threat to it will be doubly squashed.

No doubt there'll be a thriving secondary market for BTC. No way will it be permitted to put its head above the parapet officially.

They may have squash it years ago but things change, I guess during that time they were just spreading fud and have bought more BTC all for their investment.  :D

The government of China is now working with some crypto projects such as GOOSEQ which is a logistics related project. Since they are doing this right now, they may be able to support more projects. The developers in the country is taking it very seriously like this Goose Q which also partnered with big telecom in providing Simcards for the truck drivers in their project.

China had the most users using cryptocurrencies right before it banned crypto mining in China. China is open to new technologies and has been a well developed country.
If China had not banned crypto then we may have seen a significant rise in bitcoin's price in today's date. Lately, China has been loosing it's grip on the ban of crypto.
So if China uplift's the ban from Crypto then I am quite confident that many users will return to using and mining crypto.
Although I am not sure if China would accept bitcoin as a currency but if it does then there is no stopping to wildfire it would spread.

I'm not sure it matters much if btc is ever accepted as a currency. I mean gold isn't really accepted as a currency (though it is technically defined as one), you can't go to the store and buy a load of groceries with it in any developed country.

It is possible, but for the mean time they would be exerting efforts to strengthen their plans to create their own cryptocurrency which, IMO will be their top dog to at least give CNY some form of salvation from its current devaluation. They have been pretty much undecided for the fate of bitcoin within China for the past 4 years, and apparently the only way they choose to go is to create their own cryptocurrency that could hopefully save their CNY from falling and join the hype train of countries wanting to adopt cryptocurrencies in their financial system. Perhaps we will see digital CNY side-by-side with bitcoins in the next coming years or so, but right now I don't and won't expect that to come.

countries are usually more willing to accept bitcoin as a commodity, security or something like that which they can tax easier and "more". if they accept bitcoin as a currency then they will have a much harder time taxing it and will definitely not be able to tax it as high anymore. that is why Japan (adopting bitcoin as a currency) removed taxes on it!

remember that them creating their own altcoin doesn't have much to do with what they would do to bitcoin though.

I believe, eventually china will accept Bitcoin as a currency.  This is like a domino effect if one by one a country is accepting Bitcoin as a currency, China don't have any choice but to accept it as other country do else, it will affect them in terms of economic development.  They will miss the economic benefits of cryptocurrency start-ups that will give them more revenue and help give jobs to their citizen.

I dont think so.  :)

It will be good if one of these developed countries adopt bitcoin into their financial system as I believe that it need to be tested before adopting it worldwide. I believe that China has the capacity to do that as a technological country and most of the cryptocurrency experts and developers are Chinese. It is now clear that they stand against cryptocurrency is clear and understand and it is quite different from what we read daily online.

Yes and No.

China will accept Bitcoin as a currency eventually. -->Yes
But that accepted Bitcoin would be a Chinese version. -->No

Good to some positive news from China after a very long time and with the trade restrictions being imposed upon them by the US, they might feel that bitcoin market could over come those trade restrictions and they might levy the unwanted restrictions they imposed on bitcoin and the current rally might be boosted by the news from China, i am not expecting China to accept bitcoin as a currency but merchants could understand the true potential of bitcoin and use it to have a free trade worldwide and overcome the restrictions.

The ongoing economic tension between the united state and china is one of the major reason while I think china is softening ground on crypto adoption. If the two country problem still exist, China will have to look for alternate to the USD to carry out there trade. I think they will most likely legalize and subsequent adopt crypto.

Actually, no one knows. But for now, I think it will be too risky for China to accept Bitcoin as a currency. We can imagine that all anonymous BTC holders can use their Bitcoin as a legal currency of China if then, China accepts it as a currency. This may bring bad impacts, so I doubt if China will do it in the near future.

I don't thing so. China maybe has a great resources in their industrial and technology, but they not easy to accept something that can change peoples mindset and control their economy. In my opinion china to china has high culture, they don't want their culture to be replaced, so they won't replace their yuan or accept any payment using other currency.

I guest they will follow crypto trend in next decade, or after they can control crypto

I highly doubt that. China wants everything to be made in china. Have you noticed that almost all technologies coming from other parts of the world are either replicated or become bases for chinese versions of their own products? Bitcoin may be allowed as far as it is an asset or a property. But most probably only up to that. China is busy developing their own version of cryptocurrency right now. Because of that, cryptocurrency will be allowed in china in the near future but it will only be their national digital currency. This country is rather selfish. 

Well i hope they see the light, but i'm not holding my breath... Perhaps in a decade, as one of the poll choices suggests, when its obvious that "everyone is doing it" besides the "ban".

China is one of the largest users of Bitcoin in the world, if not THE largest. Most of the major price fluctuations come about by the time "China awakes", not when America awakes...

100 percent, definitely a nope. China's government is very safe and centralized and a couple of years ago, they already crushed the idea of having a cryptocurrency that was decentralized be popular in their system.

This situation reminds me of the one with Facebook. They had a stern look on cryptocurrencies and ICO's and didn't allow then to advertise or be affiliated with the site, but then when Libra was closed to be finished, they allowed some ads to be put up and were much more lenient with their rules.

China will make its own centralized currency that their government will be able to control. There's no way they let bitcoin get be, the decentralization aspect is too scary.

i believe that every country or at least majority of them will eventually accept bitcoin as a currency because they won't have any other option as the adoption will have already grown big enough for them to not have any way to go back.
but until then, which may take another decade at least, they will continue resisting bitcoin and either have a vague stance or accept it as a commodity.

Launching The Guardian, last week, the price of bitcoin jumped by 20 percent, making it the highest price since 2017, and adding to the price of five thousand US dollars for the first time. This incident invites the most experts and traders. Bitcoin, which controls the global cryptocurrency market declined again by 1.4 percent on Tuesday (9/4/2019), while other currencies such as Ethereum and XRP Ripple also participated with the same amount. There is no certainty about this Chinese policy that will burden the bitcoin market. Since 2017, China has canceled the cryptocurrency market strictly and started auctioning digital coins and closing local cryptocurrency stalls. China has also started a number of companies that conduct bitcoin mining in their countries and ask them to do it elsewhere. Nearly half of the world's bitcoin miners are located in Asia Pacific, according to a Cambridge University report in December. Bitcoin is the first cryptocurrency born in 2009, discovered by Satoshi Nakamoto. The creator's name is an alias and an approved identity has never been announced. Launching Forbes, in the first year of its appearance, Bitcoin is available on the internet to be mined. Until 2010, bitcoin was never traded, only mined, so bitcoin has no value. Until the middle of 2010, someone took the initiative to sell it, 10 thousand bitcoin for pizza two. At present, the price of 10 thousand bitcoins has reached 100 million US dollars. Over time, bitcoin has buying and selling prices like winning a real currency. New cryptocurrency is starting to appear, such as Namecoin and Litecoin.

I think there's a big possibility because China is an opportunist country they don't want to be left behind especially with regards to block chain technology, that's why they soften their stance on cryptocurrency because they know that it will bring good income to their economy and possible they will accept bitcoin as a currency in the years to come.

I think it's impossible, because China's population is so big, accepting Bitcoin will be difficult.
In addition, it seems that China has dismissed the idea of accepting Bitcoin in advance because Bitcoin has been released since 2009, meaning 10 years. A big economy like China has the ability to hold Bitcoin easily. But they seem to have doubts about Bitcoin's ability and stability.
In the future, it is likely that China will accept electronic money but not Bitcoin.

A deep question, anyway China will not easily allow and will never accept bitcoin as their own currency IMO. China country always wants their nation to be centralized, though there are many good news and statements about China being in a positive side of bitcoin but when it comes with replacing their own fiat wtih bitcoin then of course it will become a different issue.

Mass adoption in China about bitcoin is still lacking, so the replacemenf of their fiat currency into bitcoin is far imposibble.

If they do or don't bitcoin will still grow and provide value. They were against the idea a couple years ago but I think things are turning around. There is a limit of how many currency wars there can be and none of them effect btc.

Well, I guess it depends. China is still doing fine since the ban of cryptocurrency, and I'd say crypto is doing worse due to the lack of Chinese whales that used to help push up the prices of BTC and other alts.

They don't have a vague stance on BTC really. It's banned due to decentralization, but crypto isn't because they are a fan of blockchain technology, if centralized.

Most miners are in the asian region due to their cheap electricity, especially India and China, and it's not very surprising.

I have a question though - do we think the new Chinese cryptocurrency will be mineable?

I think the Chinese government will never use bitcoin as their fiat currency. Although they might buy a lot to back up RMB, especially under the trade war with the  U.S.  government. However, in the near future, they probably consider pegging bitcoin with RMB, cos, mobile payment are prevalent among China, it is natural to take bitcoin pegging into their next step.

China will definitely accept bitcoin, but hardly as the main currency in the country, because their goal is to make the yuan a world currency

Bitcoin is improving with the time.it is going to the people with lightning speed also.moreover people of educated society somehow are attracted with the digital currencies and Bitcoin is the master of all.So as a wise county my thought says china will  accept bitcoin .To improve and develop the economical condition of China.

The shown possibility is quite surprising as unknowingly they have already accepted Bitcoin as a digital asset the only barricade is the compliances that may take 10 years to accept it as a mainstream currency.

China is one of those countries that uses cryptocurrency very much. It is possible that in the near future they will use bitcoin on an equal footing with other currencies. Then China will go further in the use of cryptocurrencies and I think it will benefit them.

Indeed but they won't make it, because Bitcoin is here. Their aim with Yuan is replace the USD, as in, why it is the Americans that can print unnoticed and not us? Of course its not really unnoticed, but its true that the USD has some sort of unfair advantage. However, Yuan or any other centralized fiat is not the answer. Bitcoin is.

Their coin was already accepted by the IMF, and its quite strong among the fiat coins (which are all garbage in my opinion anyway, but of course none can surpass ours in that :))

So i think first they will lift the ban and add heavy regulations like many other countries do, and perhaps in some decades accept it more. China will probably take longer due to their political system. but even within their communist party, there is a generational change. Some people in there will get it.

US Tradewars? That is ending with Trump, and Trump period ends either next year after 4 years more. Unlike my country, where any moron with enough power can nail itself to the chair and condemn the people to endless misery unchallenged (and concentrate all the power because no one can challenge them after the fact).

By either 2020 or 2024, the Chinese will be more open to Bitcoin, even if they lauch their own "crypto". Main reason is that they probably won't make their own coin decentralized, because if there is something socialists are against, is decentralization. They want everything controlled from a central power. But China knows better than anyone how bad that turns out (see famine under Mao).

IF they make a coin nearly like Bitcoin, or a Bitcoin clone, then things could be a bit more challenging. Indeed any country could take Bitcoin, and just rename it and make it theirs. Litecoin and others isn't too far from that, or most altcoins for that matter. Everyone thinks Bitcoin has a problem, and they change it with what they see as the "solution". But perhaps there was never a problem in the first place, OR, the problem is there but the solution is overkill and ended weakening another crucial area.

But so far government issued altcoins has not been any better than most other altcoins, in fact, so far, they have been worse than the average. Thus they fail to attract the attention of the people, who find themselves more inconvenience than just sticking to the government issued fiat. Or go straight to the real thing which is Bitcoin anyway they can.

if this news is not from the direct government, I think this is still just a discourse. This statement is the same as in Indonesia, even the Indonesian president himself said that "Indonesian people from now on must know more about cryptocurrency". you can see at https://www.cnnindonesia.com/teknologi/20190316234831-185-377908/jokowi-minta-muda-mudi-indonesia-paham-soal-ai-hingga-bitcoin
but once again, in my opinion this is just a discourse because it is very clear that the Chinese government has yet to ratify the regulation of bitcoin. I think maybe in the next few years this can only become a reality

They will surely accept cryptocurrency because they have no choice again right now as they see that we have some other developed countries who are fully in support and using it, so there is no point fighting a system that they cannot get the world together to go against it.

The only issue I just see here is that they might not accept another person’s system other than the one they will created themselves, which is why I think I saw it somewhere on one of these forum\s topic where it was stated that china is planning to develop their own cryptocurrency also, and that came after Huawei made a statement that they can create their own Libra coin also, but I know that even if china creates its own currency today, they will still be able to pair it with bitcoin in the crypto market.

This is the way to go. China will be accepting cryptocurrency one day because the world is also accepting it. Will they just allow themselves to be left behind by the advancement in digital currencies? I know they are now developing their own digital fiat but that will not be like Bitcoin because it will mainly be for domestic transactions. International transactions need internationally accepted digital currency and Bitcoin is undeniably the best option.

I don't think ever, because China itself has developed their own online transactions, and I think that is the answer that they might not accept bitcoin as a currency.

If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.

That's the advantage of using bitcoin, and not only China will be using as this trade war if it will continue, lots of countries will also be affected.
It's like a spreading virus that will slowly destroy an economy due to the greediness of some big countries, small countries will suffer and good thing they have a good option to save their money from value devaluation.

I give my answer to Yes, although I don't know when China will accept bitcoin as a currency. But soon, if the other big countries are accepting bitcoin, and they use bitcoin as the currency, China will follow them. I think China wants to compete with the other big countries in any aspects. And if they can use bitcoin too as the other country, then they can compete, and we know that China already has a big resource for mining bitcoin. Besides that, bitcoin can help their people to get more source of income, and that will grow their people wealthy too.

I see, so what you're saying is when several different countries in china's 'economic area' start accepting cryptocurrency china will miss out on that development? Which will cause them to suffer long term?

Even if they do not do it, China still has a great influence on the price of Bitcoin. The latest BTC jump is closely connected with the fall of Chineses national currency. The investors of this country are actively using BTC, which may also affect the acceptance of the main crypto in this Asian region. If it happens, the market will look differently.

China is creating their own version.
https://cointelegraph.com/news/digital-yuan-weapon-in-us-trade-war-or-attempt-to-manipulate-bitcoin

In other words, now there is an economic war between China and America.There is simply no clear answer as to whether China will accept bitcoin.As there is no answer to the question whether Libya,Uzbekistan,Kazakhstan will accept..... bitcoin.So far, no one dares to take concrete, official steps at the expense of bitcoin and cryptocurrencies.

All China has to do is dump those US bonds but that hurts them too, so they better get rid of them slowly, at higher not lower price. Knowing them they'll patiently just wait for Trump to leave office rather than lose their grip on the US Economy.

Yep, China knows how to play the long game. The USA seems to consistently elect leaders that can't think beyond a single election cycle.

Every nation will eventually legalize bitcoin. It's truly decentralized without a known owner, so nations will eventually adopt it. We can't say the time this is expected to happen. No other coin is more qualified than bitcoin to be used by the world.

no, bitcoin will only accepted as a currency in china if china's bitcoin reserve is more than 50%, or china will create new coin pagged to its Renminbi/Yuan as a china's national digital money

As of today, China is labeling Bitcoin as a legal property, but I don’t know if it can relate to being accepted as a digital medium of exchange in purchasing goods and services.

Last year, the entire cryptocurrency market is taking a huge blow after China banning Bitcoin and ICO related stuff, and they’re cracking down Bitcoin mining facilities. Most of the crypto mining activities were in China itself.

As they’re now softening its stance, that doesn’t mean that they would finally embrace it. They’re still kinda working on the regulation side in using and adopting Bitcoin in their country. Just sayin’ only, but I could be wrong about my statement. 

Bitcoin is used more like a digital gold. China is already using bitcoin as a new store of value. (a small amount, but it's a start, cuz they don't have a choice). It's a new gold 2.0 that can move fast. It's not likely that gold or bitcoin is used like a currency. It might but it will probably be the new digital gold. Maybe in the future, satoshi will be used instead of the currency, but that's just my speculation. I think it's more probable that the countries will issue their own digital currencies and all countries will eventually start to use bitcoin as a new digital gold and a store of value.

China is one of the most developing country, full of  digital technologies. Their digital economy has expanded rapidly in recent years as because they belive in "look before you leap" proverb. Because of scam, hacking & laundering issue, they banned bitcoin. But that they will Accept Bitcoin As A Currency, after 10years if those issues [I've mentioned above]  are possible to solved somehow

China might not accept it, but there citizens will see the reason to use it than any digital money they may ever create because bitcoin still has lots of more benefit than them, and I think that we need to start talking about government accepting bitcoin or not, the more we talk about them accepting bitcoin, the more it draws an attention to them and we all know their stand about bitcoin.

I would prefer that we just let this be the way it is and allow people to by themselves gets exposed to bitcoin through the way we have been creating awareness. I think that as we keep comparing the cryptocurrency to the country’s existing fiat system it provokes them more and if they had the opportunity to be, they would probably had done so. Bitcoin is meant for those who appreciate it and let’s leave it at that way.

I feel that China definitely have the technological and economic capacity.   But I doubt they will adopt Bitcoin.   It is hard to tax bitcoins.  But nowadays everything banned by Trump seems to be welcome in China, they might adopt Bitcoin just to spite Trump.

China is never a county of Socialism. It is a country of Socialism with Chinese characteristics.
And Socialism with Chinese characteristics is actually bureaucratic capitalism which is the worst  (or second worst maybe) form of capitalism in the world.

China is building its own bitcoin with Chinese characteristics which will definitely dwarf faketoshi and Calvin Ayre's bitcoin SV. Chinese govertment will educate(or any word you want to use) Chinese people that the keypart of Bitcoin is centralisation and the commie party should be the centre naturely(How many idiots would take this BS? The answer is the same number of the idiots who believe Socialism with Chinese characteristics is some Socialism).

In my opinion, there is zero chance. China is a heavily manipulated economy, where everything from the national currency to the stock exchange is under constant manipulation. The government has created an artificial scarcity to keep the prices high. The housing prices are much higher when compared to the neighboring countries and the P/E ratio for stocks is many times of that for the stocks in other countries. Since the Chinese public doesn't have any other choice, they continue to invest in these over-priced assets.

Those who want to get out of this manipulation tries to get their wealth moved to other countries, despite the many risks involved in doing so. Capital flight is strictly under control in authoritarian China and can be done only using certain loopholes. Another option is to invest in assets that are not manipulated, such as gold and Bitcoin. But the government doesn't want the citizens to invest in these assets and therefore they have tried to discourage the users.

China have the features you mentioned but I believe you guys are not aware of the Chinese governments stance concern Bitcoin because cryptocurrency is not ban or view as illegal properties in China. Besides, their online court was said to recognized cryptocurrency as assets (http://www.bjnews.com.cn/finance/2019/07/18/604945.html) but there are still some restrictions involved.

China is not a country respecting laws made by itself.
That case is meaningless since any high ranking officers in China can inteprete it in the opposite way.

Chinese MFA Spokesperson to Reporter: “Don’t Use the Law as a Shield”
https://www.hrichina.org/en/content/4902

But what if china sees that every other country on the planet is using this technology and they're not

I could hope that china in someday can accept bitcoin as a currency because, with a big population from that country, we will see a fast adoption from that country so their people can use cryptocurrency/bitcoin in their daily life. That will influence the other country to follows China to use bitcoin, and maybe they will also accept bitcoin as a currency. When it happens, I think cryptocurrency, especially bitcoin, will be more popular and all country will be aware of the advantage of the cryptocurrency.

maybe not, but they might make their own crypto coins to use there. We know that China has many major innovations in the field of technology and the internet. so maybe I developed a crypto that would be used as a substitute for Fiat in that country. and China could become the first country to adopt a blockchain legally in the future.

In my understanding, it is not so hard to tax bitcoin, I believe that if they regulate it, they can do it like United states is planning to do it and some other countries too by working with exchanges, I know that it cannot give accurate result because of different exchanges that we have but china has one of the largest exchanges too, and they also have local exchanges right there, so all they just have to do is work with these exchanges to tax them.

Exchanges would be the ones to place the tax on every transaction off the individuals that uses the exchange, and then remit it to the government, just like the interbank works, and also just like the telecommunication industries works.  If they had known the originator of bitcoin in person, I am sure by now, they would have designed a program that will regulate it.

China most definitely will. I was reading about how Virgin Bitcoin are being highly sought after because of how they'll be regulated meaning a lot of people are looking into them from people in China. Do I think that the government will try to take control and own their own BTC, definitely. But I think China would shoot themselves in the foot if they don't accept btc

https://cointelegraph.com/news/virgin-bitcoin-most-in-demand-crypto-that-is-regulated-differently

Indeed, China with a large population, combined with a relative economy, the amount of capital that can be pushed into bitcoin and crypto is enormous, China's acceptance of bitcoin as currency will be a trigger. But perhaps China will not activate this process because they have too much worry about crime and money laundering, with a large number of users, management cannot be tight, many holes will create, currency such as bitcoin will quickly become a nightmare for China, very few reasons for China to admit bitcoin

^ But the question is when? China has currently banned cryptocurrency into their place, they are heavily manipulated by their governments even though gambling also was prohibited in their place. China has a large population and I think if they are going to accept bitcoin it will have for sure a massive adoption. Nevertheless, we can't blame Chinese governments why they do that.

It seems to me that everyone should reconsider their views on the Chinese government and its statements on cryptocurrency.  China is one of the most active users in the cryptocurrency market, and the government has always played a dual role in order to use as many chances as possible for profit.  Anyone who has encountered the economic history of China, and not just regarding cryptocurrencies, can see that China and the Chinese government will never miss their own.

They are very active

https://weiblock.app (https://weiblock.app) Twetch replacement 1 cent for everything if you receive 2 likes you in profit, one break even
and
https://cityonchain.com  (https://cityonchain.com) in development of craigslist / yellow pages on chain

It's just sad to know that they once accepted Bitcoin before and they were the country that holds the biggest shares overall of the in the market. And now, their government is against it due to the rampant scams and illegal activities everywhere using the cryptocurrency. I still remember those days when they suddenly pop up in the news and then BTC drops drastically during that time.

China will accept Bitcoin as a future currency but not at the moment. Bitcoin will be accepted and adopted by many countries as a currency before China receives it as a common currency in this country. I believe that shortly, Bitcoin will be recognised worldwide. Hope for a good future and wealth of Bitcoiner.

In my opinion China will not accept Bitcoin because the Bank of China (PBOC) states, China's central bank is almost ready to release its own digital currency.
The making of digital currency has been formulated for 5 years. Later, PBOC will launch its digital tokens through a two-tier system, where PBOC and commercial banks will become legitimate publishers.

In fact, maybe not, since China fears a lot for Libra, they say they want that cryptocurrency to be in constant supervision, and I see this as a weakness, even though China has been investigating the whole issue for 5 years to be able to do Launch of the cryptocurrency, they are very close to Bitcoin, I hope they don't use a blockchain network where they claim it will be a different cryptocurrency with Chinese technology.

I think they fear more for Libra than for Bitcoin, in fact, if China takes advantage of opening Bitcoin acceptance operations without taxes, it will help a lot to bring bitcoin to higher prices.

Because in 2017 when there was speculation that Russia was going to launch its own cryptocurrency, they said that it did not mean that they accepted or gave it access to bitcoin, and since their policies are many times similar, they should wait for its launch and we will see what kind of technology will have.

The Chinese will choose Bitcoin but China will promote its national cryptocurrency, which recently implemented a Chinese bank

The Chinese government, by prohibiting and restricting the circulation of cryptocurrencies, was afraid that the use of cryptocurrencies would lead to an uncontrolled outflow of money from the country. However, by their measures, they are unlikely to achieve the desired result. Most likely, on the contrary, people began to use cryptocurrency, withdrawing it from the country, and many even left China, especially for mining. In addition, the Chinese government has already really seen that most states have accepted cryptocurrency and this state can remain on the sidelines of world development. In China, they tried to find their own way to use their cryptocurrencies. Now they are going to issue their own stable coin. All this suggests that there will not give up cryptocurrency, and it is advisable to use various other options.

Im surprised that they accepted Bitcoin again.

As far as I know they banned it and also affected the price at that time. Maybe they realized something like they can't really ban it since they will never know who are using it and where are they using it. It is decentralized so you can't stop your people in using it, better tax it than ban it since banning is useless.

I'm not really sure that China will accept bitcoin as a currency. There is no doubt that so many Chinese people accept bitcoin, even most of them formed mining companies for this.

it's just that, I don't really know that bitcoin will be accepted as a currency because it can be said that bitcoin is one of the tools to make profits there. besides that, i heard that china will also make their own cryptocurrency, even rumored it will compete with libra. because of this, bitcoin might just be an alternative.

you can read about the development of their own digital currency in the link below.

https://cointelegraph.com/news/china-is-racing-to-launch-a-digital-currency-ahead-of-fbs-libra

it depends . some people on other country can do a rally to promote something and soon thier government will listen to them and grant thier wishes but there were also government that will refrain from others request  .

yes they did . before china is verry open to crypto/bitcoin and they accept it like a normal currency but there are times that china have banned cryptos  .  they do it on and off , i dont know the exact reason but lets hope that they will permanenetly accept crypto in the future so that crypto prices wont drop hard anymore .

I doubt this will ever happen.

I have heard the news of China planning to start its own digital currency. If those new are correct, they will launch it by November this year.

If a country wants to launch its own cryptocurrency, why will it then accept Bitcoin as a currency? I think they will again Ban Bitcoin after November.

Why are we still discussing this? this is an old news already, China has already turn its back against bitcoin in 2017 so I doubt that they will suddenly make a U-turn and then embrace it again with open arms. Yes, they love the technology behind, which is the Blockchain because they've been like creating lots of project involving this technology. But it doesn't mean that they will used bitcoin though.

There are reports that they are planning to have their own crypto and probably back up by Yuan to counter Facebook's Libra. So I don't think that we should have any debate on China's stance on bitcoin at this point.

The Chinese government is not very comfortable with Bitcoin, and there is no doubt regarding that. China is a country where almost each and everything in the economy is manipulated (including the stock market and the national currency). Due to this manipulation, ordinary citizens don't have a trustworthy option to invest their savings. Either they should go for the heavily overpriced and manipulated stocks, or bonds issued by government which are susceptible to inflation.

Bitcoin and bullion offers a rare opportunity for the investors to put their money on something that is not manipulated by the central bank. The government was not happy about it and tried to ban BTC. But the users simply shifted their transactions to exchanges in South Korea and Hong Kong. In the end, the government had to bring a more friendly approach. But I don't know for how long this will remain, if BTC increases in popularity.

I vote for, Possibly In the next 10 years. Maybe, it will happen soon because china had a lot of investor and users.. most of top crypto exchange now are from china.. a lot of chinese people use this a primary job to earn some funds. with this possible in that year china will accept and legalize and make it as one of their main currency.. I hope it will happen soon, not that long.

Chinese people would love to take this opportunity but their government itself making a way to stop them and even banned cryptocurrency. It will be good to promote our own, but it has also to be open to what we think that it could be good for all and that is what I understand with their leaders.
It is quite possible to be considered, it only needs more time and their country leaders will suitcase this project for their people.

I thought the Chinese government banned the use of Bitcoins and other cryptocurrencies about two years ago,  I don't see how and why they changed their minds and are deciding to accept the use once again. Maybe they realise that they are indeed missing out on the perks of allowing their citizens using it.

Wrong, the government's decision depends on the wishes of the community and some of their interests, simply put, if the community's wishes are reasonable and don't have too much influence, and bring benefits to the country, the government will accept. But if wishes are only suitable for the development of some individuals and bring risks, similar to bitcoin, the government will not accept, not only China, many countries still do not accept bitcoin, Bitcoin has too many hidden threats, if not solved, China will permanently have a gap with bitcoin

To note, China has the motivation to launch the monetary format more quickly. This type of approach is seen to create stability. By launching its own digital currency, the Chinese government is also more flexible in controlling its circulation. Unfortunately, the country's government did not specify exactly when this digital currency can be used in bulk.

With accepting Bitcoin as a currency China will not kill dollar. Even if introduced into economy system Bitcoin can not so easily endanger foreign currency, dollar is not that vulnerable. Also I don't think that US will follow Chinese example.
But I have to adnit that China could surprise us with their crypto related decisions, from very restrictive regulation towards miners to acceptin Bitcoin as a currency. Although this is yet just a speculation.

There is a different between china accepting it and Chinese accepting it, in my illustration here, china is the government and Chinese are the citizens, the citizens are what bitcoin is developed for and not the government because it is a system to assist individual facilitate its transaction within and across the border, and this will eliminate some government power and benefits on those transaction, so why do you think they will accept it easily?

Right now, I have even learnt of the chines government trying to come up with their own cryptocurrency that will be used within their system as they cannot fight or eliminate bitcoin, so they would rather then create their own coin, which I don’t see it becoming successful because the end users will simply just neglect it.

I think China will in the near future cautiously introduce digital payment instruments into its state’s infrastructure. It is extremely early to talk about the full-scale and comprehensive adoption of Bitcoin, but if this happens, I think that we can see new price heights. Although China may well create its own national cryptocurrency inside its own country.

you are already talking about currency but you also said that nothing will become a currency ? thats confusing huh  .  and what you mean chinese introducing national crypto ? do you mean chinese have created thier own crypto coin ? and they will formally introduce this as a replacement to the old currency that they have ? thats cool but cryptos only work online right ? how can all of thier people can possibly use this ? but i think its possible since china is a well develop country  .

I don't think they will be replacing Yuan that easily.

Though a lot of people there in China are massively using mobile payments these days.

I think they will be using mobile payments more but I don't think it will be replaced by a cryptocurrency.

If it did, that would be a massive thing for Bitcoin. However, China is better known for banning things that give any amount of freedom to its people, so i don't know. On one hand, there is its potential and will to get in on advanced technology. On the other, would China allow something that it can't control?

At the moment cryptocurrencies are really not on top of the agenda for China because there is alot of stuff on its plate, they have the hong Kong protests to look into, US China trade war and a whole lot of other major stuff but I still think being a country with the capacity to use the blockchain technology I don't see them baning it but regulate crypto as expected.

I don't think it will.. if China wants to make Bitcoin a currency then they would have done it already, but China consciously realized that cryptocurrency is the future so they created their own cryptocurrency.  China is a country that still adheres to communist democracy, so they will work hard to know and control all forms of activities of its citizens and China doesn't like Bitcoin because Bitcoin is not centralized coins.

Not only China but half of the world in next 10 years will accept China as a Cryptocurrency ..sooner or later it is going to be used by more and more people and also with the price stabilizing and good events happening I think it's bound to happen because people will still use it no matter what ..
What's more important is how it will counter the Chinese government Cryptocurrency ..what they are planning to get out in their society ..I think there will be huge problem with that clashing with bitcoins.

Maybe China will accept bitcoin as a payment transaction, but they will not replace their Yuan to bitcoin. They still use their currency, but they will also use bitcoin as an alternative payment. China needs to think to release the ban for their country so people can use bitcoin. We will see it later, and if China accepts bitcoin, then we have a giant country that will support bitcoin. Maybe that will affect to bitcoin price if China supports bitcoin.

Not likely. The Chinese government is well known for having control over the internet, economy etc.
If they cannot effectively control something - they would never rely on it.
As well yet another time - yuan value is artificially maintained at the current level in order to promote export. With export contracts, you often sign contracts valid for 2-3 years with fixed prices - this is impossible at current volatility of BTC (which since bottom went up almost 300% by now) to keep an operational business.

I don't keep my hopes up about China accepting Bitcoin as a currency. China government is probably thinking the same thing with Trump. They wouldn't want to accept a currency that they don't have control on it.

china legal authorities have mentioned btc as commodity rather than currency , Btc is asset for and digital gold for chinese investors

I think China will not accept bitcoin as a currency or cryptocurrency. China prohibited bitcoin and other cryptocurrencies because they create their own cryptocurrency that their ppl will use, and also China's jurisdiction is very complicated compared to other countries currency laws. But on the other side, many Chinese ppl use bitcoin before it becomes prohibited and also the large companies that creating GPUs is in China, so the possibility is still there, especially in crypto mining industry. :)

I can see a good future for this question. What I mean is about the China, embracing the crypto currency. Yes! Definitely! I am sure that China will come to engage the world of crypto currency. For being a huge country, this is thing to happen for all of us too.

So
Why they still didn't do this?

China's decision to accpet the Bitcoin as a currency will bring a huge impact, whether it will be a yes or not. If yes, then the Bitcoin as a crypto currency will boost even more as we all know that China is one of the countries that holds a huge population around the globe. And on the other side, if no, then everything remains as it is just like now.

China is a very jealous country as far as its economy is concerned, particularly it has been alarming long after the announcement of the launch of Libra. China has been working for 5 years researching to launch its own cryptocurrency, but with recent events they have struggled to finish fast. The fear is that it causes destabilization in their economy, and now they have to start accepting what they did not want, the use of Bitcoin, although I think it will not be so directly, it is likely that they will lift the prohibitions they have to use the Bitcoin, in order to launch its own cryptocurrency and thus give it another alternative face to its economy.

Many agree that the ban by Chinese authorities will have a negative impact on the overall digital currency market.
The recent announcement effectively puts a ban on the use of cryptocurrencies in China, and comes as the People's Bank of China is seeing increasing turnover in overseas transactions leading to regulatory compliance evasion.

At the moment, I suggest to follow the news, anything can make the Chinese gov change their minds. Every decision they will make, will impact the crypto market.

I think any government will find it difficult to accept bitcoin as a currency because the government already has its own currency. If the government accepts bitcoin as a currency, it will be able to disrupt the existence of its own currency and also disrupt the existing monetary system

China has many currencies of its own. In this country has held a large amount of Bitcoin worldwide. I am not surprised to see the digital currency used here. And Bitcoin, is a large, secure currency for investors.

You may not know, that China is very fast, they are in the forefront of extremely good trends in many areas, and it is as if they are ahead of Bitcoin.

Maybe, but not this time! It is currently hard to let that happen. In the future when Crypto becomes the system, maybe China will accept it!

China has the world's most population. where there is population surge there is economic cut throat competition. China has still a lots of people who are using the Bitcoins illegally.

Forget America and Europe , if things are transparent not through VPN then you will realize the Chinese people tend to show there love on dark market buying weeds and other stuffs. I personally have few relatives in China and this is what they all say.

China is a major finance hub of the world. Yet it is popularly known for developing it's own censored version of major websites and technological products like google, youtube, facebook etc. There are two reasons behind this first one being censorship and second one is control the flow of national currency by not letting it outflow from the country. So I think same will be the case with Cryptocurrencies too. China was already in talks of making it's own Cryptocurrencies and crypto exchanges and I think it would do that only. no way they are going to accept a foreign made crypto currency no matter if their courts address it as a digital product or a currency. If people are getting freedom from it china is never going to let it stay.

The government of China is always against from something that will threaten their economy, they will counter any possibilities if they are not sure about actual control of any system that will be introduced. As you said there's a lots of chinese people who continuously use Bitcoin or crypto into illegal things like illegal gambling or trading together with drug related transactions.

Where this question comes from? One positive announcement from one of their banks and they are accepting Bitcoin as currency? After years of bans, investigations, and many negative reactions of their government towards cryptocurrencies. I don`t believe they will accept Bitcoin as a currency, ever. Maybe they will legalize cryptocurrencies, but they will have their own main currency.
Chinese people are using crypto generally, they have some serious mining groups there. But the government and laws are something else. We can say the same thing for drugs all over the world, many people use it, but it`s not legal, that doesn`t mean that drugs will be legalized one day.

Gold in any country is still gold. and has a value that is recognized legally in almost all countries. so compared to crypto it's actually very different. because crypto is itself a digital asset. and whether digital assets will lead the currency later? i dont think so. but the era will always change . when era of technology its dominant i believe that will happen one day is possible.

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China is somewhere in the middle when it come to accepting bitcoin
as a currency, infact china not the government is using bitcoin a currency
the banned that is happening in china is a very big task for the government to be stop
because some traders are using other exchanges that china has no control
and trading continues china government i think only concern why they are not sure if they will whole heartedly accept bitcoins
is because its being use by people for i think illegal transactions for money laundering
which china don't want to happen but i think there is no way for china to stop bitcoin and they really need to accept the fact
that they can't stop it, they can just regulate the use of bitcoin that all they can do ,

I believe so, maybe a few more years. China is leading the entire world in 5G technology and accepting bitcoin is not impossible at all. It will be revolutionary that many nation that does not accept bitcoin as it is will follow to China's decision when the time comes.

no. it is not gonna happen. why? because in this case China will not control emission of bitcoin. actually it counts for every country, not only China.
so if the government can't control emission of money - they would not accept it. Cause if they will accept it, throug incotrolled emission open a lot of ways to manipulate the value, amount of money and etc..
you can for yourself how huge are waves of bitcoin.. 

maybe or maybe not, we can't tell the future. However, China's electricity cost is so low that many Chinese citizens have made lots of money, because mining is more profitable with or electricity costs. However, I have heard that they stopped allowing mining. Maybe the government doesn't want citizens to have this control.

We don't have any ideas about the future but being positive can help us to be happy. I guess, in the future china will accept Bitcoin as a currency if they realized that Bitcoin is very good and useful to many people and can help to their country.

I guess it can be possible next 10-20 years coz they can't prevent evolution

Never. And Russia neither.

I don't really think China will accept Bitcoin as a currency looking at how things are done in the country. But considering the idea of decentralization where everything is made public to everybody on the entire network, there are some possibilities that China might consider Bitcoin as a currency, since the government of China are into the idea of knowing whatever people are doing on the internet at all time. This is just my assumption.

It's not a normal issue for the Chinese government, they are the most autocratic form of government among some countries and they are on the front line at the financial, industrial and any other arena, so China is passing the most crucial time ever they faced. So thinking or taking a decision for the favour of Bitcoin is not a good thing for them right now, Basically, China government always try to impose on their people what they think is right that's why Bitcoin is also a form of the monetary platform which could be a reason of financial crisis, so I think like a hard-line country, they will not accept Bitcoin near future.

China has banned bitcoins number of time but i am sure they will make it legalize one day.
China will be the biggest market for the crypto currencies.

It's not a normal issue for the Chinese government, they are the most autocratic form of government among some countries and they are on the front line at the financial, industrial and any other arena, so China is passing the most crucial time ever they faced. So thinking or taking a decision for the favour of Bitcoin is not a good thing for them right now, Basically, China government always try to impose on their people what they think is right that's why Bitcoin is also a form of the monetary platform which could be a reason of financial crisis, so I think like a hard-line country, they will not accept Bitcoin as a currency near future.

China in bitcoin industry is pretty big and many big investors of bitcoin in different industry from trading to mining lives there.China accepting bitcoin as a currency will happen sooner or later after few years maybe.China is developing now for sure they will accept bitcoin as currency

The people who uses bitcoin will support the cryptocurrency and I think that factor can reduce the circulation of the real or the fiat money since the money in cryptocurrency is revolving around the digital world but I still believe that they will accept the bitcoin in their country .

Don't mistake a country being more lenient on their practices as the actually changing their views about the product. Take China's recent moves with a grain of salt, not everything is as it seems.

They are extremely autocratic and are very, very controlling in their practices - especially when it comes to new technology, internet usage, western influence (take a look at the firewall's China has set up).

In my opinion, I think it's because it's due to them possibly making their own way into crypto markets. There has been talking about them making their own crypto centralised coin.

china accepted bitcoin as commodity same like silver and copper and gold rather than currency

Never, China have closed their opportunity for accepting bitcoin as their transaction payment, last three years bitcoin become popular in China but after banned many companies using crypto in China have closed.

One of the options that is thought to be the creator of the Satoshi character, and therefore the creator of Bitcoin, is China, why not? I think it is not surprising that China has made an earlier move in this field as it has moved from being a rising power to the throne of America.

I voted for yes but it could possibly happen in the next 10 years.
I think there will be a big competition in the future and those counties who are not pro crypto now will begin to realize they will loss in the race if they will not adopt. Bitcoin is the only coin that is transparent and that could give real ownership to people since we can access our bitcoin any time we want, sell it or do whatever we like it.

When people will adopt to blockchain, we can make this a better world and I think that would definitely happen in the future.
The leading tech such as Facebook are planning to enter in the market big time, so thats a sign that they are positioning themselves early.

As i know there Is possible to pay for goods in China with Bitcoin if any merchant accept that way of payments
Bitcoin is not banned in China.Bitcoin trading is banned in China but it is not so much big problem for China traders

It is not correct to call that most of miners are based in China, but they are from a Central and controversial state of China (SICHUAN) which claim to be independent of China's government.

https://news.bitcoin.com/wp-content/uploads/2019/06/worldminers-1392x870.jpg

The state has deployed more 74% of its electricity need from renewable sources , so this is the particular reason the electricity is cheap there.

I think it will be easier for China to create it's own independant crypto and immediately get more than 1 billion users... rumors say they are actually developing it... crazy times ahead  ;)

In fact, China is already doing this, right? I definitely heard the news about the implementation of the national cryptocurrency in China, however, will the Chinese want to accept this, knowing that most likely this cryptocurrency will be controlled by the Chinese government?

After banned last two year possible or not China want to accept bitcoin again, how ever China have been banned bitcoin as trasaction payment at their country and many mining project closed there because not have regulation by their government, less chance to see bitcoin become legal in China for several years again.

Im convince on the result of the poll.They are showing support for bitcoin those whales from china im sure they are making move on flowering bitcoins name there in the government.If we wait up years from now surely we can expect them using bitcoin as a secondart currency there

They will not accept bitcoin as the main currency, but perhaps can accept another crypto that will be backed by the yuan

No way, china can never accept bitcoin in a form of currency rather a digital store of value.
China banned bitcoin in early 2017 and also banned bitcoin mining in the country in mid-2018.
Perhaps, China could create its own cryptocurrency which is going to be controlled by the Chinese Government.

Possibly In the next 10 years bitcoin will be accept in China with many people have move their money in the bank and save it in bitcoin or altcoin, China have been regulated of bitcoin become legal payment because their people better save money in bitcoin than have put in the bank.

This was very possible indeed. China was very open to changes and adoption, they are also one of the leading countries that opens a lot of businesses. They are continously upgrading their technologies, transportation and economy, in this matter there is a big chance that they will also accept Bitcoin as a currency.

China is a country with a closed economic system and I think it is difficult for the Chinese government to allow transactions using cryptocurrency. For currency alone the Chinese government is very protective of its value and this is one of the reasons why China will not allow transactions at merchants using bitcoin

Maybe you are having a good point. China has its very good patriotism. But if they will think the good side ode accepting bitcoin as their currency it can really help with their economic growth. Some of top exchanges now are in the china as well . Maybe they are already thinking about this one. Chinese are bussiness minded they will soon realized this one.

I think China will make they're own cryptocurrency just like what they do in all social platforms, they make one that they can call their own. I think the worst part would be they are going to make their own cryptocurrency and make that exclusive to their country, but who knows.
For now I am sure that China will not accept the Bticoin just like any innovative ideas that exist today in our society. But think of the good part, other countries are starting to accept bitcoin :)

I think that if that chia should accept bitcoin from now so that the block cadna is released a little more the truth I hope it will be done soon .. ;D ;D ;D ;D

Having China accept bitcoin as a currency will surely make a great impact knowing that it is a big country. If mining would take place on the said country, the price would surely rise up the soonest so let us keep on hoping that it would indeed accept bitcoin as a currency someday since there are signs already that it is slowly accepting cryptocurrency already, little by little.

Chinese loves to create their own versions of things so I don't doubt that, They can create their own crypto facilitated projects and let the people to use it. the government wanted to have full control of anything that exist from their land and bitcoin is not one of those that they can regulates. from that sentiments China will find ways to have full access to the point of creating their own cryptocurrency.

I definitely agree with you. China will never approach for an idea that is accepting Bitcoin as local currency. However, I am sure that China won't get behind other countries in technology. So, they will make their own digital coin, as you said.

Nothing is impossible, countries such as China, Japan and other countries who are greatly involved in crypto will most likely accept bitcoin as a currency in the near future. China is one of the biggest country who holds a big chunk of bitcoin and most mining operations are conducted there.

I think Chinese government will accept Bitcoin as a currency in near future because of its popularity and mass adoption, if this happens I am sure the value of BTC will skyrocket again. Chinese government show their uniqueness to their people's interest and come forward to support BTC as a currency.

China has always tried and is trying to find its way in various issues of economics and finance. This is especially true for cryptocurrency. Apparently, there is no single answer. The Chinese government will try to issue and use its own cryptocurrency, such as the upcoming CBDC stable coin. At the same time, the government will not be able to completely ignore bitcoin and other decentralized cryptocurrencies. They must understand that ignoring it will mean the flow of capital to other countries. Moreover, mining of bitcoin in China continues and in any case it will enter the market.

As per a directive from the People's Bank of China (PBOC), financial institutions within China are banned from facilitating cryptocurrency transactions. All the cryptocurrency exchanges based in China were ordered to close down in 2017, and many of them either followed the order or shifted their operations to other countries. There are still local exchanges in China (i.e operated by Chinese nationals), but for legal purposes they are based in countries such as South Korea or Hong Kong. Last year the government announced that they will phase out Bitcoin mining. From what I have seen, the authorities haven't implemented this order yet.

As clear from the actions taken by the PBOC, the restrictions over Bitcoin in China are getting more and more stricter with every passing year. And for now, there is no reason to assume that China will accept BTC as a currency anytime soon.

I think by now we all know that china likes owning their own things, so it is not going to be a surprise to see them creation their own coin. But overall, I do not think it would be a bad idea for the Chinese government to accept bitcoin. that would further cause further adoption of the coin, yielding to a greater value of the price of the coin.

I think China would rather have their own currency that they can have control over.

 
Exactly. Look how much they love control. You can't even use social media there they want to control the people so badly.

I'm sure China is watching how Cryptocurrency is now performing both in the market and its everyday usage in everyday lives, and he also knows that they should not be left behind in anything related to technological breakthrough, they will soon embrace it may be in the next two years, every nation is keeping up with this technology, they know they also should.

China is a big country and right now, it is one of the successful country because of their economic growth as well as there market system. They will see how cryptocurrency will perform on the other country as well as they will think very well if they adopt this kind of transactions and currency. This will help them to grow more and expand some part of their market system and economic system. As you can see, the value of bitcoin is very know and in that case they will not hesitate to adopt it.

It is a positive happenings that will give us hope that someday China will accept bitcoin as a currency. If it will happen, it is a big impact to the crypto world knowing that China is the biggest country out there will the highest amount of population.

If it will happen, not only 60% hash power will come from China. I am sure that it will increase like 70-75% as they are the big contributor right now.

China's Central Bank is working on a Cryptocurrency which would suggest that China is thinking of different ways to capitalise on Cryptocurrencies. It would be wrong to assume that integrating BTC and Altcoins into the system is not part of that plan. The Chinese have been showing growing interest on BTC investments and the government can only lose by not listening to what the people want for the future.

isn't this too much? they can still use Wechat. so I don't quite agree if you say China bans social media.

but for the problem they make their own crypto, I agree with this. they really prefer to make their own rather than using things that are already popular (bitcoin). but this Chinese crypto money could become a new force in the crypto market.

I have never doubted that China will legalize Bitcoin as a means of payment, because they are a very strong and highly developed cultivation country, it is not possible if China does not legalize Bitcoin as their currency, and this celebration has been talked about very often about that country. ...

i heard china is going in to stablecoin soon for the china fiat on blockchain whch will definitely be a work hand for btc to be change with and that will automatically  makes btc a better one to change with but we have a way much thing to look in to for better community as most countries would soon fully adopt crypto as i heard new zealand has sign it in to law to be use as salary payment gate.

In my own point of view, china might accept bitcoin as a currency in a few years because bitcoin can help the economy of a country that it can decrease unemployed people in a country and bitcoin is becoming more popular that even celebrities are starting to invest their money in cryptocurrency like Floyd Mayweayher, Pitbull, Snoopdog and etc, that is why bitcoin is starting to increase its value even more.

Time after time, they will learn to accept crypto. as technology evolves, most of the transactions these days are done through online. They will soon to adopt crypto due to that reason.
For the mean time, lets just wait for their announcement for this matter, China cant withstand the trend of cryptocurrency, china will be attracted to its functions.

If China want to adopt bitcoin or altcoin as a currency why last three years China banned bitcoin as e currency, before bitcoin raised to higher price, last about $500 price of bitcoin China still legal using bitcoin as e currency and banned on middle 2017 for legal payment, now have an issue if China want to legal back of bitcoin become as currency payment.

I am sure that China will not accept Bitcoin as a currency in the next 5 years. China has a special form of economy and government. Bitcoin contradicts all of this. But residents of China will certainly try to buy Bitcoins at any price.

I think China will never accept Bitcoin.
If we see history of China government, they like blocking their country from outside, for example internet, on there people have limited site to open. They block Google, you must use Baidu, payment must use Alipay, etc.
For bitcoin also decentralized, they dont have much power to control it. So there is no reason to accept Bitcoin.

Now China has a serious problem against Libra of Facebook, it is taking advantage of the regulatory problems that Libra has, to request experts in Blockchain, since they are accelerating at full speed its development of the cryptocurrency, which will be like a "Clone" of Libra. The concern is that Libra will be backed by many fiat currencies, except for the Chinese Yuan, this makes them see that the value of bitcoin will increase.

Although they do not like Bitcoin in China, they are making great efforts to finish the launch of their cryptocurrency, it is normal for their cryptocurrency to be on the market and they will start accepting Bitcoin, because they know very well that when they launch their cryptocurrency, they would not have a life of their own, It would depend directly / indirectly on Bitcoin.

Here you can expand the information regarding China's interest in finishing developing its cryptocurrency.

https://decrypt.co/10271/china-hiring-experts-join-digital-currency-research-division

China is more concerned about having their own cryptocurrency that they can control and tax. They want to control the people there that is how the government works. With all the bans and censorship it should come as no surprise. They don't dislike bitcoin, they dislike not having total control or at least and close to it as possible.

Could possibly since China is in mass production and they are way developing way too fast. As bitcoin continue to progress, there may be a way for bitcoin to have a spot for China's added currency. Because people tend to adopt at some point and may be sooner, may be next few years people will use bitcoin as a form of payment, and does China would be needing it, as well as other countries. Well, no one knows but the thing is big companies are now accepting bitcoin.

That's a good argument, China over the recent years have been moving very fast technologically speaking and we've definetly been shown what they can bring to the market.

They like the blockchain, they like the tech behind it. But they hate not being able to control that, and it's a reason why they've started making their own crypto-currency, some estimated they started this 2 years ago.

I think they'd have a huge amount of success with their own crypto-currency, it'll take all the good parts of bitcoin and other altcoins and make it a centralised option.

China is not going to accept Bitcoin as its currency never ever, You can't believe it or not, within this blockchain system, if you talk about a single country then Chinese people are the majority in trading. investing, ICO opening and so on. China government still know this fact and they already banned Bitcoin exchange almost 2 years before, because of having a strong control over the country their government has developed many platforms and prepare themselves as the top country in the coming future But China Government is trying to create their own crypto which will compete with Libra and compatible with Yuan, basically, it will be a stable currency and it's a digital version of Yuan, That is why I think there is no chance to get accepted Bitcoin anymore here.

In my opinion, the Chinese government will never accept bitcoin as the official currency in the country, from now on they say that bitcoin is a legal asset to own or trade and for payment of other goods and services in this country mainly because now there is news that now the country China will launch its own digital currency, maybe that's why China legalizes transactions with bitcoin.

China probably wants to use Bitcoin as a tool in the trade war right now. But nothing more than that.
I don't think the Chinese government see the value we see in Bitcoin, instead they'd like to control as much coins as possible as this is the mentality of the Chinese State.

I also think that China will look at Bitcoin in terms of perspective. The trade war that is currently underway will not affect cryptocurrencies in the next 2 years. but in the future, perhaps the situation will change quite strongly.

It is impossible for Chine or any other country to accept Bitcoin as important part of their reserves because there is about 1.000.000 early mined bitcoins in undefined status.

With that China will fully legalize bitcoin transaction. but, in the other side bitcoin transaction wouldn't be tradable because they want their own crypto currency will prevail and users of their own country. so in other wise crypto currency in china will never be expanded. but we couldn't expect this to happen in future.

china is continuously shaking the cryptocurrency world from each news or statements they are releasing but until now they don't have concrete position towards or against crypto specially our very own bitcoin.
thougn according to the article the way i see it,seems china is lowering the stands and is showing some respects now.hope this will come true and china will support this market and the purpose
tht's not enough reason and lets give China the benefits of the doubts

I have one doubt from the statement of yours, which countries do you think will accept bitcoin as their official currency along with their centralized currency  ::). No country will be endorsing bitcoin to be their official currency but they might allow to use that as a mode of transaction and these two are two things entirely altogether.

Hope you are talking about China, the government is cracking down on bitcoin and you are saying that they legalize bitcoin transaction, not sure who gave you the idea that bitcoin is legalized in China.

Will accept, but not as the main currency

I think China has received many payments using bitcoin even in China has the largest bitcoin mine so it is certain that China will accept payments using bitcoin but maybe some still do not use bitcoin, but most of them have frequently made transactions using bitcoin.

I think they most likely showing interest in bitcoin, they can see that cryptocurrency can be use in many ways and they will surely take advantage of it. There is a positive side if they will adapt to cryptocurrency market, but there will also be some circumstance we might face in the future. Whatever happens, it might bring something bad in crypto future like manipulation.

The governmemt of china seems to be against cryptocurrencies at present and plans to launch its own currency with centralized control but they might be implementing some rules to regulate these crypto coin due to trechnology.As most of the btc mining is centralized in China and so it will be used there forever.On the other side trade war between US and china might boost the usage of crypto business in these nations.

Well, answering this question from the future... The Chinese government has described Cryptocurrencies as "essential for the future" and they have even took it one step ahead to announce their own Cryptocurrency which would be launched in early 2020, China is developing very rapidly and with the recent competition with the US on tech, I was really expecting this development, now let's wait and see if the US would take a similar step or if they would prefer to just remain on the sidelines of blockchain technology.

I think for now China will still ban bitcoin, a lot of news is circulating from China because of the adoption of the blockchain. The characteristics of China are strict against the ban, especially since Alipay prohibits transactions for crypto purchases. Just wait what will happen, I hear information that causes propaganda.

Yes of course we know that China is one of the leading country who are almost fully digital where they go to the shop or buy things, spend money and pay via online o e money payment systems. With that it is not truly impossible for them to accept bitcoin as currency. but not as their main currency, in the past days we know that they are about to launch their own digital cryptocurrency . that will be the start of the popularity and a possible trend in some other countries to follow.

China's changing paces about blockchain technology, the president indirectly speak up regarding to their interest of exploring deeper and be in the leading side of this system. Not exactly saying to start accepting bitcoin but in the other hand, the chance of allowing bitcoin is very high. Maybe
some limitations will take place being paired to their plan crypto currency but not far into reality that we will witness that they've going to consider
patronizing this crypto coin too.

China will accept bitcoin as currency for several years later, after announcing by China president they look serious want adopt bitcoin and altcoin as legal currency payment, very time when China make bigger think with bitcoin give effect for bitcoin on higher price. China is the only one Asian country look serious want to increase their economic by accepting bitcoin as legal currency payment.

asking this day?what they accepted is blockchain and there is a news of China creating their own currency.
and as EOS being dominant cryptocurrency in that country?with Bitcoin ranking more than 10?no i dont think china are going to adopt bitcoin as currency,what i can see is they will discourage chinese to use bitcoin as this was supported by US and EU since there are a trade war happening between those countries

With China developing their own digital currency called "Digital Currency Electronic Payment (DCEP)" I don't think China will ever allow or accept bitcoin or any other cryptocurrency in the country. The Chinese government digital currency is going to be the only currency for Chinese people since 1 DCEP is equivalent to 1 Chinese Yuan. The Chinese government is very strict it is unlikely they allow their people to use bitcoin instead of the state owned DCEP.

Adopting bitcoin into its currencies is a higher level of modernization, a higher level of technology, a higher level of society, and not only will China take cryptocurrency bitcoin as their currency, it will happen in the near future to almost the whole world, who are now making rapid advances in development.

I think the Chinese government will only accept bitcoin as a commodity. because they already have plans to make their own crypto coins. and I heard that this crypto coin made in China is called DCEP. I'm sure China will support DCEP more than bitcoin. they don't like bitcoin because it is anonymous and decentralized. that's why they make their own coins so they can still control it.

Just look at the websites https://en.wikipedia.org/wiki/Websites_blocked_in_mainland_China which are ban in china. I don't find any reasons why they banned all those websites. If those websites creates a problem for Chinese Gov then Bitcoin is a real threat fo them.  So I dont think that they are going accept bitcoin as currency in any near future.

I had also the same thought, and I think that is why president Xi endorsed the utilization of Blockchain technology. This could be the first phase of the creation of their own cryptocurrency, I had no idea what name of the coin would be so it is good that you shared this one. Decentralization and anonymity of Bitcoin are some of the reason why big countries wanted to create their own cryptocurrency for them to manipulate and regulate this technology.

maybe there are other reason about banning those website and this nothing to do about bitcoin issue.

https://cointelegraph.com/news/bullish-for-bitcoin-china-scraps-plans-to-ban-cryptocurrency-mining?fbclid=IwAR1CKfWVcY83KMoap-DcMHfwtgSgmVABaibhoHmZgTlcYX7OGrtZ7dESYxU

https://cointelegraph.com/news/china-signs-agreement-with-hong-kong-central-bank-for-blockchain-push

check those links i think its more appropriate than that one you shared

When bitcoin jumps, something bad just occurred in the U.S./China trade speaks. We do not understand what it's, but in no time we are going to find out.

Well now we are a Trump tweet and up BTC surely goes once again. Yesterday, what occurred? I guess anything it was that made bitcoin pop, also left the U.S. president more incandescent than normal.

This's nevertheless a theory, but it helps to keep on playing out. And so how to proceed? In the very short term the real question is, is the China circumstances going to continue for extended?

Continuation of the trade war means BTC up. The further the war operates, the greater bitcoin will go.

For me it is very likely that the trade war will run and run. Both sides cannot buckle and like other wars, sides are ready to have huge losses, not to drop. What this means is holding by way of a a rollercoaster ride of innovations.

If we're in for a trade war of attrition, bitcoin is going to be above £20,000 by Christmas or even sooner.

What we also have right here if this particular theory is right is a present to the additional greedy. When bitcoin flies, short the Dow, because when BTC flies, for no obvious purpose, it's a high likelihood that something Dow slapping may come out of the trade battle in one day or even two's time. While info could flow slower in the U.S., whatever fails will nevertheless hit the U.S. equities industry in time, but meanwhile the terrible news will reach the Asia bitcoin market a lot earlier, about so long as needed for all the individuals to escape the conferences of theirs and past the revolving doors. read more here.... (https://locationdebox.ch/)

Not only that, China has been working on creating its own cryptocurrency for several years, which (probably) is to be publicly exposed this month. So why they should accept Bitcoin and create competition for their own coin..?! Ofcourse they will never do that!

ut last week China president want to adopt blockchain as legal currency payment and have announce to public about how interested by China president with bitcoin and altcoin as currency payment, but why get both news have the opposite mean with China president want adopt bitcoin and there are have side with China want to banned bitcoin as transaction, which one is true?

China isn't going to accept bitcoin as a currency as it opposes what China is trying to impose i.e. Centralization and censorship. China controls everything that its citizens do and see online. If China was going to accept bitcoin then it shouldn't have banned it in the first place, which done already they aren't gonna revert back the decision.

Indeed, they don't pay any attention to bitcoin as they focus more on the blockchain technology as they create their own crypto that they will be using in their country. They don't support bitcoin, but the technology behind it. They will use the technology to achieve more power and control onto their country when it comes to cryptocurrency, it is a counterpart of bitcoin in their country to regulate the crypto users.

Really China accept the Bitcoin and other cryptocurrency
In around the world China can have 65 percent hash rate available. China can adopt Bitcoin faster. All the bitcoin Miner are located in china.

Pure little delusional soul.

I largely doubt that China is going to accept bitcoin as a currency. They might leave its status unidentified but making it a legal tender is far from the reality.

China which dont even allow foreign websites to run over their network would not make something globally accepted and can be globally manipulated a legal tender in their country.  As happened during the end of third quarter, china will embrace blockchain tech but the bitcoin.

It would not matter at all. Bitcoin is decentralized. And it would work until people would have trust on it.
China as a nation too would work until larger number of people would have trust on it. And the latest development are suggesting the age of China as a country could be lesser than Bitcoin as a currency.

I don't think China will accept bitcoin as a currency because China is a big and strong country and we know that China can always make its own technology. Even though yesterday the Chinese president stated supporting blockchain does not mean the Chinese government will legalize bitcoin. the Chinese government will not like decentralized and anonymous bitcoin. I heard that China will make its own crypto whose project is named DHCP.

DC/EP   ;)
DigitalCurrency/ElectronicPayment
DCEP is essentially no different from today's fiat currencies. It's completely different from Bitcoin's mission.
From the perspective of ordinary people, DCEP is more like electronic "cash", which meets the needs of anonymity, functions that credit cards and mobile payments cannot.

I think it will take long to convince the chinese government to accept bitcoin as a currency because they are starting to launch their own coin like Facebook's Libra coin, so they might be using their own coin instead of bitcoin, that is why china only legalized blockchain technology not bitcoin.

I think they will do it. China wants to be leading in everything and want to be the first. So I guess accepting Bitcoin as a currency os not impossible to China since they support it now. This is a good move for them because all the money that they have invested on it will have exponential growth if Bitcoin starts to kick up!

They haven't do it yet but some interest flows around after the President made an statement regarding to blockchain. Not a confirmation but can be use as a hint if they will sooner accept bitcoin as a currency, There's still many doubts about their position as they are not giving any statement in regards to bitcoin itself. The last time I've read is about chasing those illegal activities who caters cryptocurrencies.

Even there are floating news regarding chinese government deny to be involved into legalizing crypto they are just seeking the blockchain technology and trying to take advantage of it. But, peolpe being over optimistic they thought that the china government will legalize crypto which is not true.

China's president also praised blockchain technology, but they did not claim that they would accept Bitcoin in their country. I saw some news saying that China's Central Bank is preparing to launch its own cryptocurrency. So I think they will never accept Bitcoin, they will even ban it forever in the future

I am very sure that in the near future China will not accept bitcoin as a currency. Because when the Chinese president's speech did not say
supports bitcoin or cryptocurrency, but only supports blockchain. Because in the near future China wants to focus on making their coins itself,
so the possibility of accepting bitcoin is very small. But china country will very quickly following changes in any field, including in the field of
technology.Therefore if bitcoin is increasingly developed and used by most of the world's countries. There is a possibility that China will also
accept bitcoin as well. For fear of being left behind by other countries, therefore the possibility of China accepting bitcoin is still exists. But it
can be 10 years or so one more decade has just accepted bitcoin.

The chance of bitcoin being accepted as a currency in China is really high. Looking at how the Chinese government approaches bitcoin and the whole cryptocurrency world they are really positive about it. So yeah maybe not now but for sure in the future, they will accept it.

The Chinese are interested in Bitcoin and its implementation, the same can be said about the EOS. However, the government is against it. The government is eager to introduce its own cryptocurrency in order to control the Chinese market, the government wants power. If we are talking about Bitcoin this cannot be controlled, therefore I am sure that Bitcoin will not be accepted there

Have you already read the past articles about China's president views about Bitcoin, they already stated that they support blockchain but never support Bitcoin, it was news all over last two months ago if I may recall, but it's still a good promotion for Bitcoin, even if they are not promoting or adopting it.

I do not think China will accept Bitcoin as a currency, they will develop their own cryptocurrency to give government more control on it instead. By the way, we have to admit that crypto and blockchain really has a bright future in this country. And with all of what is happening in China, I do believe in the future of crypto market (it will soon booming again)

Bitcoin as an important asset and has a lot of potential in the future, China will undoubtedly accept it as a currency when their ambition for bitcoin is so great, they always want to lead in most areas, and bitcoin involves all countries around the world, dominating bitcoin, China will have more influence in the world. However, they probably will not fulfill this ambition when many countries are also considering bitcoin, and almost governments do not want bitcoin to be their currency when bitcoin is too easy to create evils, there is always a certain distance with Bitcoin

They are never going to do that.. No country will agree to do that at all. China is already creating their own cryptocurrency and news have it that they will be releasing it very soon. So, I don't think they are ever going to consider Bitcoin because they wouldn't like to see any rival supersede their own cryptocurrency. Use yourself as an example, imagine that you have a business, you wouldn't like another business to beat yours and that's the thing. They are likely not going to give Bitcoin a chance once they release theirs, and not just Bitcoin, including altcoins.

From what I have seen on the News they decided to take this move after Facebook announced their Libra, so that means they want to be at the top of everything.

While bitcoin is not backed by the yuan-never.

Many states legalize bitcoin and other cryptocurrencies, allowing its circulation along with its national currency. However, no state will ever switch to using bitcoin as its main currency.
As for China, it is highly likely that the government of this country will never legalize bitcoin. Now they are creating their own national stable coin, which should, in the opinion of this government, replace the need for cryptocurrency. What will happen next - we'll see.

China is a very technological country, so I think in a few years, China will try to accept cryptocurrency and use it as a means of payment in the country.

Their are so many issues when it comes to China, I think China eventually is going to accept bitcoin since they are one of the top when it comes to technology surely they could easily adopt in their kind of digital currency like bitcoin compare to other country. Also a lot of bitcoin mining company is from China surely is could easily help.

China is already taking the best steps to adopt such currency and future ones:
https://www.nytimes.com/2019/11/06/business/china-bitcoin.html

They are trying to make their one but overall it's a cryptocurrency therefore they are basically accepting them.

But it will still take some time, i would say about 5 years to become fully operational and adopted.

I believe that China will always strive to provide the best with technological developments, as well as what happens with digital currencies will certainly be adopted by them as long as it makes them very profitable. and they understand that digital money is very necessary in today's world development. what China does is certain to be successful because they are indeed experts in trade and renewable technology.

its will take time to happen, as we know china always control everyrhing they want to jave what others have, they made their own coin, I think so that they will be able to totally use bitcoin, they also crwcking down exchanges, at the moment for crimes, money launderingg and more , so at this moment , they are not almost legally accepting it as a legal currency

Why not? Let's open for every possibility, and it will also help bitcoin to increase more its use of it and it will happen for sure the value will also increase. If China will make their own coin then bitcoin will be the center of all altcoins for it for the conversion of coins to their currency or ETH as well.

I think maybe when bitcoin has developed rapidly and adopted by many countries then maybe the Chinese government will accept bitcoin as a currency. and we know that most traders and bitcoin miners come from China. but maybe this takes more than 10 years. currently the Chinese government only supports blockchain technology but does not support bitcoin or cryptocurrency.

Well, China knows the game well and surely it will take steps like Japan to reap the benefits of crypto to compete with its ultimate competitor which is the US. China is too clever right now and finding ways to actually regulate crypto lol, but that's impossible to control a decentralized system and hence they will use it through other means.

They support blockchain technology but if it comes to Bitcoin, the odd seems low. We are talking about China here, in that case, we need to consider them as one of the countries against it. I mean if they want to use it as one of their Currency they already did. but look what happened, instead of regulating it, they want to create their own and popularizing it via supporting the blockchain technologies.

In China, the government does not accept bitcoin and other altcoins. And the current exchanges are also in their ban, so I guess they will soon launch their own cryptocurrency and their own exchange, and they will control everything related to cryptocurrency. China recently gave blockchain compliments but they didn't mention the current cryptocurrencies, so I'm worried about the future of cryptocurrencies, most likely in the near future, the Chinese government will tighten the cryptocurrency market in their country

Yes, you are right, Bitcoin will not be accepted in China as a currency, you know how much China hates Bitcoin is that they even banned Bitcoin mining and other crypto exchange, and now they are also cooking their own crypto then for sure that they will not be in favor of Bitcoin as their own currency, let's watch out in the next coming months.

Banned Bitcoin mining? NO!
Gov even encourages mining.

A government does not declare Bitcoin as its official currency. The big bitcoin whales at the moment he declares make that state economy a toy. States are strong with their currencies and armies. Why would they risk it? I think it won't be official. However, it will still be used.

As I thought most of the people think that China will accept Bitcoin as currency may be in the upcoming 10 years. China has already shown interest in blockchain developments in their government systems. If China thinks that the next thing to become a super power is to have dominance in crypto sphere then there will be no stop for BTC.

The Chinese state is engaged in an economic struggle against the United States. There is a mutual struggle. Bitcoin will not be a part of it. Bitcoin is not very important for the USA or China. The price of bitcoin in the US can bring it to very low prices.

We know that most of the miners are from China, maybe they will make their own blockhcain system because we know the US and China competition, they are racing to take the opportunity, so we will see who is braver to run this great technology that will change the world. play with blockchain https://www.cnbc.com/2019/12/16/china-looks-to-become-blockchain-world-leader-with-xi-jinping-backing.html

but i don't think that can affect the price if bitcoin is not important to USA and China so how come the price will go lower?

that is contradicting mate,because the trade war from china and US is getting deeper but now as news broadcast that there is some agreement happening though i am not sure if that is legit,i will search for that and will share here once i am positive .

but at this moment?we cannot expect this to happen because China support EOS than bitcoin.

The People's Bank of China (PBOC) and its financial institutions will issue their own cryptocurrencies. Therefore, China accepts Bitcoin as a currency. The Chinese nation will put this currency into payment for services. This spurred economic growth, pushing Bitcoin prices up.
.

China is home to more cryptocurrency mining operations than any other country.
On 5 December 2013, People's Bank of China (PBOC) made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions.
They will surely start accepting the bitcoin in the coming years.  ;)

China has not accepted google, youtube, facebook and other tech giants, and we think that they will accept a digial currency that will truly overpower there financial control over the country. I say there is one in million a chance for this. They may adopt centralized currency like XRP but not decentralized BTC.

Never, china will never accept bitcoin as currency as they blocking coin. Although they promote blockchain. But they are confirm coin are illegal

I think they will gonna create their own blockchain, token and everything. There will be no possibility that they will accept bitcoin and other altcoin as well. But let us not conclude everything, not unless they will annouce it in the whole wide world that they will prohibits their citizen to use that.

Let's be clear, China is a dictatorship and we should not care about their currency.

Chinese update new technologies very fast like Blockchain, AI, ... However, you know how the Chinese governments control their people while Bitcoin can support strong privacy, it is hard for Bitcoin to be accepted.

China’s new digital currency ‘isn’t bitcoin and is not for speculation’ (https://www.scmp.com/economy/china-economy/article/3043134/chinas-new-digital-currency-isnt-bitcoin-and-not-speculation)
(Cissy Zhou - Published: 6:00pm, 22 Dec, 2019).


There you have it. "Different to Bitcoin". This should all give you a hint on where this is going. Yeah, as if i would trust the Chinese government more than the free market. Of course, that is exactly what they intend to project: the almighty Chinese State can do it better than the free (speculation) market...


Were you expecting otherwise? State coins are NOT good, virtual or not. The fact that they want to distance themselves from Bitcoin specifically, proves that they are well aware of it, and how it challenges their authority. And for them the "natural" course of action is to oppose it. Of course the other "stable" altcoins are meh.

No offence mate and i don't wanna be the bearer of the bad news but i don't think China would ever consider that not to even approve it. Come on guys, China has been opposing cryptocurrencies since the very beginning and trying to make new laws against it every now and then. If they would every consider cryptocurrencies i guess they would create their own coin.

Not only China, all of goverments on the world always want to control what can effect to their economy.
Bitcoin in particular and cryptocurrencies in general are owned by individual groups, the market is being manipulated by them, which is dangerous for all economies if they recognize cryptocurrencies now.

It is a misconception, China does not oppose cryptocurrencies and they only oppose bitcoin. There are cryptocurrencies that are legal to use in their country. I do not think so that they will ever accept bitcoin as a currency. In their senate, most of them are against in the legalization of bitcoin and there are only few people in their government who are favor with it.

China isn't a country that is against the technology based development. Right now China is much into regulating the usage of cryptocurrencies and not entirely against cryptocurrency or blockchain. The government itself planning for their own cryptocurrency for transaction within the country shows their positive mind on cryptocurrency. Maybe if things go good bitcoin usage will also get easier in China.

China has the most Bitcoin mines and is a huge country and trading market. You can never underestimate such a large country. I don't think China will ever accept Bitcoin because they create own electronic money, so they not need competition ...

The question of whether China will accept Bitcoin as a currency is a little incomprehensible, as it allows for many different interpretations regarding the adoption of Bitcoin as a currency. No state will ever accept bitcoin as its currency. Moreover, the Chinese government will never do this. The government can only allow the circulation of cryptocurrency on its territory and establish the basic rules for its circulation. This is called cryptocurrency legalization. Now in China, certain measures are being taken to limit the circulation of bitcoin. I think that subsequent actions will be taken after the national stable coin is issued in China. All subsequent actions by the Chinese government will depend on how their stable coin is received.

Sorry, I can’t vote, because there are no privileges for this. My opinion is that China has adopted the blockchain, and it has not yet reached the cryptocurrency. It takes time for cryptocurrency to be appreciated by China. Of course, today institutes are being created to introduce blockchain and educate students, but this is blockchain, not cryptocurrency.

Occasionally negative news about bitcoin comes from China. China or another country cannot declare bitcoin as the only currency. It can be a unit of value with bitcoin. States can accept bitcoin as a value store, such as gold or silver.

It would be difficult to talk about the possibility of implementing Bitcoin as a currency. The percentage of Bitcoin being a currency in a country is very small. I think Bitcoin can only be an alternative payment.

I believe that they will accept it and the fact that most of Bitcoin is in China is a great advantage, because somehow you have some control, you can think that the price drop can be something planned by the big speculators in order to obtain greater future benefits when buying cheap.

That's right, but who knows on the next 10 years if China will be still using fiat money in their country? We all know that China is one of the biggest supply and stocks of bitcoin because they are the ones who have the greatest amount of bitcoin mining all over the world and remember that China is already accepting blockhain technology into their country as part of having a open minded about the cryptocurrency which is very good for us because our field has been bigger.
There are sayings that China is already builting their own cryptocurrency to be used in their country so there is a huge possibility that the China will use bitcoin as their currency in the near future.

I believe that China has adopted the blockchain. As for the cryptocurrency Bitcoin, China will accept Bitcoin and Bitcoin will be associated with China. There are other cryptocurrencies that China must accept.

I think it will be possible, and maybe in the first place, you can see a lot of blockchain projects from China and exchanges, especially with binance being the top 1 exchange also in China, and those who The country's leader is also paying a lot of attention to cryptocurrencies, seemingly China occupies a huge part of cryptocurrency development.

Bitcoin is banned in China. So I don't think that they will accept it in the future. The technology, blockchain might be used there but in terms of bitcoin and other crypto currencies maybe not. I read an article saying the government of China cracked down the miners but still, as far as I know, China has the largest population of miners.

I don't think so because it might kinda seem like that for now because of so much volatility of Bitcoin but surely Bitcoin will be stable once it becomes more mainstream and acheves a higher value. We will surely see it having a chance to become a primary payment option.

As far as I know Bitcoins is not banned in China, they even have a lot of crypto exchanges in the market, they just once banned crypto mining but as far as I know it is now settled and according to the statistics, China is one of the top holders of Bitcoin all over the world, but to accept as a currency, I think it is impossible for now.

China, in my opinion, is one of the powerful countries in the world and when it comes to technology there is no doubt that China is one of the front-liners I think if there was a possibility that China is going to adopt bitcoin I think bitcoin is going to be a great currency for china but I think China could also create their own cryptocurrency that only Chinese people could use I mean this is what China is going to do if they are going to create a one cryptocurrency for their country. But I think bitcoin as a currency for China was already a great thing but still there is no assurance since we know that China has a big issue when it comes to bitcoin.

bitcoin won't be stable in the future, it's not bitcoin if it would have become stable because of its behavior. volatile is a must for bitcoin that is what makes bitcoin unique other than other assets such as stock market and gold. about that primary payment option, on some countries currently they actually do it like Japan.

For the mean time yes, it could be an alternative payment system but if we are to look beyond the future based on its potential, it could be the biggest investment for people that will believe on it from its early days such as now. Why? With the increasing potential of market price increase in the future, there's no doubt the bitcoin halving in the next consecutive 4 years will drive the price surely way up high. If we are just always there to support it, this could be possible but in terms of being the main payment system, I don't think so, unless the lightning network could be published and the transaction fees could be lowered a little more.

I think the country of china will accept cryptocurrency as their mode of payment. Because cryptocurrency us the best and easiest way to collect and transfer money. And I think china wants for what is the best and what is the easiest way. China is the most powerful and succesful country their country have a lot of transactions regarding their works and activity so I supposed that they will love to adopt the cryptocurrency.

For me, I don't give a hoot if China accepts Bitcoin or not. Whenever I remember that infamous ban of Bitcoin by the Chinese government in 2017, I feel disgusted towards China. So, if they want to make a U-turn from their previous stand now that the rest of the world is making a go for mass adoption should be immaterial to the Bitcoin community, honestly. Shame on China.

I think by now we all know that china likes owning their own things. Everything from works to people themselves. So it is not going to be a surprise to see them creating their own coin which will be centralised as hell. But overall, I do not think it would be a bad idea for the Chinese government to accept bitcoin. That would further cause further adoption of the coin, yielding to a greater value of the price of the coin. Also would benefit China to become a better country

China is far ahead in terms of technology. China does not accept bitcoin. China plans to bring its new currency to the international market. And with that currency, they decided to complete their transaction. But I do not think their currency will get the status of the global market. Bitcoin will control the international market.

I think you are wrong because Blockchain technology has many advantages not only cryptocurrency. Moreover Bitcoin is already limited in China(buy/ sell, mining) so it's really hard for Bitcoin to be accepted there.

From the outset Bitcoin was soon developing in China. This place has a lot of people involved in the cryptocurrency market. And China has also accepted cryptocurrencies as a currency. Right! China is actively building a cashless society. Even roadside food stalls in small towns prefer to use mobile payment applications rather than actually paying cash at the counter. China has created its own digital currency.

first of all china does it accept most of the centralised businesses like google youtube once upon business entity inside their country. But if we see the number of investors most of the people are from China for sure.
Possibly in 5 years we can find Chinese government accepts Bitcoin.

China doesn't accept bitcoin as a currency, you can literally pay anything inside the country with Alipay or wechatpay and they might be the world's first cashless society. So they will not accept bitcoin as a currency or payment method at least in 10 years. China might dominate the bitcoin industry but it doesn't mean they accept it as a currency. So far I can see China will be the mining center of the Bitcoin.

aside form that they already form a fully functional cashless society with their own regulated digital payment and this is hard market for bitcoin to penetrate.
Bitcoin will always be an alternative payment that are used rarely because even the government there is not in favour with the existence of bitcoin it's just simply impossible for bitcoin to even become a minor payment method there.

China want to create their own currency and not possibility accept bitcoin as currency payment, they have banned bitcoin as legal currency payment and investment last two years ago and many ICOs or mining project company have close there after China not allowed using bitcoin as legal currency payment, next day they will not receive bitcoin anymore.

After banned last two year possible or not China want to accept bitcoin again, how ever China have been banned bitcoin as trasaction payment at their country and many mining project closed there because not have regulation by their government, less chance to see bitcoin become legal in China for several years again.

China want their own way of getting to develop their country to be more powerful. I think they see some side of bitcoin that can help them for something that's why before they do ban on it then now they use it again. So it has a good possibilities that another country who ban bitcoin has a potential to unban it also if they encourage on how bitcoin or crypto can help their country as well.

China has always followed the path of protectionism. Be it trade, social media privacy or anything. Similarly, China accepting a decentralized global currency like Bitcoin has a slim chance. China has grew enormously through incorporating future technology in their system and hence, making their manufacturing sector more effecient. That's why they are open to block chain technology and making their working and processing effective. But might not really open doors for a global currency like btc.

I also believe that China is growing rapidly and can be seen from the data of economic growth. they will be difficult to accept technology from outside, because most Chinese people prefer products made by the state or industry in the country, so adoption from outside will be difficult to accept.

China might be growing rapidly but their political situation is not that great and the Chinese people must follow what they propose, i am not an expert on their political situation but that is what the global media represents and even if the Chinese investors want to invest in something the government control everything, if a government has a firewall on what the citizens access online it says everything. Right now i am not expecting the government to accept bitcoin as a currency but the situation might change in the next ten years.

Despite the communist regime in China, this state can very successfully combine communism and capitalism.  Based on this, they will not be able to abandon the global trend in the popularity of cryptocurrencies and will do everything to make a profit from the cryptocurrency market.  Of course, the laws will be tough, but cryptocurrency will be legalized in China definitely.  In addition, a recent statement that the famous trading resources of Alibaba and AliExpress will also be able to use cryptocurrency in the future to sell various goods.

The Chinese government are control freaks. I highly doubt they will accept bitcoin as a currency. By the way, how did you come to the conclusion that the government has soften their stance over crypto currencies? They haven't changed anything. All they are trying to do is create their own crypto currency and make people use this regulated currency so the government can keep an eye on every financial transactions taking place!

One of the main reasons is the ongoing economic conflict between the united state and China, though I believe China is softening ground on adoption of cryptography. If the two country question still persists, China will have to look for an alternative to the USD in order to conduct trade there. I think they're most likely going to legalise and then adopt crypto. Hopefully that is going to pump the price hard

One of the biggest improving investment today is the cryptocurrency many people want to join in this community because they know the potential of these coins that will give them a lot of possible income to use. Many countries today are already accepting the use of cryptocurrency, one of the biggest countries today supports the use of bitcoin, and this is china. The president of china endorses the use of bitcoin today, and it depends on the government if they accept the use of bitcoin and other cryptocurrencies as a payment to their country. Still, they are developing what kind of problems can cause of crypto to ease the transactions for all over their land.

I don't think so that China is going to accept Bitcoin as a currency, It's true that China is going to follow the footstep of the blockchain system but it doesn't mean that Bitcoin would be that one, Already they have taken initiative to create their own blockchain. but China will never allow Bitcoin as a currency in their territory, but it's a shining truth that one of the major portions of Bitcoin holders is from China, but they will not any support from their government, who knows what will happen in the coming future? so we can be hopeful to see a different thing in the future.

they have tried to enter a new alternative economic field by creating a government cryptocurrency.

Nothing can be explained further in connection with the ban on bitcoin as a currency in China, unless their stable crypto has found a good adoption point. I think the government will still change their attitude towards bitcoin, because it is proven that China is still the main place for large-scale crypto mining, it only takes time to prepare regulatory controls to trade it.

I don't think so, because it has already been said, bitcoin is a commodity that can be considered a digital property, that means they will not go further to accept crypto as a currency and possibly only change their regulations as we know, they only legalize crypto mining and they should have implemented all the trading and business matters in their country without having to move trade operations for their crypto to other countries, it is a deviant and unreasonable regulation.

China is one of the country that has got man power as well as advancement in technology. So China at some point will start accepting bitcoin as currency and for other transactions. China has a major contribution to the growth of bitcoin as well as other cryptocurrencies. If China hasn't supported the growth in its early days bitcoin could've never been this popular. Later due to some internal political pressure it took several decisions against bitcoin. Even now people from China continues to use it.

I don't think China's going to accept Bitcoin as a currency because China is a large, strong country, and we know China can always make its own technology. Although the Chinese president stated yesterday that endorsing blockchain does not mean that the Chinese government will legalise bitcoin. The Chinese government is not going to like bitcoin decentralised and anonymous. I heard that China is going to make its own crypto project, so I think this could blow up in the future.

their strength is to always be able to create a controlled system in a sustainable way, as well as to take advantage of something they don't like.

Even though there are many illegal investments in circulation, they can still prevent it from growing bigger, what they will do now with CBDC will bring big changes in the crypto world. If they finally legalize bitcoin, I'm sure they must make sure to take most of the outstanding bitcoin in their own way in the long run.

Correct! Knowing China, they have a world of their own.
They have their own internet browser so they also have their own mode of payment.
If a thing did not start in China, they'll probably less likely to support it. If they did support it, it is probably something that will bring them more profit.

China is currently testing its digital yuan. And in the first half of 2020, the digital yuan will be launched in full mode. The main difference between the digital yuan and bitcoin is that the first one will be centralized. And the Chinese authorities will want to oust bitcoin from China, because it is not controlled by the authorities.

There will probably be the possibility of investing in Bitcoin through banks or their stock exchange markets, but that's investing in something you won't own. Just like gold: you buy gold stocks but you don't own it physically. So except speculation, there's no point in investing in it unless you're allowed to use it the way it was meant to.

Many newcomers are unfortunately taught about Bitcoin the wrong way. Many of my friends prefer buying cryptocurrencies through stock markets instead of buying them directly from exchanges and withdrawing it to their own wallets. I've been here since way before the "national currency" part was a thing, so I know the true way Bitcoin was meant to be purchased and used: peer-to-peer.

indeed it is not surprising that China has its own world, they banning cryptocurrencies, but they create digital currencies, and I read the news that China will launch digital currency this year. although bitcoin is not controlled by the authorities, but china is one of the countries that is very influential on bitcoin because they are the largest bitcoin miner also has the most exchanges. if they launch their own digital currency and ban crypto, there might be a big impact on crypto. if they created a digital currency, yuan would become stable coins?

Not just bitcoin, every single decentralized coins will be turned down by these countries, the only ones that still stand a half chances are centralized coins like XRP, now the battle of crypto coins have just started with Central banks very own digital coins? I don't know what will happen in near future

People like to change the narrative all the time, when the Chinese government started viewing the blockchain market and wanted to take advantage of the technology everyone came up with the narrative that they are going to accept the currency part of the blockchain which they will never accept in the near future, these fake news are pumped by the trolls and the social media along with the blogs to attract click baits.

China is already the leading ASIC manufacturers for a very long time and they have all the major mining farms in the country, but it has nothing to do with the government, these are private companies investing their money where they can make money. I am not expecting the government to invest anything in the crypto market but they might be coming up with their centralized coin with a twist which means a currency with block chain enabled which will have further implication as the government will be able to monitor every single transaction their citizens does which means more restrictions in the broader aspect.

This question has been asked for a long time because China is an important player in blockchain and bitcoin space. As a country, the legal things work differently in China. Their government is a conservative one and they pretty much control everything in the country. So recognizing BTC as a legal currency is not gonna be fast in China, obviously.

China has banned cryptocurrencies and Bitcoin since 2017, and until now they continue the ban. I don't think they will accept cryptocurrency and bitcoin because it will affect their economy, until now they only accept blockchain and are studying it to apply to their banking system.

We are now in an emerging world of technologies and innovation is what abides these new technologies that benefits the people allot to lessen their time doing something and to make it easier. In the case of China accepting cryptocurrency, they really have the capability and potential to run crypto but it seems to be that the problem is their population and the ongoing economic development of their country. Most of the country basically have the potential to adopt bitcoin by reshaping the jurisdiction they have with their government, in terms of China, it is the fear of mishandling bitcoin users that imposes threat to their economy and will definitely wash the centralization they've built out from a long time.

China has been banned bitcoins and any other altcoins because they dont simply like to adopt those its because they will probably launche their cryptocurrency called yuan this year as per the news. And I think they banned these coins because it will be one of their competitors when their coin is launch already.

Bitcoin is banned in China because it cannot be controlled. This is the main reason for the ban. But they will still continue to use it despite the ban. Therefore, the Chinese government makes a digital yuan for its citizens, which is completely centralized.

Though it is banned but still China is the major hub of Bitcoin miners and its users. Chinese contributed nearly sixty percent of this digital currency market.  This means that people cannot use this currency legally but they can hold it for short and long term. People’s attraction toward this currency and wide usage in spite of government’s regulations is a symbol of its great strength and value, it also depicted that Bitcoin would have a more powerful future in China and it can be accepted legally.

Actually, China's government seems to be against cryptocurrencies with plans to launch its own currency with centralised control, but due to technology they may be enforcing some laws to regulate such cryptocurrencies. Since most btc mining is centralised in China, it will be used there forever. The other side trade war between the US and China could increase the use of crypto business in these nations.

Chinese government doesn't want people to use private and decentralized currency, but at the same time doesn't want to give away the advantaeg to the US. I believe they'll continue to push CBDC on people but they haven't really decided what to make of crypto yet

I think that soon China will probably embrace Bitcoin as a currency. They have plans to create their coin last year, and that is why Bitcoin had a run in the 4th quarter of 2019. But China had withdrawn on their plans to make their coin and I'm not sure why. This caused for Bitcoin's run to end and then slowly dumps back to 7,000+ dollars.

But I do think that in the near future, China will again continue their plan to create their coin and I'm pretty sure that Bitcoin will then again have a run and this time Bitcoin's price might exceed 10,000 dollars! This is if my prediction is right though.

Knowing China? Probably not.. As Chinese Government has very much control with their people.
They tend to create their own and used it for their own benefits rather than embracing btc or other altcoin/cryptocurrencies.

possibly in the next 10 years at least?because so far it is EOS is what the Top currency in that country and Bitcoin sits only in rank below 10 that means they are not supporting that much while in their country the most accumulating of bitcoin.
in time when the adoption happens?maybe that is the time that they will accept Bitcoin as a Truly currency and not the other way around.

China always wants to be at the forefront of everything, they also maintain a centralized system, because it can be controlled. therefore the trade war does not seem to make China tremble because their products have controlled most of the world market

This ban can only be lifted if bitcoin is recognized as a world currency by all countries. Or even not all, but the most economically developed countries. Then the Chinese government will be forced to recognize bitcoin in order not to stay away from the world economy.