US or China: Who do you think will legalize bitcoin first?

[Patron92]

It is very difficult to say for sure, because these two countries are very strong in terms of the economy in terms of technology. But I think that the USA will be the first to use cryptocurrency and thus develop it on its territory.

[bigbosma]

I think that America is the first to legalize bitcoin, because this country seems to me more progressive. But China is quite possible, can develop its own cryptocurrency. I recently read the news that the countries of Southeast Asia are ready to create their own cryptocurrency, which will operate on the territory of their countries.

[teejayrichard2]

for me i think China will legalize bitcoin first as they are very fast in approving things like cryptocurrency as compared to US who always try to analyze things critically first.

[DigitalCyberius]

China has seemed to be very anti-Bitcoin/crypto as of recently, whereas the US is very open to crypto, and even talking about how to better tax it, etc. The major big thing in the US that I was last familiar with was the reluctance for a Bitcoin ETF, whereas in China, they were cracking down on "illegal" crypto miners.

According to Wikipedia:
"Bitcoin and similar cryptocurrencies are regulated as both currency and as a security under U.S. law. Within the U.S. many states are also pursuing legislative/regulatory efforts to cover crypto instruments"

So crypto is being recognized on a Federal level and within some of the individual States.

Whereas according to the Library of Congress:
"China does not recognize cryptocurrencies as legal tender and the banking system is not accepting cryptocurrencies or providing relevant services. The government has taken a series of regulatory measures to crack down on activities related to cryptocurrencies for purposes of investor protection and financial risk prevention. Those measures include announcing that initial coin offerings are illegal, restricting the primary business of cryptocurrency trading platforms, and discouraging Bitcoin mining. In the meantime, China’s central bank is reportedly considering issuing its own digital currency."

Communist mainland China desires control over every aspect of life, and they certainly don't want a means of exchange that would be out of their control and that could move money out of the country without their knowing/control (some of this probably also applies to the United States, or at least certain entities within her).

Hope that helps,
The Cyberius team.
 

[Kelvinikke]

Well these two countries have very strict rules against cryptocurrencies even though they are trying to find some regulations to it but i believe that the US is quite positive to the legalization of bitcoin and cryptocurrencies than the Chinese government is opened to. But we cannot jump into absolute conclusions since the Chinese can just decide to legalize it one day. Let's be patient and see how the future unfolds.

[nebuch]

The competition of bitcoin first legalization between US and CHINA is unknown. But in case the president of the particular country is PRO - crypto, I assume it will be the first country making crypto legalized. Of course seeing more advantages parts of crypto meaning into the country to have much better place.

[teejayrichard2]

i think and strongly believe China will legalize bitcoin before US. China is open to technologies and innovations unlike US who try to always want to make critical analysis first. But then we dont know what will happen. soon events will unfold

[KuyaBreezy]

Uhmm is an interesting debate, because of the democracy that usually has the USA we could think that they would unban it first, but also think that the Chinese care a lot about business and making money, so it is also a matter of time before they see in the crypts as an opportunity to gain more power/control/money.

[margueritabarrutti]

I think China will go first. They are seriously studying everything that can benefit a lot of their people.

[Halmater]

If US officials feel that they lose their relatively high control on cryptocurrencies, they can easily change their minds and be faster than Chinese goverment. Since cryptocurrencies are decentralized, they firstly want to have full control on the crypto-market.

[nizamcc]

I think none of them legalize cryptocurrencies. Because it can kill the country's economy.
On the other hand, China or America can create an allied cryptocurrency. Of course, this will have little to do with decentralized cryptocurrencies. But I see it possible. And I see the possible introduction of blockchain technology into the country's economy.

[thankyoulord]

i believe China will legalize bitcoin first because china is more open and more flexible to things than US who usually take so much time in analysing things before making decisions

[adzino]

I will place my bet with the US, they are open to discussions, they just need a more healthy environment for their i
nvestors,which is a good thing considering the level of insanity or scams that abound in the space.China on the other hand are not even ready to discuss its merits or giver her citizens a chance to make their opinion known.

Wouldn't be surprised if it ends up being totally the opposite. The US might be thr rejecting the approach of bitcoin, where as the Chinese goverment would accept it either through strict regulation or through free flow. The Chinese government will always want to stay ahead of everything by any means.

[teejayrichard2]

china most definitely will. observing the two countries close, you notice China is more open to things than the US as they easily welcome technology and innoations. Though the may legalize bitcoin, no one knows for certain

[tytanhamon04]

I think China will soon be legalizing bitcoin in the future. I realize that there are many bitcoin investors coming from China although this country does not support electronic money. Many factories to exploit bitcoin are built here. From here, I see that the Chinese government may soon be legalizing bitcoin.

I agree with you but only partly, you say that in China there are many miners but as everyone knows China does not support this direction and has already closed a large number of enterprises.

[BitcSeo]

None, because both countries think's that bitcoin will affect the circulation of their currency.

[shoreno]

None, because both countries think's that bitcoin will affect the circulation of their currency.

Thats not true .  if we look them closely we can easily tell that china is more strict compare to u.s thats why u.s will first legalize bitcoin  and infact bitcoin is already legal in the u.s because u.s is the first country that discovered crypto ( if im not mistaken )  because satoshi is also from the u.s .China in a nutshell is already restricting cryptos before but i dont know if they are now allowing it today since its been two years after they announce the banning  .

[aad140386]

Difficult to say, to be honest. I have already thought about this question, but I have no definite answer. In China, there is a tradition to create something of their own, and not to accept someone else's. They successfully copy the ideas of other countries, but still try to create their own product. This applies to everything. From the Alipay billing system to mobile phones. And for some reason it seems to me that China can do the same with cryptocurrencies. Release your cryptocurrency and legalize it only in China. In the US, it is becoming more democratic, but the bureaucratic apparatus of the old farts may have been considering the issue of legalizing cryptocurrency for years.

[rodel caling]

None, because both countries think's that bitcoin will affect the circulation of their currency.

Thats not true .  if we look them closely we can easily tell that china is more strict compare to u.s thats why u.s will first legalize bitcoin  and infact bitcoin is already legal in the u.s because u.s is the first country that discovered crypto ( if im not mistaken )  because satoshi is also from the u.s .China in a nutshell is already restricting cryptos before but i dont know if they are now allowing it today since its been two years after they announce the banning  .

At this moment bitcoin in both country aren't totally banned in own understanding US and china want to regulate bitcoin that't reason why bitcoin as currency. Difficult to rell which of two country be the first legalized bitcoin without any regulation or approval feom the central bank of wach nation.

[Johnzky]

Just curious which one would be more accepting of bitcoin or any cryptocurrency for that matter. China nowadays seem to headline a lot about artificial intelligence and other technology. They are also promoting a cashless society. So I am betting on China.
Feel free to contradict. This is just me overthinking. Maybe, neither would even legalize it in the future. Or perhaps countries would create their own crypto?

I believe that state of Arizona in US are accepting bitcoin in their judicial payments(correct me if i am wrong)and there is another one that i forgot,what i mean here is america seems to be more open in accepting bitcoin and cryptocurrency than china in which we know that expert in pirating so theres no impossible if they can imitate crypto