Will China Accept Bitcoin As A Currency?

[ivakar]

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.. 

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[NewBet]

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.

[seanskie18]

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.

[amyshek1979]

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

[Doyenne]

Never. And Russia neither.

[Youghoor]

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.

[Murat]

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.

[2girls]

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 [/font]

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

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.

[Murat]

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.

[zedicus]

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

[CODE200]

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.

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 .

[Kyraishi]

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.

[bitcoinposts]

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

[randegibran]

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.

[FirstBeNewbie]

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.

[Maslate]

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.

[Pab]

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

[3x2]

It is not far that China will make their own way into crypto and might also have their own centralized coin in the future. China is one of the biggest contributor in the whole crypto market and is really active in regards to crypto. Just a little news on China regarding crypto affects the whole market.

most of miners are china peoples because china has cheap electricity the can do mining operations very cheap and get maximum profit compare to other country miners.i herd some news china creating digital version of there yen so its good news if government enter to crypto currency market probably they will consider about btc too

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.



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

[dentolas]

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 

[Diirtmaan]

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?