Will China Accept Bitcoin As A Currency?

[Abolaji11]

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.

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[kawetsriyanto]

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.

[BITDV]

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

[Periodik]

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. 

[Artemis3]

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...

[timerland]

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.

[pooya87]

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.

[diahsw]

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/

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.

[Aldrinx00]

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.

[giantrobot]

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.

[maxreish]

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.

[Paulinerims]

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.

[timerland]

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.

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?

[zhangxuan89]

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.

[pjcaruci]

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

[linkingt]

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.

[cipherhut]

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.

[Digital_Seung]

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.

[Artemis3]

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

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.

[nankers]

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/

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