Will China Accept Bitcoin As A Currency?

[Reatim]

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.

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.

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[bobitza]

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.
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[interestec_dj]

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. 

[sovie]

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.

[frankieky888]

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

[k@suy]

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.

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.

[Lambowei]

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

[tungaqhd]

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/

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.

[Artemis3]

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’s new digital currency ‘isn’t bitcoin and is not for speculation’
(Cissy Zhou - Published: 6:00pm, 22 Dec, 2019).

"The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies"

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...

Mu Changchun, head of the People’s Bank of China’s digital currency research institute, on Saturday said it would be “a digital form of the yuan”, there would be no speculation on its value, and it would not need the backing of a basket of currencies, according to the official Shanghai Securities News.

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.

[minersday]

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.

[Itsmylife]

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.

[DevilSlayer]

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.

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.

[Duzter]

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.

[YinShuiSiYuan]

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

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 ...

[Ozero]

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.

[kotik085]

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.

[heidikim]

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.

[dimastegar]

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.

[efpd777]

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.

[White Christmas]

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.

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.