Will China Accept Bitcoin As A Currency?

[Squidley03]

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/

[proTECH77]

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.

[dkbit98]

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

[Nadziratel]

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.

[ityandsyn]

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 .

[vintages]

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.

[Slow death]

Its more likely that they make their own currency that will circulate in the entire China rather than adopt bitcoin as their official cryptocurrency.

you're right:

PBoC suggested that it should accelerate the research and development of its digital currency.

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

[hugeblack]

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.

[DeathAngel]

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.

[gentlemand]

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.

[target]

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. 

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.

[pawanjain]

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.

[bkbirge]

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.

[dothebeats]

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.

[BrewMaster]

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.

[serjent05]

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.

[Ms_Arc]

I dont think so. 

[arpon11]

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.

[Saltius]

Yes and No.

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

[eaLiTy]

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

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.