Will China Accept Bitcoin As A Currency?

[RealMalatesta]

They will surely accept cryptocurrency because they have no choice again right now as they see that we have some other developed countries who are fully in support and using it, so there is no point fighting a system that they cannot get the world together to go against it.

The only issue I just see here is that they might not accept another person’s system other than the one they will created themselves, which is why I think I saw it somewhere on one of these forum\s topic where it was stated that china is planning to develop their own cryptocurrency also, and that came after Huawei made a statement that they can create their own Libra coin also, but I know that even if china creates its own currency today, they will still be able to pair it with bitcoin in the crypto market.

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[Fundamentals Of]

This is the way to go. China will be accepting cryptocurrency one day because the world is also accepting it. Will they just allow themselves to be left behind by the advancement in digital currencies? I know they are now developing their own digital fiat but that will not be like Bitcoin because it will mainly be for domestic transactions. International transactions need internationally accepted digital currency and Bitcoin is undeniably the best option.

[fuer44]

I don't think ever, because China itself has developed their own online transactions, and I think that is the answer that they might not accept bitcoin as a currency.

[killat]

If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.

[Questat]

If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.

That's the advantage of using bitcoin, and not only China will be using as this trade war if it will continue, lots of countries will also be affected.
It's like a spreading virus that will slowly destroy an economy due to the greediness of some big countries, small countries will suffer and good thing they have a good option to save their money from value devaluation.

[maydna]

I give my answer to Yes, although I don't know when China will accept bitcoin as a currency. But soon, if the other big countries are accepting bitcoin, and they use bitcoin as the currency, China will follow them. I think China wants to compete with the other big countries in any aspects. And if they can use bitcoin too as the other country, then they can compete, and we know that China already has a big resource for mining bitcoin. Besides that, bitcoin can help their people to get more source of income, and that will grow their people wealthy too.

[Squidley03]

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.

I see, so what you're saying is when several different countries in china's 'economic area' start accepting cryptocurrency china will miss out on that development? Which will cause them to suffer long term?

[shulc7]

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

Even if they do not do it, China still has a great influence on the price of Bitcoin. The latest BTC jump is closely connected with the fall of Chineses national currency. The investors of this country are actively using BTC, which may also affect the acceptance of the main crypto in this Asian region. If it happens, the market will look differently.

[bkbirge]

China is creating their own version.
https://cointelegraph.com/news/digital-yuan-weapon-in-us-trade-war-or-attempt-to-manipulate-bitcoin

[maksimukr1989]

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.

In other words, now there is an economic war between China and America.There is simply no clear answer as to whether China will accept bitcoin.As there is no answer to the question whether Libya,Uzbekistan,Kazakhstan will accept..... bitcoin.So far, no one dares to take concrete, official steps at the expense of bitcoin and cryptocurrencies.

[Artemis3]

If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.

All China has to do is dump those US bonds but that hurts them too, so they better get rid of them slowly, at higher not lower price. Knowing them they'll patiently just wait for Trump to leave office rather than lose their grip on the US Economy.

[bkbirge]

If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.

All China has to do is dump those US bonds but that hurts them too, so they better get rid of them slowly, at higher not lower price. Knowing them they'll patiently just wait for Trump to leave office rather than lose their grip on the US Economy.

Yep, China knows how to play the long game. The USA seems to consistently elect leaders that can't think beyond a single election cycle.

[Leonardo7]

Every nation will eventually legalize bitcoin. It's truly decentralized without a known owner, so nations will eventually adopt it. We can't say the time this is expected to happen. No other coin is more qualified than bitcoin to be used by the world.

[fulled]

no, bitcoin will only accepted as a currency in china if china's bitcoin reserve is more than 50%, or china will create new coin pagged to its Renminbi/Yuan as a china's national digital money

[cheezcarls]

As of today, China is labeling Bitcoin as a legal property, but I don’t know if it can relate to being accepted as a digital medium of exchange in purchasing goods and services.

Last year, the entire cryptocurrency market is taking a huge blow after China banning Bitcoin and ICO related stuff, and they’re cracking down Bitcoin mining facilities. Most of the crypto mining activities were in China itself.

As they’re now softening its stance, that doesn’t mean that they would finally embrace it. They’re still kinda working on the regulation side in using and adopting Bitcoin in their country. Just sayin’ only, but I could be wrong about my statement. 

[SuperTA]

Bitcoin is used more like a digital gold. China is already using bitcoin as a new store of value. (a small amount, but it's a start, cuz they don't have a choice). It's a new gold 2.0 that can move fast. It's not likely that gold or bitcoin is used like a currency. It might but it will probably be the new digital gold. Maybe in the future, satoshi will be used instead of the currency, but that's just my speculation. I think it's more probable that the countries will issue their own digital currencies and all countries will eventually start to use bitcoin as a new digital gold and a store of value.

[Mehedi72]

China is one of the most developing country, full of  digital technologies. Their digital economy has expanded rapidly in recent years as because they belive in "look before you leap" proverb. Because of scam, hacking & laundering issue, they banned bitcoin. But that they will Accept Bitcoin As A Currency, after 10years if those issues [I've mentioned above]  are possible to solved somehow

[bitgolden]

I don't think ever, because China itself has developed their own online transactions, and I think that is the answer that they might not accept bitcoin as a currency.

China might not accept it, but there citizens will see the reason to use it than any digital money they may ever create because bitcoin still has lots of more benefit than them, and I think that we need to start talking about government accepting bitcoin or not, the more we talk about them accepting bitcoin, the more it draws an attention to them and we all know their stand about bitcoin.

I would prefer that we just let this be the way it is and allow people to by themselves gets exposed to bitcoin through the way we have been creating awareness. I think that as we keep comparing the cryptocurrency to the country’s existing fiat system it provokes them more and if they had the opportunity to be, they would probably had done so. Bitcoin is meant for those who appreciate it and let’s leave it at that way.

[alphaboon]

I feel that China definitely have the technological and economic capacity.   But I doubt they will adopt Bitcoin.   It is hard to tax bitcoins.  But nowadays everything banned by Trump seems to be welcome in China, they might adopt Bitcoin just to spite Trump.

[Saltius]

China is never a county of Socialism. It is a country of Socialism with Chinese characteristics.
And Socialism with Chinese characteristics is actually bureaucratic capitalism which is the worst  (or second worst maybe) form of capitalism in the world.

China is building its own bitcoin with Chinese characteristics which will definitely dwarf faketoshi and Calvin Ayre's bitcoin SV. Chinese govertment will educate(or any word you want to use) Chinese people that the keypart of Bitcoin is centralisation and the commie party should be the centre naturely(How many idiots would take this BS? The answer is the same number of the idiots who believe Socialism with Chinese characteristics is some Socialism).