Will China Accept Bitcoin As A Currency?

[bryant.coleman]

In my opinion, there is zero chance. China is a heavily manipulated economy, where everything from the national currency to the stock exchange is under constant manipulation. The government has created an artificial scarcity to keep the prices high. The housing prices are much higher when compared to the neighboring countries and the P/E ratio for stocks is many times of that for the stocks in other countries. Since the Chinese public doesn't have any other choice, they continue to invest in these over-priced assets.

Those who want to get out of this manipulation tries to get their wealth moved to other countries, despite the many risks involved in doing so. Capital flight is strictly under control in authoritarian China and can be done only using certain loopholes. Another option is to invest in assets that are not manipulated, such as gold and Bitcoin. But the government doesn't want the citizens to invest in these assets and therefore they have tried to discourage the users.

[posi]

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

China have the features you mentioned but I believe you guys are not aware of the Chinese governments stance concern Bitcoin because cryptocurrency is not ban or view as illegal properties in China. Besides, their online court was said to recognized cryptocurrency as assets but there are still some restrictions involved.

[Saltius]

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

China have the features you mentioned but I believe you guys are not aware of the Chinese governments stance concern Bitcoin because cryptocurrency is not ban or view as illegal properties in China. Besides, their online court was said to recognized cryptocurrency as assets but there are still some restrictions involved.

China is not a country respecting laws made by itself.
That case is meaningless since any high ranking officers in China can inteprete it in the opposite way.

Chinese MFA Spokesperson to Reporter: “Don’t Use the Law as a Shield”
https://www.hrichina.org/en/content/4902

[Squidley03]

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

But what if china sees that every other country on the planet is using this technology and they're not

[ethereumhunter]

I could hope that china in someday can accept bitcoin as a currency because, with a big population from that country, we will see a fast adoption from that country so their people can use cryptocurrency/bitcoin in their daily life. That will influence the other country to follows China to use bitcoin, and maybe they will also accept bitcoin as a currency. When it happens, I think cryptocurrency, especially bitcoin, will be more popular and all country will be aware of the advantage of the cryptocurrency.

[accounting 181293]

maybe not, but they might make their own crypto coins to use there. We know that China has many major innovations in the field of technology and the internet. so maybe I developed a crypto that would be used as a substitute for Fiat in that country. and China could become the first country to adopt a blockchain legally in the future.

[SquallLeonhart]

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.

In my understanding, it is not so hard to tax bitcoin, I believe that if they regulate it, they can do it like United states is planning to do it and some other countries too by working with exchanges, I know that it cannot give accurate result because of different exchanges that we have but china has one of the largest exchanges too, and they also have local exchanges right there, so all they just have to do is work with these exchanges to tax them.

Exchanges would be the ones to place the tax on every transaction off the individuals that uses the exchange, and then remit it to the government, just like the interbank works, and also just like the telecommunication industries works.  If they had known the originator of bitcoin in person, I am sure by now, they would have designed a program that will regulate it.

[darylalban]

China most definitely will. I was reading about how Virgin Bitcoin are being highly sought after because of how they'll be regulated meaning a lot of people are looking into them from people in China. Do I think that the government will try to take control and own their own BTC, definitely. But I think China would shoot themselves in the foot if they don't accept btc

https://cointelegraph.com/news/virgin-bitcoin-most-in-demand-crypto-that-is-regulated-differently

[dat.ho12492]

I could hope that china in someday can accept bitcoin as a currency because, with a big population from that country, we will see a fast adoption from that country so their people can use cryptocurrency/bitcoin in their daily life. That will influence the other country to follows China to use bitcoin, and maybe they will also accept bitcoin as a currency. When it happens, I think cryptocurrency, especially bitcoin, will be more popular and all country will be aware of the advantage of the cryptocurrency.

Indeed, China with a large population, combined with a relative economy, the amount of capital that can be pushed into bitcoin and crypto is enormous, China's acceptance of bitcoin as currency will be a trigger. But perhaps China will not activate this process because they have too much worry about crime and money laundering, with a large number of users, management cannot be tight, many holes will create, currency such as bitcoin will quickly become a nightmare for China, very few reasons for China to admit bitcoin

[DoublerHunter]

china govt may accept btc as major global currency in the coming future so china is considered btc and blockchain future and even govt court's are in favour for china

^ But the question is when? China has currently banned cryptocurrency into their place, they are heavily manipulated by their governments even though gambling also was prohibited in their place. China has a large population and I think if they are going to accept bitcoin it will have for sure a massive adoption. Nevertheless, we can't blame Chinese governments why they do that.

[Arkann]

It seems to me that everyone should reconsider their views on the Chinese government and its statements on cryptocurrency.  China is one of the most active users in the cryptocurrency market, and the government has always played a dual role in order to use as many chances as possible for profit.  Anyone who has encountered the economic history of China, and not just regarding cryptocurrencies, can see that China and the Chinese government will never miss their own.

[ðºÞæ]

They are very active

https://weiblock.app Twetch replacement 1 cent for everything if you receive 2 likes you in profit, one break even
and
https://cityonchain.com in development of craigslist / yellow pages on chain

[Oceat]

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.

It's just sad to know that they once accepted Bitcoin before and they were the country that holds the biggest shares overall of the in the market. And now, their government is against it due to the rampant scams and illegal activities everywhere using the cryptocurrency. I still remember those days when they suddenly pop up in the news and then BTC drops drastically during that time.

[maianh09]

China will accept Bitcoin as a future currency but not at the moment. Bitcoin will be accepted and adopted by many countries as a currency before China receives it as a common currency in this country. I believe that shortly, Bitcoin will be recognised worldwide. Hope for a good future and wealth of Bitcoiner.

[DaWidyaaa]

In my opinion China will not accept Bitcoin because the Bank of China (PBOC) states, China's central bank is almost ready to release its own digital currency.
The making of digital currency has been formulated for 5 years. Later, PBOC will launch its digital tokens through a two-tier system, where PBOC and commercial banks will become legitimate publishers.

[LUCKMCFLY]

In fact, maybe not, since China fears a lot for Libra, they say they want that cryptocurrency to be in constant supervision, and I see this as a weakness, even though China has been investigating the whole issue for 5 years to be able to do Launch of the cryptocurrency, they are very close to Bitcoin, I hope they don't use a blockchain network where they claim it will be a different cryptocurrency with Chinese technology.

I think they fear more for Libra than for Bitcoin, in fact, if China takes advantage of opening Bitcoin acceptance operations without taxes, it will help a lot to bring bitcoin to higher prices.

Because in 2017 when there was speculation that Russia was going to launch its own cryptocurrency, they said that it did not mean that they accepted or gave it access to bitcoin, and since their policies are many times similar, they should wait for its launch and we will see what kind of technology will have.

[todiboa]

The Chinese will choose Bitcoin but China will promote its national cryptocurrency, which recently implemented a Chinese bank

[Tylev]

The Chinese government, by prohibiting and restricting the circulation of cryptocurrencies, was afraid that the use of cryptocurrencies would lead to an uncontrolled outflow of money from the country. However, by their measures, they are unlikely to achieve the desired result. Most likely, on the contrary, people began to use cryptocurrency, withdrawing it from the country, and many even left China, especially for mining. In addition, the Chinese government has already really seen that most states have accepted cryptocurrency and this state can remain on the sidelines of world development. In China, they tried to find their own way to use their cryptocurrencies. Now they are going to issue their own stable coin. All this suggests that there will not give up cryptocurrency, and it is advisable to use various other options.

[Janation]

The Chinese will choose Bitcoin but China will promote its national cryptocurrency, which recently implemented a Chinese bank

Im surprised that they accepted Bitcoin again.

As far as I know they banned it and also affected the price at that time. Maybe they realized something like they can't really ban it since they will never know who are using it and where are they using it. It is decentralized so you can't stop your people in using it, better tax it than ban it since banning is useless.

[Republikcoin.com]

I'm not really sure that China will accept bitcoin as a currency. There is no doubt that so many Chinese people accept bitcoin, even most of them formed mining companies for this.

it's just that, I don't really know that bitcoin will be accepted as a currency because it can be said that bitcoin is one of the tools to make profits there. besides that, i heard that china will also make their own cryptocurrency, even rumored it will compete with libra. because of this, bitcoin might just be an alternative.

you can read about the development of their own digital currency in the link below.

https://cointelegraph.com/news/china-is-racing-to-launch-a-digital-currency-ahead-of-fbs-libra