Will China Accept Bitcoin As A Currency?

[imstillthebest]

But the government's decision is not based on the wishes of the community right?

it depends . some people on other country can do a rally to promote something and soon thier government will listen to them and grant thier wishes but there were also government that will refrain from others request  .

Re: Will China Accept Bitcoin As A Currency?

yes they did . before china is verry open to crypto/bitcoin and they accept it like a normal currency but there are times that china have banned cryptos  .  they do it on and off , i dont know the exact reason but lets hope that they will permanenetly accept crypto in the future so that crypto prices wont drop hard anymore .

[pakhitheboss]

I doubt this will ever happen.

I have heard the news of China planning to start its own digital currency. If those new are correct, they will launch it by November this year.

If a country wants to launch its own cryptocurrency, why will it then accept Bitcoin as a currency? I think they will again Ban Bitcoin after November.

[Jating]

Why are we still discussing this? this is an old news already, China has already turn its back against bitcoin in 2017 so I doubt that they will suddenly make a U-turn and then embrace it again with open arms. Yes, they love the technology behind, which is the Blockchain because they've been like creating lots of project involving this technology. But it doesn't mean that they will used bitcoin though.

There are reports that they are planning to have their own crypto and probably back up by Yuan to counter Facebook's Libra. So I don't think that we should have any debate on China's stance on bitcoin at this point.

[bryant.coleman]

The Chinese government is not very comfortable with Bitcoin, and there is no doubt regarding that. China is a country where almost each and everything in the economy is manipulated (including the stock market and the national currency). Due to this manipulation, ordinary citizens don't have a trustworthy option to invest their savings. Either they should go for the heavily overpriced and manipulated stocks, or bonds issued by government which are susceptible to inflation.

Bitcoin and bullion offers a rare opportunity for the investors to put their money on something that is not manipulated by the central bank. The government was not happy about it and tried to ban BTC. But the users simply shifted their transactions to exchanges in South Korea and Hong Kong. In the end, the government had to bring a more friendly approach. But I don't know for how long this will remain, if BTC increases in popularity.

[randyboy]

I vote for, Possibly In the next 10 years. Maybe, it will happen soon because china had a lot of investor and users.. most of top crypto exchange now are from china.. a lot of chinese people use this a primary job to earn some funds. with this possible in that year china will accept and legalize and make it as one of their main currency.. I hope it will happen soon, not that long.

[jhonjhon]

I vote for, Possibly In the next 10 years. Maybe, it will happen soon because china had a lot of investor and users.. most of top crypto exchange now are from china.. a lot of chinese people use this a primary job to earn some funds. with this possible in that year china will accept and legalize and make it as one of their main currency.. I hope it will happen soon, not that long.

Chinese people would love to take this opportunity but their government itself making a way to stop them and even banned cryptocurrency. It will be good to promote our own, but it has also to be open to what we think that it could be good for all and that is what I understand with their leaders.
It is quite possible to be considered, it only needs more time and their country leaders will suitcase this project for their people.

[yoseph]

I thought the Chinese government banned the use of Bitcoins and other cryptocurrencies about two years ago,  I don't see how and why they changed their minds and are deciding to accept the use once again. Maybe they realise that they are indeed missing out on the perks of allowing their citizens using it.

[tungaqhd]

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.

But the government's decision is not based on the wishes of the community right? even though chinese people want bitcoin to be legalized because it provides huge benefits for them. but the government does not see that as an important reason for the legality of bitcoin. the government will certainly see other reasons from the side of the government itself, they see bitcoin as a threat to their currency, threat to their income, of course the result is the government will ban bitcoin

Wrong, the government's decision depends on the wishes of the community and some of their interests, simply put, if the community's wishes are reasonable and don't have too much influence, and bring benefits to the country, the government will accept. But if wishes are only suitable for the development of some individuals and bring risks, similar to bitcoin, the government will not accept, not only China, many countries still do not accept bitcoin, Bitcoin has too many hidden threats, if not solved, China will permanently have a gap with bitcoin

[manok jepang]

To note, China has the motivation to launch the monetary format more quickly. This type of approach is seen to create stability. By launching its own digital currency, the Chinese government is also more flexible in controlling its circulation. Unfortunately, the country's government did not specify exactly when this digital currency can be used in bulk.

[bitbunnny]

I thought the Chinese government banned the use of Bitcoins and other cryptocurrencies about two years ago,  I don't see how and why they changed their minds and are deciding to accept the use once again. Maybe they realise that they are indeed missing out on the perks of allowing their citizens using it.

If the Chinese government will recognize Bitcoin as a legal payment tool in his country, I think the United States will do the same thing too, because they are both at war economically lately, I think in the future China will become a country that adopts Bitcoin as their currency to kill American dollar.

With accepting Bitcoin as a currency China will not kill dollar. Even if introduced into economy system Bitcoin can not so easily endanger foreign currency, dollar is not that vulnerable. Also I don't think that US will follow Chinese example.
But I have to adnit that China could surprise us with their crypto related decisions, from very restrictive regulation towards miners to acceptin Bitcoin as a currency. Although this is yet just a speculation.

[jostorres]

With accepting Bitcoin as a currency China will not kill dollar. Even if introduced into economy system Bitcoin can not so easily endanger foreign currency, dollar is not that vulnerable. Also I don't think that US will follow Chinese example.
But I have to adnit that China could surprise us with their crypto related decisions, from very restrictive regulation towards miners to acceptin Bitcoin as a currency. Although this is yet just a speculation.

There is a different between china accepting it and Chinese accepting it, in my illustration here, china is the government and Chinese are the citizens, the citizens are what bitcoin is developed for and not the government because it is a system to assist individual facilitate its transaction within and across the border, and this will eliminate some government power and benefits on those transaction, so why do you think they will accept it easily?

Right now, I have even learnt of the chines government trying to come up with their own cryptocurrency that will be used within their system as they cannot fight or eliminate bitcoin, so they would rather then create their own coin, which I don’t see it becoming successful because the end users will simply just neglect it.

[EdvinZ]

I think China will in the near future cautiously introduce digital payment instruments into its state’s infrastructure. It is extremely early to talk about the full-scale and comprehensive adoption of Bitcoin, but if this happens, I think that we can see new price heights. Although China may well create its own national cryptocurrency inside its own country.

[shoreno]

If I'm not mistaken, the Chinese government is starting to introduce national cryptocurrency as a currency instead of Bitcoin. However, I don’t think that in the next few years none of them will become a currency and does not replace Yuan

you are already talking about currency but you also said that nothing will become a currency ? thats confusing huh  .  and what you mean chinese introducing national crypto ? do you mean chinese have created thier own crypto coin ? and they will formally introduce this as a replacement to the old currency that they have ? thats cool but cryptos only work online right ? how can all of thier people can possibly use this ? but i think its possible since china is a well develop country  .

[Janation]

If I'm not mistaken, the Chinese government is starting to introduce national cryptocurrency as a currency instead of Bitcoin. However, I don’t think that in the next few years none of them will become a currency and does not replace Yuan

I don't think they will be replacing Yuan that easily.

Though a lot of people there in China are massively using mobile payments these days.

I think they will be using mobile payments more but I don't think it will be replaced by a cryptocurrency.

[metallica101]

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 it did, that would be a massive thing for Bitcoin. However, China is better known for banning things that give any amount of freedom to its people, so i don't know. On one hand, there is its potential and will to get in on advanced technology. On the other, would China allow something that it can't control?

[roosbit]

At the moment cryptocurrencies are really not on top of the agenda for China because there is alot of stuff on its plate, they have the hong Kong protests to look into, US China trade war and a whole lot of other major stuff but I still think being a country with the capacity to use the blockchain technology I don't see them baning it but regulate crypto as expected.

[Chrystora123]

I don't think it will.. if China wants to make Bitcoin a currency then they would have done it already, but China consciously realized that cryptocurrency is the future so they created their own cryptocurrency.  China is a country that still adheres to communist democracy, so they will work hard to know and control all forms of activities of its citizens and China doesn't like Bitcoin because Bitcoin is not centralized coins.

[fiulpro]

Not only China but half of the world in next 10 years will accept China as a Cryptocurrency ..sooner or later it is going to be used by more and more people and also with the price stabilizing and good events happening I think it's bound to happen because people will still use it no matter what ..
What's more important is how it will counter the Chinese government Cryptocurrency ..what they are planning to get out in their society ..I think there will be huge problem with that clashing with bitcoins.

[michellee]

Maybe China will accept bitcoin as a payment transaction, but they will not replace their Yuan to bitcoin. They still use their currency, but they will also use bitcoin as an alternative payment. China needs to think to release the ban for their country so people can use bitcoin. We will see it later, and if China accepts bitcoin, then we have a giant country that will support bitcoin. Maybe that will affect to bitcoin price if China supports bitcoin.

[Linkkoin]

Not likely. The Chinese government is well known for having control over the internet, economy etc.
If they cannot effectively control something - they would never rely on it.
As well yet another time - yuan value is artificially maintained at the current level in order to promote export. With export contracts, you often sign contracts valid for 2-3 years with fixed prices - this is impossible at current volatility of BTC (which since bottom went up almost 300% by now) to keep an operational business.