Will China Accept Bitcoin As A Currency?

[Jasad]

After banned last two year possible or not China want to accept bitcoin again, how ever China have been banned bitcoin as trasaction payment at their country and many mining project closed there because not have regulation by their government, less chance to see bitcoin become legal in China for several years again.

[Kizaki]

Im convince on the result of the poll.They are showing support for bitcoin those whales from china im sure they are making move on flowering bitcoins name there in the government.If we wait up years from now surely we can expect them using bitcoin as a secondart currency there

[sureshverma]

They will not accept bitcoin as the main currency, but perhaps can accept another crypto that will be backed by the yuan

[Lmaooo]

No way, china can never accept bitcoin in a form of currency rather a digital store of value.
China banned bitcoin in early 2017 and also banned bitcoin mining in the country in mid-2018.
Perhaps, China could create its own cryptocurrency which is going to be controlled by the Chinese Government.

[Jasad]

Possibly In the next 10 years bitcoin will be accept in China with many people have move their money in the bank and save it in bitcoin or altcoin, China have been regulated of bitcoin become legal payment because their people better save money in bitcoin than have put in the bank.

[Magkirap]

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/

This was very possible indeed. China was very open to changes and adoption, they are also one of the leading countries that opens a lot of businesses. They are continously upgrading their technologies, transportation and economy, in this matter there is a big chance that they will also accept Bitcoin as a currency.

[Bitfling]

China is a country with a closed economic system and I think it is difficult for the Chinese government to allow transactions using cryptocurrency. For currency alone the Chinese government is very protective of its value and this is one of the reasons why China will not allow transactions at merchants using bitcoin

[ice098]

China is a country with a closed economic system and I think it is difficult for the Chinese government to allow transactions using cryptocurrency. For currency alone the Chinese government is very protective of its value and this is one of the reasons why China will not allow transactions at merchants using bitcoin

Maybe you are having a good point. China has its very good patriotism. But if they will think the good side ode accepting bitcoin as their currency it can really help with their economic growth. Some of top exchanges now are in the china as well . Maybe they are already thinking about this one. Chinese are bussiness minded they will soon realized this one.

[panganib999]

China is a country with a closed economic system and I think it is difficult for the Chinese government to allow transactions using cryptocurrency. For currency alone the Chinese government is very protective of its value and this is one of the reasons why China will not allow transactions at merchants using bitcoin

Maybe you are having a good point. China has its very good patriotism. But if they will think the good side ode accepting bitcoin as their currency it can really help with their economic growth. Some of top exchanges now are in the china as well . Maybe they are already thinking about this one. Chinese are bussiness minded they will soon realized this one.

I think China will make they're own cryptocurrency just like what they do in all social platforms, they make one that they can call their own. I think the worst part would be they are going to make their own cryptocurrency and make that exclusive to their country, but who knows.
For now I am sure that China will not accept the Bticoin just like any innovative ideas that exist today in our society. But think of the good part, other countries are starting to accept bitcoin

[Joseph2019]

I think that if that chia should accept bitcoin from now so that the block cadna is released a little more the truth I hope it will be done soon ..

[agentx44]

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/

Having China accept bitcoin as a currency will surely make a great impact knowing that it is a big country. If mining would take place on the said country, the price would surely rise up the soonest so let us keep on hoping that it would indeed accept bitcoin as a currency someday since there are signs already that it is slowly accepting cryptocurrency already, little by little.

[joshy23]

No way, china can never accept bitcoin in a form of currency rather a digital store of value.
China banned bitcoin in early 2017 and also banned bitcoin mining in the country in mid-2018.
Perhaps, China could create its own cryptocurrency which is going to be controlled by the Chinese Government.

Chinese loves to create their own versions of things so I don't doubt that, They can create their own crypto facilitated projects and let the people to use it. the government wanted to have full control of anything that exist from their land and bitcoin is not one of those that they can regulates. from that sentiments China will find ways to have full access to the point of creating their own cryptocurrency.

[CLS63]

No way, china can never accept bitcoin in a form of currency rather a digital store of value.
China banned bitcoin in early 2017 and also banned bitcoin mining in the country in mid-2018.
Perhaps, China could create its own cryptocurrency which is going to be controlled by the Chinese Government.

Chinese loves to create their own versions of things so I don't doubt that, They can create their own crypto facilitated projects and let the people to use it. the government wanted to have full control of anything that exist from their land and bitcoin is not one of those that they can regulates. from that sentiments China will find ways to have full access to the point of creating their own cryptocurrency.

I definitely agree with you. China will never approach for an idea that is accepting Bitcoin as local currency. However, I am sure that China won't get behind other countries in technology. So, they will make their own digital coin, as you said.

[Genemind]

Nothing is impossible, countries such as China, Japan and other countries who are greatly involved in crypto will most likely accept bitcoin as a currency in the near future. China is one of the biggest country who holds a big chunk of bitcoin and most mining operations are conducted there.

[Wysi]

I think Chinese government will accept Bitcoin as a currency in near future because of its popularity and mass adoption, if this happens I am sure the value of BTC will skyrocket again. Chinese government show their uniqueness to their people's interest and come forward to support BTC as a currency.

[Leyss]

China has always tried and is trying to find its way in various issues of economics and finance. This is especially true for cryptocurrency. Apparently, there is no single answer. The Chinese government will try to issue and use its own cryptocurrency, such as the upcoming CBDC stable coin. At the same time, the government will not be able to completely ignore bitcoin and other decentralized cryptocurrencies. They must understand that ignoring it will mean the flow of capital to other countries. Moreover, mining of bitcoin in China continues and in any case it will enter the market.

[Sithara007]

As per a directive from the People's Bank of China (PBOC), financial institutions within China are banned from facilitating cryptocurrency transactions. All the cryptocurrency exchanges based in China were ordered to close down in 2017, and many of them either followed the order or shifted their operations to other countries. There are still local exchanges in China (i.e operated by Chinese nationals), but for legal purposes they are based in countries such as South Korea or Hong Kong. Last year the government announced that they will phase out Bitcoin mining. From what I have seen, the authorities haven't implemented this order yet.

As clear from the actions taken by the PBOC, the restrictions over Bitcoin in China are getting more and more stricter with every passing year. And for now, there is no reason to assume that China will accept BTC as a currency anytime soon.

[aces777]

I think by now we all know that china likes owning their own things, so it is not going to be a surprise to see them creation their own coin. But overall, I do not think it would be a bad idea for the Chinese government to accept bitcoin. that would further cause further adoption of the coin, yielding to a greater value of the price of the coin.

[Herbet Fry]

I think China would rather have their own currency that they can have control over.

 

No way, china can never accept bitcoin in a form of currency rather a digital store of value.
China banned bitcoin in early 2017 and also banned bitcoin mining in the country in mid-2018.
Perhaps, China could create its own cryptocurrency which is going to be controlled by the Chinese Government.

Chinese loves to create their own versions of things so I don't doubt that, They can create their own crypto facilitated projects and let the people to use it. the government wanted to have full control of anything that exist from their land and bitcoin is not one of those that they can regulates. from that sentiments China will find ways to have full access to the point of creating their own cryptocurrency.

I definitely agree with you. China will never approach for an idea that is accepting Bitcoin as local currency. However, I am sure that China won't get behind other countries in technology. So, they will make their own digital coin, as you said.

Exactly. Look how much they love control. You can't even use social media there they want to control the people so badly.

[judeafante]

I'm sure China is watching how Cryptocurrency is now performing both in the market and its everyday usage in everyday lives, and he also knows that they should not be left behind in anything related to technological breakthrough, they will soon embrace it may be in the next two years, every nation is keeping up with this technology, they know they also should.