Will China Accept Bitcoin As A Currency?

[Aying]

In my opinion, the Chinese government will never accept bitcoin as the official currency in the country, from now on they say that bitcoin is a legal asset to own or trade and for payment of other goods and services in this country mainly because now there is news that now the country China will launch its own digital currency, maybe that's why China legalizes transactions with bitcoin.

With that China will fully legalize bitcoin transaction. but, in the other side bitcoin transaction wouldn't be tradable because they want their own crypto currency will prevail and users of their own country. so in other wise crypto currency in china will never be expanded. but we couldn't expect this to happen in future.

[carlisle1]

china is continuously shaking the cryptocurrency world from each news or statements they are releasing but until now they don't have concrete position towards or against crypto specially our very own bitcoin.
thougn according to the article the way i see it,seems china is lowering the stands and is showing some respects now.hope this will come true and china will support this market and the purpose

It is impossible for Chine or any other country to accept Bitcoin as important part of their reserves because there is about 1.000.000 early mined bitcoins in undefined status.

tht's not enough reason and lets give China the benefits of the doubts

[SaShiRaJaVu]

In my opinion, the Chinese government will never accept bitcoin as the official currency in the country

I have one doubt from the statement of yours, which countries do you think will accept bitcoin as their official currency along with their centralized currency  . No country will be endorsing bitcoin to be their official currency but they might allow to use that as a mode of transaction and these two are two things entirely altogether.

, from now on they say that bitcoin is a legal asset to own or trade and for payment of other goods and services in this country mainly because now there is news that now the country China will launch its own digital currency, maybe that's why China legalizes transactions with bitcoin.

Hope you are talking about China, the government is cracking down on bitcoin and you are saying that they legalize bitcoin transaction, not sure who gave you the idea that bitcoin is legalized in China.

[pjcaruci]

Will accept, but not as the main currency

[Google+]

I think China has received many payments using bitcoin even in China has the largest bitcoin mine so it is certain that China will accept payments using bitcoin but maybe some still do not use bitcoin, but most of them have frequently made transactions using bitcoin.

[DabsPoorVersion]

china is continuously shaking the cryptocurrency world from each news or statements they are releasing but until now they don't have concrete position towards or against crypto specially our very own bitcoin.
thougn according to the article the way i see it,seems china is lowering the stands and is showing some respects now.hope this will come true and china will support this market and the purpose

It is impossible for Chine or any other country to accept Bitcoin as important part of their reserves because there is about 1.000.000 early mined bitcoins in undefined status.

tht's not enough reason and lets give China the benefits of the doubts

I think they most likely showing interest in bitcoin, they can see that cryptocurrency can be use in many ways and they will surely take advantage of it. There is a positive side if they will adapt to cryptocurrency market, but there will also be some circumstance we might face in the future. Whatever happens, it might bring something bad in crypto future like manipulation.

[SummerBliss]

The governmemt of china seems to be against cryptocurrencies at present and plans to launch its own currency with centralized control but they might be implementing some rules to regulate these crypto coin due to trechnology.As most of the btc mining is centralized in China and so it will be used there forever.On the other side trade war between US and china might boost the usage of crypto business in these nations.

[Drai]

Well, answering this question from the future... The Chinese government has described Cryptocurrencies as "essential for the future" and they have even took it one step ahead to announce their own Cryptocurrency which would be launched in early 2020, China is developing very rapidly and with the recent competition with the US on tech, I was really expecting this development, now let's wait and see if the US would take a similar step or if they would prefer to just remain on the sidelines of blockchain technology.

[ufaiz50]

I think for now China will still ban bitcoin, a lot of news is circulating from China because of the adoption of the blockchain. The characteristics of China are strict against the ban, especially since Alipay prohibits transactions for crypto purchases. Just wait what will happen, I hear information that causes propaganda.

[Opekin]

Yes of course we know that China is one of the leading country who are almost fully digital where they go to the shop or buy things, spend money and pay via online o e money payment systems. With that it is not truly impossible for them to accept bitcoin as currency. but not as their main currency, in the past days we know that they are about to launch their own digital cryptocurrency . that will be the start of the popularity and a possible trend in some other countries to follow.

[Golftech]

I think for now China will still ban bitcoin, a lot of news is circulating from China because of the adoption of the blockchain. The characteristics of China are strict against the ban, especially since Alipay prohibits transactions for crypto purchases. Just wait what will happen, I hear information that causes propaganda.

China's changing paces about blockchain technology, the president indirectly speak up regarding to their interest of exploring deeper and be in the leading side of this system. Not exactly saying to start accepting bitcoin but in the other hand, the chance of allowing bitcoin is very high. Maybe
some limitations will take place being paired to their plan crypto currency but not far into reality that we will witness that they've going to consider
patronizing this crypto coin too.

[cotton ball]

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/

China will accept bitcoin as currency for several years later, after announcing by China president they look serious want adopt bitcoin and altcoin as legal currency payment, very time when China make bigger think with bitcoin give effect for bitcoin on higher price. China is the only one Asian country look serious want to increase their economic by accepting bitcoin as legal currency payment.

[Sadlife]

asking this day?what they accepted is blockchain and there is a news of China creating their own currency.
and as EOS being dominant cryptocurrency in that country?with Bitcoin ranking more than 10?no i dont think china are going to adopt bitcoin as currency,what i can see is they will discourage chinese to use bitcoin as this was supported by US and EU since there are a trade war happening between those countries

[StayFly]

China is not going to accept Bitcoin as its currency never ever, You can't believe it or not, within this blockchain system, if you talk about a single country then Chinese people are the majority in trading. investing, ICO opening and so on. China government still know this fact and they already banned Bitcoin exchange almost 2 years before, because of having a strong control over the country their government has developed many platforms and prepare themselves as the top country in the coming future But China Government is trying to create their own crypto which will compete with Libra and compatible with Yuan, basically, it will be a stable currency and it's a digital version of Yuan, That is why I think there is no chance to get accepted Bitcoin anymore here.

With China developing their own digital currency called "Digital Currency Electronic Payment (DCEP)" I don't think China will ever allow or accept bitcoin or any other cryptocurrency in the country. The Chinese government digital currency is going to be the only currency for Chinese people since 1 DCEP is equivalent to 1 Chinese Yuan. The Chinese government is very strict it is unlikely they allow their people to use bitcoin instead of the state owned DCEP.

[Maotezi]

Adopting bitcoin into its currencies is a higher level of modernization, a higher level of technology, a higher level of society, and not only will China take cryptocurrency bitcoin as their currency, it will happen in the near future to almost the whole world, who are now making rapid advances in development.

[karanggatak]

I think the Chinese government will only accept bitcoin as a commodity. because they already have plans to make their own crypto coins. and I heard that this crypto coin made in China is called DCEP. I'm sure China will support DCEP more than bitcoin. they don't like bitcoin because it is anonymous and decentralized. that's why they make their own coins so they can still control it.

[suvo05]

Just look at the websites https://en.wikipedia.org/wiki/Websites_blocked_in_mainland_China which are ban in china. I don't find any reasons why they banned all those websites. If those websites creates a problem for Chinese Gov then Bitcoin is a real threat fo them.  So I dont think that they are going accept bitcoin as currency in any near future.

[Meowth05]

I think the Chinese government will only accept bitcoin as a commodity. because they already have plans to make their own crypto coins. and I heard that this crypto coin made in China is called DCEP. I'm sure China will support DCEP more than bitcoin. they don't like bitcoin because it is anonymous and decentralized. that's why they make their own coins so they can still control it.

I had also the same thought, and I think that is why president Xi endorsed the utilization of Blockchain technology. This could be the first phase of the creation of their own cryptocurrency, I had no idea what name of the coin would be so it is good that you shared this one. Decentralization and anonymity of Bitcoin are some of the reason why big countries wanted to create their own cryptocurrency for them to manipulate and regulate this technology.

[Sadlife]

Just look at the websites https://en.wikipedia.org/wiki/Websites_blocked_in_mainland_China which are ban in china. I don't find any reasons why they banned all those websites. If those websites creates a problem for Chinese Gov then Bitcoin is a real threat fo them.  So I dont think that they are going accept bitcoin as currency in any near future.

maybe there are other reason about banning those website and this nothing to do about bitcoin issue.

https://cointelegraph.com/news/bullish-for-bitcoin-china-scraps-plans-to-ban-cryptocurrency-mining?fbclid=IwAR1CKfWVcY83KMoap-DcMHfwtgSgmVABaibhoHmZgTlcYX7OGrtZ7dESYxU

https://cointelegraph.com/news/china-signs-agreement-with-hong-kong-central-bank-for-blockchain-push

check those links i think its more appropriate than that one you shared

[jeremyegodfrey]

When bitcoin jumps, something bad just occurred in the U.S./China trade speaks. We do not understand what it's, but in no time we are going to find out.

Well now we are a Trump tweet and up BTC surely goes once again. Yesterday, what occurred? I guess anything it was that made bitcoin pop, also left the U.S. president more incandescent than normal.

This's nevertheless a theory, but it helps to keep on playing out. And so how to proceed? In the very short term the real question is, is the China circumstances going to continue for extended?

Continuation of the trade war means BTC up. The further the war operates, the greater bitcoin will go.

For me it is very likely that the trade war will run and run. Both sides cannot buckle and like other wars, sides are ready to have huge losses, not to drop. What this means is holding by way of a a rollercoaster ride of innovations.

If we're in for a trade war of attrition, bitcoin is going to be above £20,000 by Christmas or even sooner.

What we also have right here if this particular theory is right is a present to the additional greedy. When bitcoin flies, short the Dow, because when BTC flies, for no obvious purpose, it's a high likelihood that something Dow slapping may come out of the trade battle in one day or even two's time. While info could flow slower in the U.S., whatever fails will nevertheless hit the U.S. equities industry in time, but meanwhile the terrible news will reach the Asia bitcoin market a lot earlier, about so long as needed for all the individuals to escape the conferences of theirs and past the revolving doors. read more here....