Will China Accept Bitcoin As A Currency?

[Driggers95]

The chance of bitcoin being accepted as a currency in China is really high. Looking at how the Chinese government approaches bitcoin and the whole cryptocurrency world they are really positive about it. So yeah maybe not now but for sure in the future, they will accept it.

Bitcoin as an important asset and has a lot of potential in the future, China will undoubtedly accept it as a currency when their ambition for bitcoin is so great, they always want to lead in most areas, and bitcoin involves all countries around the world, dominating bitcoin, China will have more influence in the world. However, they probably will not fulfill this ambition when many countries are also considering bitcoin, and almost governments do not want bitcoin to be their currency when bitcoin is too easy to create evils, there is always a certain distance with Bitcoin

[fullhdpixel]

They are never going to do that.. No country will agree to do that at all. China is already creating their own cryptocurrency and news have it that they will be releasing it very soon. So, I don't think they are ever going to consider Bitcoin because they wouldn't like to see any rival supersede their own cryptocurrency. Use yourself as an example, imagine that you have a business, you wouldn't like another business to beat yours and that's the thing. They are likely not going to give Bitcoin a chance once they release theirs, and not just Bitcoin, including altcoins.

From what I have seen on the News they decided to take this move after Facebook announced their Libra, so that means they want to be at the top of everything.

[Tonteus]

While bitcoin is not backed by the yuan-never.

[Ozero]

Many states legalize bitcoin and other cryptocurrencies, allowing its circulation along with its national currency. However, no state will ever switch to using bitcoin as its main currency.
As for China, it is highly likely that the government of this country will never legalize bitcoin. Now they are creating their own national stable coin, which should, in the opinion of this government, replace the need for cryptocurrency. What will happen next - we'll see.

[thirdlight]

While bitcoin is not backed by the yuan-never.

China is a very technological country, so I think in a few years, China will try to accept cryptocurrency and use it as a means of payment in the country.

[bitcoinsocial09]

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/

Their are so many issues when it comes to China, I think China eventually is going to accept bitcoin since they are one of the top when it comes to technology surely they could easily adopt in their kind of digital currency like bitcoin compare to other country. Also a lot of bitcoin mining company is from China surely is could easily help.

[DreamStage]

China is already taking the best steps to adopt such currency and future ones:
https://www.nytimes.com/2019/11/06/business/china-bitcoin.html

They are trying to make their one but overall it's a cryptocurrency therefore they are basically accepting them.

But it will still take some time, i would say about 5 years to become fully operational and adopted.

[yohananaomi]

China is already taking the best steps to adopt such currency and future ones:
https://www.nytimes.com/2019/11/06/business/china-bitcoin.html

They are trying to make their one but overall it's a cryptocurrency therefore they are basically accepting them.

But it will still take some time, i would say about 5 years to become fully operational and adopted.

I believe that China will always strive to provide the best with technological developments, as well as what happens with digital currencies will certainly be adopted by them as long as it makes them very profitable. and they understand that digital money is very necessary in today's world development. what China does is certain to be successful because they are indeed experts in trade and renewable technology.

[akirasendo17]

its will take time to happen, as we know china always control everyrhing they want to jave what others have, they made their own coin, I think so that they will be able to totally use bitcoin, they also crwcking down exchanges, at the moment for crimes, money launderingg and more , so at this moment , they are not almost legally accepting it as a legal currency

[owengtam09]

Why not? Let's open for every possibility, and it will also help bitcoin to increase more its use of it and it will happen for sure the value will also increase. If China will make their own coin then bitcoin will be the center of all altcoins for it for the conversion of coins to their currency or ETH as well.

[barabarian1]

I think maybe when bitcoin has developed rapidly and adopted by many countries then maybe the Chinese government will accept bitcoin as a currency. and we know that most traders and bitcoin miners come from China. but maybe this takes more than 10 years. currently the Chinese government only supports blockchain technology but does not support bitcoin or cryptocurrency.

[iamsheikhadil]

Well, China knows the game well and surely it will take steps like Japan to reap the benefits of crypto to compete with its ultimate competitor which is the US. China is too clever right now and finding ways to actually regulate crypto lol, but that's impossible to control a decentralized system and hence they will use it through other means.

[yazher]

They support blockchain technology but if it comes to Bitcoin, the odd seems low. We are talking about China here, in that case, we need to consider them as one of the countries against it. I mean if they want to use it as one of their Currency they already did. but look what happened, instead of regulating it, they want to create their own and popularizing it via supporting the blockchain technologies.

[luckyflop]

its will take time to happen, as we know china always control everyrhing they want to jave what others have, they made their own coin, I think so that they will be able to totally use bitcoin, they also crwcking down exchanges, at the moment for crimes, money launderingg and more , so at this moment , they are not almost legally accepting it as a legal currency

In China, the government does not accept bitcoin and other altcoins. And the current exchanges are also in their ban, so I guess they will soon launch their own cryptocurrency and their own exchange, and they will control everything related to cryptocurrency. China recently gave blockchain compliments but they didn't mention the current cryptocurrencies, so I'm worried about the future of cryptocurrencies, most likely in the near future, the Chinese government will tighten the cryptocurrency market in their country

[Edraket31]

its will take time to happen, as we know china always control everyrhing they want to jave what others have, they made their own coin, I think so that they will be able to totally use bitcoin, they also crwcking down exchanges, at the moment for crimes, money launderingg and more , so at this moment , they are not almost legally accepting it as a legal currency

In China, the government does not accept bitcoin and other altcoins. And the current exchanges are also in their ban, so I guess they will soon launch their own cryptocurrency and their own exchange, and they will control everything related to cryptocurrency. China recently gave blockchain compliments but they didn't mention the current cryptocurrencies, so I'm worried about the future of cryptocurrencies, most likely in the near future, the Chinese government will tighten the cryptocurrency market in their country

Yes, you are right, Bitcoin will not be accepted in China as a currency, you know how much China hates Bitcoin is that they even banned Bitcoin mining and other crypto exchange, and now they are also cooking their own crypto then for sure that they will not be in favor of Bitcoin as their own currency, let's watch out in the next coming months.

[f2f.mirrors]

its will take time to happen, as we know china always control everyrhing they want to jave what others have, they made their own coin, I think so that they will be able to totally use bitcoin, they also crwcking down exchanges, at the moment for crimes, money launderingg and more , so at this moment , they are not almost legally accepting it as a legal currency

In China, the government does not accept bitcoin and other altcoins. And the current exchanges are also in their ban, so I guess they will soon launch their own cryptocurrency and their own exchange, and they will control everything related to cryptocurrency. China recently gave blockchain compliments but they didn't mention the current cryptocurrencies, so I'm worried about the future of cryptocurrencies, most likely in the near future, the Chinese government will tighten the cryptocurrency market in their country

Yes, you are right, Bitcoin will not be accepted in China as a currency, you know how much China hates Bitcoin is that they even banned Bitcoin mining and other crypto exchange, and now they are also cooking their own crypto then for sure that they will not be in favor of Bitcoin as their own currency, let's watch out in the next coming months.

Banned Bitcoin mining? NO!
Gov even encourages mining.

[aamirsuh]

A government does not declare Bitcoin as its official currency. The big bitcoin whales at the moment he declares make that state economy a toy. States are strong with their currencies and armies. Why would they risk it? I think it won't be official. However, it will still be used.

[johnwest]

As I thought most of the people think that China will accept Bitcoin as currency may be in the upcoming 10 years. China has already shown interest in blockchain developments in their government systems. If China thinks that the next thing to become a super power is to have dominance in crypto sphere then there will be no stop for BTC.

[tartibaya]

The Chinese state is engaged in an economic struggle against the United States. There is a mutual struggle. Bitcoin will not be a part of it. Bitcoin is not very important for the USA or China. The price of bitcoin in the US can bring it to very low prices.

[Coroline]

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/

We know that most of the miners are from China, maybe they will make their own blockhcain system because we know the US and China competition, they are racing to take the opportunity, so we will see who is braver to run this great technology that will change the world. play with blockchain https://www.cnbc.com/2019/12/16/china-looks-to-become-blockchain-world-leader-with-xi-jinping-backing.html