Will China Accept Bitcoin As A Currency?

[senne]

China has always followed the path of protectionism. Be it trade, social media privacy or anything. Similarly, China accepting a decentralized global currency like Bitcoin has a slim chance. China has grew enormously through incorporating future technology in their system and hence, making their manufacturing sector more effecient. That's why they are open to block chain technology and making their working and processing effective. But might not really open doors for a global currency like btc.

[Bonenx14]

I also believe that China is growing rapidly and can be seen from the data of economic growth. they will be difficult to accept technology from outside, because most Chinese people prefer products made by the state or industry in the country, so adoption from outside will be difficult to accept.

[7788bitcoin]

I also believe that China is growing rapidly and can be seen from the data of economic growth. they will be difficult to accept technology from outside, because most Chinese people prefer products made by the state or industry in the country, so adoption from outside will be difficult to accept.

China might be growing rapidly but their political situation is not that great and the Chinese people must follow what they propose, i am not an expert on their political situation but that is what the global media represents and even if the Chinese investors want to invest in something the government control everything, if a government has a firewall on what the citizens access online it says everything. Right now i am not expecting the government to accept bitcoin as a currency but the situation might change in the next ten years.

[Spaffin]

I also believe that China is growing rapidly and can be seen from the data of economic growth. they will be difficult to accept technology from outside, because most Chinese people prefer products made by the state or industry in the country, so adoption from outside will be difficult to accept.

China might be growing rapidly but their political situation is not that great and the Chinese people must follow what they propose, i am not an expert on their political situation but that is what the global media represents and even if the Chinese investors want to invest in something the government control everything, if a government has a firewall on what the citizens access online it says everything. Right now i am not expecting the government to accept bitcoin as a currency but the situation might change in the next ten years.

Despite the communist regime in China, this state can very successfully combine communism and capitalism.  Based on this, they will not be able to abandon the global trend in the popularity of cryptocurrencies and will do everything to make a profit from the cryptocurrency market.  Of course, the laws will be tough, but cryptocurrency will be legalized in China definitely.  In addition, a recent statement that the famous trading resources of Alibaba and AliExpress will also be able to use cryptocurrency in the future to sell various goods.

[adzino]

The Chinese government are control freaks. I highly doubt they will accept bitcoin as a currency. By the way, how did you come to the conclusion that the government has soften their stance over crypto currencies? They haven't changed anything. All they are trying to do is create their own crypto currency and make people use this regulated currency so the government can keep an eye on every financial transactions taking place!

[trickshot22]

One of the main reasons is the ongoing economic conflict between the united state and China, though I believe China is softening ground on adoption of cryptography. If the two country question still persists, China will have to look for an alternative to the USD in order to conduct trade there. I think they're most likely going to legalise and then adopt crypto. Hopefully that is going to pump the price hard

[Assface16678]

One of the main reasons is the ongoing economic conflict between the united state and China, though I believe China is softening ground on adoption of cryptography. If the two country question still persists, China will have to look for an alternative to the USD in order to conduct trade there. I think they're most likely going to legalise and then adopt crypto. Hopefully that is going to pump the price hard

One of the biggest improving investment today is the cryptocurrency many people want to join in this community because they know the potential of these coins that will give them a lot of possible income to use. Many countries today are already accepting the use of cryptocurrency, one of the biggest countries today supports the use of bitcoin, and this is china. The president of china endorses the use of bitcoin today, and it depends on the government if they accept the use of bitcoin and other cryptocurrencies as a payment to their country. Still, they are developing what kind of problems can cause of crypto to ease the transactions for all over their land.

[Murat]

I don't think so that China is going to accept Bitcoin as a currency, It's true that China is going to follow the footstep of the blockchain system but it doesn't mean that Bitcoin would be that one, Already they have taken initiative to create their own blockchain. but China will never allow Bitcoin as a currency in their territory, but it's a shining truth that one of the major portions of Bitcoin holders is from China, but they will not any support from their government, who knows what will happen in the coming future? so we can be hopeful to see a different thing in the future.

[oktana]

I don't think so that China is going to accept Bitcoin as a currency, It's true that China is going to follow the footstep of the blockchain system but it doesn't mean that Bitcoin would be that one, Already they have taken initiative to create their own blockchain. but China will never allow Bitcoin as a currency in their territory, but it's a shining truth that one of the major portions of Bitcoin holders is from China, but they will not any support from their government, who knows what will happen in the coming future? so we can be hopeful to see a different thing in the future.

they have tried to enter a new alternative economic field by creating a government cryptocurrency.

Nothing can be explained further in connection with the ban on bitcoin as a currency in China, unless their stable crypto has found a good adoption point. I think the government will still change their attitude towards bitcoin, because it is proven that China is still the main place for large-scale crypto mining, it only takes time to prepare regulatory controls to trade it.

[hahay]

I don't think so, because it has already been said, bitcoin is a commodity that can be considered a digital property, that means they will not go further to accept crypto as a currency and possibly only change their regulations as we know, they only legalize crypto mining and they should have implemented all the trading and business matters in their country without having to move trade operations for their crypto to other countries, it is a deviant and unreasonable regulation.

[Ayiranorea]

China is one of the country that has got man power as well as advancement in technology. So China at some point will start accepting bitcoin as currency and for other transactions. China has a major contribution to the growth of bitcoin as well as other cryptocurrencies. If China hasn't supported the growth in its early days bitcoin could've never been this popular. Later due to some internal political pressure it took several decisions against bitcoin. Even now people from China continues to use it.

[takingthis4]

I don't think China's going to accept Bitcoin as a currency because China is a large, strong country, and we know China can always make its own technology. Although the Chinese president stated yesterday that endorsing blockchain does not mean that the Chinese government will legalise bitcoin. The Chinese government is not going to like bitcoin decentralised and anonymous. I heard that China is going to make its own crypto project, so I think this could blow up in the future.

[oktana]

I don't think China's going to accept Bitcoin as a currency because China is a large, strong country, and we know China can always make its own technology. Although the Chinese president stated yesterday that endorsing blockchain does not mean that the Chinese government will legalise bitcoin. The Chinese government is not going to like bitcoin decentralised and anonymous. I heard that China is going to make its own crypto project, so I think this could blow up in the future.

their strength is to always be able to create a controlled system in a sustainable way, as well as to take advantage of something they don't like.

Even though there are many illegal investments in circulation, they can still prevent it from growing bigger, what they will do now with CBDC will bring big changes in the crypto world. If they finally legalize bitcoin, I'm sure they must make sure to take most of the outstanding bitcoin in their own way in the long run.

[FaithInCrypto]

China doesn't accept bitcoin as a currency, you can literally pay anything inside the country with Alipay or wechatpay and they might be the world's first cashless society. So they will not accept bitcoin as a currency or payment method at least in 10 years. China might dominate the bitcoin industry but it doesn't mean they accept it as a currency. So far I can see China will be the mining center of the Bitcoin.

Correct! Knowing China, they have a world of their own.
They have their own internet browser so they also have their own mode of payment.
If a thing did not start in China, they'll probably less likely to support it. If they did support it, it is probably something that will bring them more profit.

[tvplus006]

Correct! Knowing China, they have a world of their own.
They have their own internet browser so they also have their own mode of payment.
If a thing did not start in China, they'll probably less likely to support it. If they did support it, it is probably something that will bring them more profit.

China is currently testing its digital yuan. And in the first half of 2020, the digital yuan will be launched in full mode. The main difference between the digital yuan and bitcoin is that the first one will be centralized. And the Chinese authorities will want to oust bitcoin from China, because it is not controlled by the authorities.

[20kevin20]

China is currently testing its digital yuan. And in the first half of 2020, the digital yuan will be launched in full mode. The main difference between the digital yuan and bitcoin is that the first one will be centralized. And the Chinese authorities will want to oust bitcoin from China, because it is not controlled by the authorities.

There will probably be the possibility of investing in Bitcoin through banks or their stock exchange markets, but that's investing in something you won't own. Just like gold: you buy gold stocks but you don't own it physically. So except speculation, there's no point in investing in it unless you're allowed to use it the way it was meant to.

Many newcomers are unfortunately taught about Bitcoin the wrong way. Many of my friends prefer buying cryptocurrencies through stock markets instead of buying them directly from exchanges and withdrawing it to their own wallets. I've been here since way before the "national currency" part was a thing, so I know the true way Bitcoin was meant to be purchased and used: peer-to-peer.

[wildan88]

Correct! Knowing China, they have a world of their own.
They have their own internet browser so they also have their own mode of payment.
If a thing did not start in China, they'll probably less likely to support it. If they did support it, it is probably something that will bring them more profit.

China is currently testing its digital yuan. And in the first half of 2020, the digital yuan will be launched in full mode. The main difference between the digital yuan and bitcoin is that the first one will be centralized. And the Chinese authorities will want to oust bitcoin from China, because it is not controlled by the authorities.

indeed it is not surprising that China has its own world, they banning cryptocurrencies, but they create digital currencies, and I read the news that China will launch digital currency this year. although bitcoin is not controlled by the authorities, but china is one of the countries that is very influential on bitcoin because they are the largest bitcoin miner also has the most exchanges. if they launch their own digital currency and ban crypto, there might be a big impact on crypto. if they created a digital currency, yuan would become stable coins?

[Greatchu]

Not just bitcoin, every single decentralized coins will be turned down by these countries, the only ones that still stand a half chances are centralized coins like XRP, now the battle of crypto coins have just started with Central banks very own digital coins? I don't know what will happen in near future

[BChydro]

The Chinese government are control freaks. I highly doubt they will accept bitcoin as a currency. By the way, how did you come to the conclusion that the government has soften their stance over crypto currencies? They haven't changed anything. All they are trying to do is create their own crypto currency and make people use this regulated currency so the government can keep an eye on every financial transactions taking place!

People like to change the narrative all the time, when the Chinese government started viewing the blockchain market and wanted to take advantage of the technology everyone came up with the narrative that they are going to accept the currency part of the blockchain which they will never accept in the near future, these fake news are pumped by the trolls and the social media along with the blogs to attract click baits.

[7788bitcoin]

~snip
Despite the communist regime in China, this state can very successfully combine communism and capitalism.  Based on this, they will not be able to abandon the global trend in the popularity of cryptocurrencies and will do everything to make a profit from the cryptocurrency market.  Of course, the laws will be tough, but cryptocurrency will be legalized in China definitely.  In addition, a recent statement that the famous trading resources of Alibaba and AliExpress will also be able to use cryptocurrency in the future to sell various goods.

China is already the leading ASIC manufacturers for a very long time and they have all the major mining farms in the country, but it has nothing to do with the government, these are private companies investing their money where they can make money. I am not expecting the government to invest anything in the crypto market but they might be coming up with their centralized coin with a twist which means a currency with block chain enabled which will have further implication as the government will be able to monitor every single transaction their citizens does which means more restrictions in the broader aspect.