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Haladay
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January 23, 2020, 01:16:03 AM |
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This question has been asked for a long time because China is an important player in blockchain and bitcoin space. As a country, the legal things work differently in China. Their government is a conservative one and they pretty much control everything in the country. So recognizing BTC as a legal currency is not gonna be fast in China, obviously.
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gweedo
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January 23, 2020, 03:46:09 AM |
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Never. I don't think big powers like China and USA will ever embrace the crypto currencies without getting them regulated. Battle against crypto has already started in China. Chinese are very cautious in letting there capital going out of there country. China has banned cryptocurrencies and Bitcoin since 2017, and until now they continue the ban. I don't think they will accept cryptocurrency and bitcoin because it will affect their economy, until now they only accept blockchain and are studying it to apply to their banking system. |
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Debonaire217
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January 23, 2020, 04:27:56 AM |
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It will be good if one of these developed countries adopt bitcoin into their financial system as I believe that it need to be tested before adopting it worldwide. I believe that China has the capacity to do that as a technological country and most of the cryptocurrency experts and developers are Chinese. It is now clear that they stand against cryptocurrency is clear and understand and it is quite different from what we read daily online.
We are now in an emerging world of technologies and innovation is what abides these new technologies that benefits the people allot to lessen their time doing something and to make it easier. In the case of China accepting cryptocurrency, they really have the capability and potential to run crypto but it seems to be that the problem is their population and the ongoing economic development of their country. Most of the country basically have the potential to adopt bitcoin by reshaping the jurisdiction they have with their government, in terms of China, it is the fear of mishandling bitcoin users that imposes threat to their economy and will definitely wash the centralization they've built out from a long time. |
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ice098
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January 23, 2020, 04:36:40 AM |
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It will be good if one of these developed countries adopt bitcoin into their financial system as I believe that it need to be tested before adopting it worldwide. I believe that China has the capacity to do that as a technological country and most of the cryptocurrency experts and developers are Chinese. It is now clear that they stand against cryptocurrency is clear and understand and it is quite different from what we read daily online.
We are now in an emerging world of technologies and innovation is what abides these new technologies that benefits the people allot to lessen their time doing something and to make it easier. In the case of China accepting cryptocurrency, they really have the capability and potential to run crypto but it seems to be that the problem is their population and the ongoing economic development of their country. Most of the country basically have the potential to adopt bitcoin by reshaping the jurisdiction they have with their government, in terms of China, it is the fear of mishandling bitcoin users that imposes threat to their economy and will definitely wash the centralization they've built out from a long time. China has been banned bitcoins and any other altcoins because they dont simply like to adopt those its because they will probably launche their cryptocurrency called yuan this year as per the news. And I think they banned these coins because it will be one of their competitors when their coin is launch already. |
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tvplus006
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January 23, 2020, 08:35:11 AM |
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China has been banned bitcoins and any other altcoins because they dont simply like to adopt those its because they will probably launche their cryptocurrency called yuan this year as per the news. And I think they banned these coins because it will be one of their competitors when their coin is launch already.
Bitcoin is banned in China because it cannot be controlled. This is the main reason for the ban. But they will still continue to use it despite the ban. Therefore, the Chinese government makes a digital yuan for its citizens, which is completely centralized. |
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doomloop
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January 23, 2020, 03:57:37 PM |
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China has been banned bitcoins and any other altcoins because they dont simply like to adopt those its because they will probably launche their cryptocurrency called yuan this year as per the news. And I think they banned these coins because it will be one of their competitors when their coin is launch already.
Bitcoin is banned in China because it cannot be controlled. This is the main reason for the ban. But they will still continue to use it despite the ban. Therefore, the Chinese government makes a digital yuan for its citizens, which is completely centralized. Though it is banned but still China is the major hub of Bitcoin miners and its users. Chinese contributed nearly sixty percent of this digital currency market. This means that people cannot use this currency legally but they can hold it for short and long term. People’s attraction toward this currency and wide usage in spite of government’s regulations is a symbol of its great strength and value, it also depicted that Bitcoin would have a more powerful future in China and it can be accepted legally. |
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pearnapple
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January 29, 2020, 06:38:49 PM |
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Actually, China's government seems to be against cryptocurrencies with plans to launch its own currency with centralised control, but due to technology they may be enforcing some laws to regulate such cryptocurrencies. Since most btc mining is centralised in China, it will be used there forever. The other side trade war between the US and China could increase the use of crypto business in these nations.
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canaris1985
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January 29, 2020, 10:25:03 PM |
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Actually, China's government seems to be against cryptocurrencies with plans to launch its own currency with centralised control, but due to technology they may be enforcing some laws to regulate such cryptocurrencies. Since most btc mining is centralised in China, it will be used there forever. The other side trade war between the US and China could increase the use of crypto business in these nations.
Chinese government doesn't want people to use private and decentralized currency, but at the same time doesn't want to give away the advantaeg to the US. I believe they'll continue to push CBDC on people but they haven't really decided what to make of crypto yet |
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Bitcoinislife09
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January 30, 2020, 12:33:38 AM |
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I think that soon China will probably embrace Bitcoin as a currency. They have plans to create their coin last year, and that is why Bitcoin had a run in the 4th quarter of 2019. But China had withdrawn on their plans to make their coin and I'm not sure why. This caused for Bitcoin's run to end and then slowly dumps back to 7,000+ dollars.
But I do think that in the near future, China will again continue their plan to create their coin and I'm pretty sure that Bitcoin will then again have a run and this time Bitcoin's price might exceed 10,000 dollars! This is if my prediction is right though.
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heleina
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January 30, 2020, 03:22:43 AM |
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Knowing China? Probably not.. As Chinese Government has very much control with their people.
They tend to create their own and used it for their own benefits rather than embracing btc or other altcoin/cryptocurrencies.
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kotajikikox
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January 30, 2020, 03:41:00 AM |
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possibly in the next 10 years at least?because so far it is EOS is what the Top currency in that country and Bitcoin sits only in rank below 10 that means they are not supporting that much while in their country the most accumulating of bitcoin.
in time when the adoption happens?maybe that is the time that they will accept Bitcoin as a Truly currency and not the other way around.
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mamahdedeh
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January 30, 2020, 04:07:58 AM |
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Actually, China's government seems to be against cryptocurrencies with plans to launch its own currency with centralised control, but due to technology they may be enforcing some laws to regulate such cryptocurrencies. Since most btc mining is centralised in China, it will be used there forever. The other side trade war between the US and China could increase the use of crypto business in these nations.
China always wants to be at the forefront of everything, they also maintain a centralized system, because it can be controlled. therefore the trade war does not seem to make China tremble because their products have controlled most of the world market |
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tvplus006
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January 30, 2020, 10:14:39 AM |
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China has banned cryptocurrencies and Bitcoin since 2017, and until now they continue the ban. I don't think they will accept cryptocurrency and bitcoin because it will affect their economy, until now they only accept blockchain and are studying it to apply to their banking system.
This ban can only be lifted if bitcoin is recognized as a world currency by all countries. Or even not all, but the most economically developed countries. Then the Chinese government will be forced to recognize bitcoin in order not to stay away from the world economy. |
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