Is it true that China wants to legalize bitcoin?

[Nwada001]

If you want to know whether it is legal, you must first understand why it is illegal now. The main purpose is to prevent fraud and prevent capital outflow, BTC plays a very important role in the first two points.

Their paper reason for banning bitcoin is solid, judging from their own point of view, but my question now is, since it's illegal, has there been no single record of fraud or money laundering that has occurred in the country since the ban of bitcoin? 
 
There are other methods that fraudsters can use to defraud their victims; rather than using crypto, they will also fine a way; it's their line of work, and everything in their front can be converted to a tool and instrument of committing that fraud; it's as simple as that.

[Onyeeze]

Some speculations of bitcoin will be roaming around the corner of a country making bitcoin a legal tender, it might true or not, but what you to understand is that it will be China to adopt Bitcoin as a legal tender, because I know quite well, that bitcoin Chinese government they was a time they come against bitcoin, but I'm surprised to hear that China has adopted bitcoin as a legal tender, I think this information have to have evidence, proper one in that matter, bitcoin many countries is afraid of bitcoin and I know quite well that bitcoin is a kind of currency that different countries frowned at, but in due time U.S and Russia will accept Bitcoin as a legal tender, and when they accept Bitcoin other countries will start to accept Bitcoin.

[Hamza2424]

A pretty old topic but I was offline in those days, anyway coming up to the topic China is going to regulate the crypto market is this rumor real or fake? it's hard to say as China can regulate the crypto market if there are any short-term of long-term gains within their economic policy and if there nothing for them they are not gonna give a spotlight to Bitcoin, from years China manuplated the crypto market based on their major announcement with regulatory developments and most of the times all of them are negative.

I'm sure I've covered the History of China with Bitcoin in a dedicated topic, it's not active now but for the valuable comments you can visit that thread, I've covered some major events with Bitcoin and the crypto market where the market got manipulated by China. My comment is that China is unpredictable if there is any gain for them they are gonna most likely to do that but according to my knowledge, they are more concerned about promoting their digital Yuan across the world.

Bitcoin & China time to time waving History

[MarjorieZimmermanGinger]

China is more strict on all things that it can't regulate, it's natural for it to be so stoic and hard on BTC and not use it to its fullest extent on the national scale.
Only time will tell what will change with time in that regard.

In terms of acceptance of adoption as an investment asset, it is probably much more likely than the use of legitimate transactions using bitcoin. You can see how the rules in the country are and will give severe sanctions to people who violate them. Even though when it comes to technological and industrial development, China is one of the countries that has developed so much for both or more in that sector. But regarding the view on bitcoin, they are still quite closed and quite carefully limit the involvement of their citizens.

There is no great hope when we live there and maybe we need to think of other ways to be directly involved in bitcoin. Because I'm sure even though it is quite limited there are many people who are individually and privately involved in investments or other things related to bitcoin.

[davis196]

I have been seeing thins on X (which was Called Twitter before) that China will soon make bitcoin legal.

According to many news and our discussion on this forum, we know that bitcoin is legal as a property in China but not accepted as a currency. Bitcoin mining was banned in China but presently China still has the second highest bitcoin miners. China is a country that can be used to know that nothing can ban bitcoin because of its decentralized design.

If bitcoin will be made legal in China, I think it would be the currency part. But which I do not think I'm this can happen soon. I think those people that are posting it on X that China will soon legalize bitcoin are posting rubbish. Or what is your opinion about it?

I don't want to discuss rumors and gossips. There's no clear evidence that China is going to impose crypto-friendly regulations anytime soon.
Authoritarian and totalitarian regimes will always remain hostile towards cryptocurrencies. Maybe there are smart politicians in China, who understand that keeping crypto in the "grey zone" won't bring any benefit, but I wouldn't bet on China becoming crypto-friendly.
No country in the world can ban the ownership of Bitcoin completely. This should be a cautionary tale for the Chinese Communist Party.

[john_egbert]

I have been seeing thins on X (which was Called Twitter before) that China will soon make bitcoin legal.

According to many news and our discussion on this forum, we know that bitcoin is legal as a property in China but not accepted as a currency. Bitcoin mining was banned in China but presently China still has the second highest bitcoin miners. China is a country that can be used to know that nothing can ban bitcoin because of its decentralized design.

If bitcoin will be made legal in China, I think it would be the currency part. But which I do not think I'm this can happen soon. I think those people that are posting it on X that China will soon legalize bitcoin are posting rubbish. Or what is your opinion about it?

I don't want to discuss rumors and gossips. There's no clear evidence that China is going to impose crypto-friendly regulations anytime soon.
Authoritarian and totalitarian regimes will always remain hostile towards cryptocurrencies. Maybe there are smart politicians in China, who understand that keeping crypto in the "grey zone" won't bring any benefit, but I wouldn't bet on China becoming crypto-friendly.
No country in the world can ban the ownership of Bitcoin completely. This should be a cautionary tale for the Chinese Communist Party.

I think they will get it with time or roll up their own coin in a CBDC manner - we can dream about what good adoption of BTC may bring after China would not be so harsh on it, but they really would be only gossip, as you said.

[Baki202]

Some speculations of bitcoin will be roaming around the corner of a country making bitcoin a legal tender, it might true or not, but what you to understand is that it will be China to adopt Bitcoin as a legal tender, because I know quite well, that bitcoin Chinese government they was a time they come against bitcoin, but I'm surprised to hear that China has adopted bitcoin as a legal tender, I think this information have to have evidence, proper one in that matter, bitcoin many countries is afraid of bitcoin and I know quite well that bitcoin is a kind of currency that different countries frowned at, but in due time U.S and Russia will accept Bitcoin as a legal tender, and when they accept Bitcoin other countries will start to accept Bitcoin.

If speculation are going around then that is a good sign for bitcoin and since their countries thay have made it a legal tender but china was at some point against bitcoin and that is why the news looks surprisingly funny but this is crypto were anything is very much possible. And their are chances that this might be true and their are chances that it might not be true, China is one country that have their things done differently, the last thing that I would have seen china do is to accept bitcoin as a legal tender because they have cherished their currency for so long, and if they should allow people accept bitcoin as a legal tender then it will be a good new for bitcoin, and it will reflect.

Bitcoin is special and Asian people are so attached to tech and even without their country full approval for sure a lot of them are into bitcoin, and the government won't have a choice than to accept what ever is going on, given a law to restrict people from investing in bitcoin will just make everything worse because people have already find passion in bitcoin, no matter how they frowned they can not stop people from investing in bitcoin, bitcoin did not start today and people are already open to the profit they are getting from it so stopping it now is going to be harder than starting it.

[Kelward]

While Bitcoin is recognized as property, it isn’t considered legal tender, and the government has imposed strict regulations, including a ban on mining. The idea of China fully legalizing Bitcoin as a currency seems unlikely in the near future, but given the country’s history with crypto, it’s hard to say definitively.

What do you think would need to change in China for Bitcoin to be accepted as a currency?

The rules in China are much stricter when it comes to accepting Bitcoin and even adopting it, compared to countries that allow Bitcoin as an investment asset. There is no idea of legalizing Bitcoin as a legal tender and that’s just a rumor that’s been made indirectly because China has had quite strict rules regarding Bitcoin for a long time. There are a lot of things that need to change, both in terms of regulation and the way the government thinks about Bitcoin, and I doubt China will make that decision.

In countries that accept Bitcoin as an investment asset, there is no chance of legalizing Bitcoin as a legal tender in the near future, let alone China which is so restrictive that it is impossible to implement in the near future or in the future.

China is more strict on all things that it can't regulate, it's natural for it to be so stoic and hard on BTC and not use it to its fullest extent on the national scale.
Only time will tell what will change with time in that regard.

The general perception about china, is that it's strict and doesn't allow what it can not control, so Bitcoin falls into this category because it's decentralized. Despite their ban on Bitcoin as a digital currency for now, I'm still very optimistic about the future, you never can tell, Bitcoin growing reputation can cause a paradigm shift for them in China. People often accept what they can not change if there's benefit for them, so China, is an industrialized nation, and one day when Bitcoin adoption can not be ignored, they might have a rethink. For now everything that we're hearing about china, legalizing Bitcoin are just rumors and speculations.

[fuguebtc]

I have been seeing thins on X (which was Called Twitter before) that China will soon make bitcoin legal.

According to many news and our discussion on this forum, we know that bitcoin is legal as a property in China but not accepted as a currency. Bitcoin mining was banned in China but presently China still has the second highest bitcoin miners. China is a country that can be used to know that nothing can ban bitcoin becaushae of its decentralized design.

If bitcoin will be made legal in China, I think it would be the currency part. But which I do not think I'm this can happen soon. I think those people that are posting it on X that China will soon legalize bitcoin are posting rubbish. Or what is your opinion about it?

As of what I know, China isn't legalizing Bitcoin anytime soon, that may happen in the future,  but  rather they're acidiously working on their on development of their digital Yuan (CBDC),  which is backed by sdr.
I don't see how China will suddenly Legalize Bitcoin after that they've banned it for couple of times.
However,  China having a population will be a huge market for Bitcoin if everyone can access Bitcoin seamlessly.

Legalizing bitcoin will have no bearing or negative impact on the development of their CBDC, if they just legalize bitcoin as a commodity or asset. Legalizing Bitcoin is to catch up with the world trend because bitcoin is gradually becoming more popular and if they do not want to be obsolete, they need to act promptly. 

Many people don't believe China will lift the ban and legalize bitcoin but I wouldn't be surprised if they suddenly make that announcement because things are very different from years ago when they banned bitcoin. Bitcoin ETFs have been approved and the US is trying to take over the industry, I don't think China will let the US take over the whole industry. I guess they will act soon, they have to legalize it for the future.

[MarjorieZimmermanGinger]

The general perception about china, is that it's strict and doesn't allow what it can not control, so Bitcoin falls into this category because it's decentralized. Despite their ban on Bitcoin as a digital currency for now, I'm still very optimistic about the future, you never can tell, Bitcoin growing reputation can cause a paradigm shift for them in China. People often accept what they can not change if there's benefit for them, so China, is an industrialized nation, and one day when Bitcoin adoption can not be ignored, they might have a rethink. For now everything that we're hearing about china, legalizing Bitcoin are just rumors and speculations.

This country is known for its fairly strict laws and the government is not playing around when it comes to imposing certain prohibitions on its people. We can see how bitcoin is there and almost no one dares to say openly regarding investment, mining or anything else. The control paradigm becomes a foundation where this can only be applied when the government has access and in bitcoin this is not possible for the government to do so bitcoin is still enforced illegally.

Talking about the future, no one knows how the country will enforce bitcoin in the future. Regarding the issue of optimism regarding Bitcoin, it is good, but we never know what the next story will be about Bitcoin in the future especially in this country.

[betswift]

If you want to know whether it is legal, you must first understand why it is illegal now. The main purpose is to prevent fraud and prevent capital outflow, BTC plays a very important role in the first two points.

Their paper reason for banning bitcoin is solid, judging from their own point of view, but my question now is, since it's illegal, has there been no single record of fraud or money laundering that has occurred in the country since the ban of bitcoin? 
 
There are other methods that fraudsters can use to defraud their victims; rather than using crypto, they will also fine a way; it's their line of work, and everything in their front can be converted to a tool and instrument of committing that fraud; it's as simple as that.

Yeah, but at least China - may - work around these tools you are talking about, but with BTC-  they may not, for now  That's why they wouldn't push the BTC adoption and, in their eyes, it's better yet to do something themselves rather than going for BTC, in my opinion. They have the resources.

[Oluwa-btc]

If bitcoin will be made legal in China, I think it would be the currency part. But which I do not think I'm this can happen soon. I think those people that are posting it on X that China will soon legalize bitcoin are posting rubbish. Or what is your opinion about it?

I think it's a great news and an evidence that Bitcoin is going viral due to its decentralized state because if a prominent country as china could adopt it as legal tender that means something big is coming to the crypto community but then we all know that China is one country that are very strict with following up policies because over the past years it was said that the use of Bitcoin was prohibited, looking at it  in the other side don't you think there's a new leaf to that? I'm not sure about this that china would want to legalize Bitcoin now, but if they do it's a good thing you know.

[Lida93]

Recently, there was news that Shanghai recognized Bitcoin as a "unique digital currency." That could be the spark behind the rumors that Bitcoin might be legalized soon. It’s a small step, but it has people talking.

Bitcoin gains legal recognition in Shanghai despite China's crypto ban

China is one country in the world with a very good population in terms of numbers, and that's a positive side for bitcoin having even just a two third of that country's population having to use bitcoin under a supposed legalization by the government.

My take on why most of these countries find it hard to make bitcoin a legal tender yet is vividly not exclusive to their fear of having their national currency utility base in competition. Especially with a digital currency that is unregulated (decentralised).

[Natalim]

My take on why most of these countries find it hard to make bitcoin a legal tender yet is vividly not exclusive to their fear of having their national currency utility base in competition. Especially with a digital currency that is unregulated (decentralised).

Making Bitcoin legal tender isn’t necessary; recognizing it as property or virtual property is already enough. Bitcoin doesn’t have to be a legal currency to be valuable or functional. What matters is allowing people to use it freely across all countries, which drives adoption. Unfortunately, in places like China, that kind of open usage is still restricted, which holds back its full potential.

[CroverNo01]

Making Bitcoin legal tender isn’t necessary; recognizing it as property or virtual property is already enough. Bitcoin doesn’t have to be a legal currency to be valuable or functional. What matters is allowing people to use it freely across all countries, which drives adoption. Unfortunately, in places like China, that kind of open usage is still restricted, which holds back its full potential.

Bitcoin as a legal tender is weigh out of league if you ask me, there's actually more to contribute and more to emphasized on in the space. Most countries do not welcome the idea of making bitcoin a legal tender because that's absolutely ruining every means of general fiat currency although some of these countries have started adapting to the new phase of the world Change. They trying to implement new principles and new language of making money and it definitely suits some and doesn't suit some. Personally, I do concord with your view and opinion on bitcoin orientated discussion. Bitcoin is very important in the present age and we know how everything do planned out for those category of people that are patient enough for their investment in bitcoin.

[fruktik]

The general perception about china, is that it's strict and doesn't allow what it can not control, so Bitcoin falls into this category because it's decentralized. Despite their ban on Bitcoin as a digital currency for now, I'm still very optimistic about the future, you never can tell, Bitcoin growing reputation can cause a paradigm shift for them in China. People often accept what they can not change if there's benefit for them, so China, is an industrialized nation, and one day when Bitcoin adoption can not be ignored, they might have a rethink. For now everything that we're hearing about china, legalizing Bitcoin are just rumors and speculations.

Under this government, the authorities in China can forget about legalizing Bitcoin in the country once and for all. No, this government and the Communist Party will not allow what they cannot control. They are especially strict about money flows and all finances. You cannot even imagine how afraid the top brass is of losing their positions. Why? Because they have done so many things that they are facing a huge criminal sentence for almost everyone, including Xi. They will hold on to power until the very end and will not allow the opportunity to control money to slip out of their hands.