Is it true that China wants to legalize bitcoin?

[_act_]

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?

[freedomgo]

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

Good news if that will come into reality.

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.

I believe China doesn’t recognize Bitcoin as property or currency. While it's not illegal to hold, trading it is against the law, so there's no clear regulation on Bitcoin and crypto in China.

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

[_act_]

I believe China doesn’t recognize Bitcoin as property or currency. While it's not illegal to hold, trading it is against the law, so there's no clear regulation on Bitcoin and crypto in China.

I remember there was a lawsuit that made it clear that China recognized bitcoin as a property which can be legally owned. I search for it online and I saw this on Forbes:

At the same time, Chinese courts have generally held that Bitcoin is property protected by the law (and likely will continue to do so—leading to more headlines that China is reconsidering Bitcoin each time).

The Forbe article was in July of this year but I read it last year or last 2 years.

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

Oh! Probably this could be the reason.

[Questat]

I guess it’s unlikely for China to legalize bitcoin as a currency. Instead, they prefer to stick with their own central bank digital currency which is Digital Yuan. But if ever things may change and China decided to legalized bitcoin, well that would be another achievement for bitcoin. Not only China will benefit from it but also the bitcoin community which means more bitcoin adoption, the bigger the community will become in the future.

[Zlantann]

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?

Social media can be a medium of fake and authentic news. Knowing the source of the information in X will show how true the news is. I did a brief research and found nothing regarding the move to relegalise Bitcoin. However, nothing is impossible, China might want to reconsider its stance on Bitcoin. The approval of Hong Kong spot Bitcoin ETFs and the involvement of some major Chinese asset managers in business might be a sign that China is softening its strict approach to Bitcoin. An announcement by the communist government of China that Bitcoin is now accepted in the country will make this bull season a memorable one.

[notocactus]

I remember there was a lawsuit that made it clear that China recognized bitcoin as a property which can be legally owned

You can own bitcoin and government can not do anything if you did not make criminal activities, used dark money to buy bitcoin. The risk is if trading bitcoin is not legally accepted in China, how did you get that bitcoin is important, and later how will you sell your bitcoin is important too.

Both buying and selling is considered as illegal in China as I know. You can not say you have bitcoin from mining which was banned in China too.

It means now, if you want to have bitcoin in China, you must purchase it illegally and you have to do it silently, keep information of your investment in bitcoin secretly and privately too. You will not want to publicly say about and have problems with government.

[freedomgo]

I believe China doesn’t recognize Bitcoin as property or currency. While it's not illegal to hold, trading it is against the law, so there's no clear regulation on Bitcoin and crypto in China.

I remember there was a lawsuit that made it clear that China recognized bitcoin as a property which can be legally owned. I search for it online and I saw this on Forbes:

At the same time, Chinese courts have generally held that Bitcoin is property protected by the law (and likely will continue to do so—leading to more headlines that China is reconsidering Bitcoin each time).

The Forbe article was in July of this year but I read it last year or last 2 years.

Yes, that's correct! China views Bitcoin as property, but unlike in the US, where it’s taxable and subject to capital gains when sold, China doesn’t tax it because trading or selling Bitcoin is illegal.

However, in the event of a dispute, Chinese courts handle Bitcoin cases under their property laws, similar to real estate. If Bitcoin is stolen, it’s typically valued at the market price when the theft occurred, and if it can’t be recovered, the victim is compensated in fiat based on that value.

You can own bitcoin and government can not do anything if you did not make criminal activities, used dark money to buy bitcoin. The risk is if trading bitcoin is not legally accepted in China, how did you get that bitcoin is important, and later how will you sell your bitcoin is important too.

As the law states, trading and mining Bitcoin are illegal, but there's no mention of it being illegal to accept Bitcoin as a gift. So, just tell them it was a gift!

[DeathAngel]

There’s always mixed news coming out of China regarding Bitcoin. I believe there is still a large amount of hashrate in China so that proves people are still mining. There are different ruled in Hong Kong to mainland China. Businesses & wealthy individuals are able to buy Bitcoin Spot ETFs. Overall I think many people still buy & use Bitcoin in China. Regulations & banning orders can make it more difficult to buy & use Bitcoin but if you want something enough, you will find a way to get your hands on it.

[stadus]

Is it true that China wants to legalize bitcoin?

Those are just rumors, and while there have been plenty of articles talking about China lifting the ban on Bitcoin trading and mining, nothing official has come out yet. It's all speculation for now.

[1] China’s Potential Reversal on Bitcoin Ban Sparks Global Debate
[2] Buzz in Crypto Community Over Possible Lifting of China’s Bitcoin Ban Rumors
[3] Mainland China to ‘unban’ Bitcoin? Community says ‘unlikely’

[Upgrade00]

The Chinese media is heavily controlled by the government so even if there were such plans, it's not going to make it to the internet. They are just rumors, most likely started to try and influence the price by creating positive sentiments among the community.

It's difficult to effect bans on something as decentralized as Bitcoin where no one needs documents or permission to use. This is why you'll still have mining and trading going on in China today despite bans placed on it.

[sarmrakib]

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 haven’t seen this type of news. However its a complications if China accept btc or crypto. However i have seen many times that China going to accept btc and even China going to banned it. I think this news doesn’t make any impact on the market if the source is legit. I am really being bothered having this kind of news time after. However we want that whole world accept btc and legal it for using it as a worldwide currency. Btc has that potentiality to use it as currency nevertheless many government trying to banned it and restrict. This is really unfair. I have strong believe that whole world will accept and legal btc one day.

[avikz]

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 too think that it's a hoax. But it may become a reality as well. China's economy is going through a very hard time where the government had to announce relief packages worth many billions of dollars twice already. Show the government is trying to increase the cash flow in the hands of their citizens.

At this point, if Bitcoin is made legal as a currency, that's going to support the economy of China. It will increase the money circulation within the system and increase the purchasing power of its citizens. So it may become a reality, you never know!

[AprilioMP]

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?

It would be great news if it were true because China as I know it is still thick with rejection of Bitcoin and even in the news banned Bitcoin.

Just like you, I still haven't thought about it that they will legalize Bitcoin. If they legalize Bitcoin, they may have forgotten the "often" stated firm stance although I found a tweet on x (formerly twitter) that a member of the House of Representatives proposed incorporating Bitcoin into the Fiscal Reserve. That was a tweet from July 29th.

[sokani]

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?

You shouldn't take the info seriously, this is just a rumour that has been ongoing for sometime.  When Hong Kong came up with a regulatory framework for crypto, it was speculated that China would lift the ban on Bitcoin and it didn't happen. This time around, I think the rumour resurrected following Hong Kong's approval of Bitcoin and Ethereum spot ETFs and one of such persons that help to fuel it is Justice Sun.



Justice Sun on X:
https://x.com/justinsuntron/status/1825209947870884261?t=DkLzhuPQGV1wKfAYrvxixQ&s=19

The ban is very much in place and there's no information of possible lifting.

[retreat]

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?

If that is true it would be great news for Bitcoin, but I don't think it will be true considering how protective the Chinese government is of their own currency and how they see Bitcoin as a threat to the adoption of the digital yuan. But we don't know in the future, maybe the Chinese government is more open to Bitcoin, it could happen, or it could not happen at all.

[Findingnemo]

No, China will not likely to make bitcoin as accepted currency cause it just goes strictly against their monetary policies and they are already pushing their CBDC among the people so it is likely to be the only crypto accepted as legal tender in China. And if the current status of holding crypto is not illegal then it will likely to remain in that way since most of the countries treat bitcoin like that or they might force the users to pay huge taxes on the capital gains to discourage people from using it.

[passwordnow]

Another news that always make a strong blow to the market whenever it is coming from China. I think that it has something to do with the collapsing economy that isn't just shown in the media. After the huge hit that they've got from the real estate industry and as well as their banking industry have been delaying withdrawals and some are completely stopping depositors to withdraw their money, this is a huge step for them to make.

It's unlikely that they're going to accept BTC as a currency. They've got BRICS and they want to make their own currency, RMB to be a stronger one by having that alliance and to surpass USD. So, it's better for them to stay legalizing BTC as an asset but won't accept it as a currency. That two is different but I think it all still sums up for accepting BTC no matter how they view it.

[ChiBitCTy]

I highly doubt it, but I will say I do own Chinese Digital Yuan Notes, and even have one wallet card with digital yuan on it, but I recently scored something very cool from China, a non-yuan related crypto item made by the government, a first of it's kind.  Here's a link and photos ( I'm typing this up on my pc, will switch to mobile to make it easier to do so, so if you don't see anything, give me just a sec..)


https://crypto-stamps.org/china/

[mindrust]

China should be more welcoming to crypto. A giant economy like China can't afford to ignore crypto forever. Especially when pro-crypto Trump is about to win the elections next month. Th majority of the miners are located in the US and there are other big crypto corporations and all of these will have massive benefits under the Trump administration. What's China going to do? Are they gonna watch like nothing is happening over there? Even Binance moved their headquarters from China to Malta back in the day. I don't understand why is China so hostile against crypto. It is probably because they know they can't control it but guess what, people in China use crypto anyway. All that hostility against crypto only costing China a huge amount of money and too bad they don't see it.

[Aanuoluwatofunmi]

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 think there is a cognit link on that which we can use to reference whether its true or not, but there may be quite speculations of news also known as rumor concerning that, but personally, i doubt this, China is not as easy as some might have thought, they are not going to take it likely with bitcoin, because its decentralized, i hope its not that the people are getting them wrong, with the impression of making bitcoin a legal tender instead of creating their own centralized token or so, maybe over time, we will soon get the full gist regarding this and their intentions over it.