Is it true that China wants to legalize bitcoin?

[KingsDen]

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?

Op, you will like to add a link to the post on order to butress your claim or questions. If you see such related post on X, simply send the link or post a screenshot and we can start from there.
Both bitcoin being legal as a property or as a currency, I think is not that correct. Although, China did not outrightly ban bitcoin, rather bitcoin mining with concern to the energy consumption and ecosystem.

But I think China will soon have a different stand on cryptocurrency, especially when Trump emerges the president of US.

[Z-tight]

Intermittently there is always news about China and BTC, many of which are nothing but rumors, there is no news from a reliable source about China legalizing BTC, maybe people are just expressing their wishes or something. China can be called a dictatorial nation, so it is understandable that their government cannot stand a decentralized network like BTC and they will rather place some kind of ban on it, their loss anyway.

[Moreno233]

I don't have confidence in China legalising Bitcoin because China have remain one of the most inconsistent country when it come to Bitcoin policy. I still remember how hard they tried to discourage their citizens from participating in Bitcoin. If they are having a rethink now, it should not be swallowed hook and sinker but time should be allowed to how serious they are about it. Although it is looking like if Trump wins the US election, America may be investing heavily on Bitcoin base on his campaign promises, perhaps China may be weighing this statement and planning to act on it, the reason for the rumors about legalising Bitcoin.

[Charles-Tim]

Intermittently there is always news about China and BTC, many of which are nothing but rumors, there is no news from a reliable source about China legalizing BTC, maybe people are just expressing their wishes or something. China can be called a dictatorial nation, so it is understandable that their government cannot stand a decentralized network like BTC and they will rather place some kind of ban on it, their loss anyway.

I do not think there is any news about it. It is just X and other social media that they are tweeting rubbish. Chinese government do not against bitcoin but are hostile towards it and also against its trading just like on those exchanges. But Chinese people can buy bitcoin just like P2P and hold it as a property while its trading like those on exchanges are forbidden in the country.

[Agbe]

If that happens it will be a plus to the bitcoin community because another soul has been won legally. But if such happened and was broadcast in social media and if it is true then it should be in their National News Lines. I don't think the news is legit too but even though China has not come out to announce that they have legalized bitcoin to be used in the country, China is deeply involved in bitcoin and if care is not taking it is even more than those countries that have legalized bitcoin. A friend of mine told me last year that bitcoin was created in China and I believed that because China is not capitalist State but it is a Socialist State and for that they can create an economy that will against the capitalist order in the world and I believed that is why Russia is using bitcoin very well because they are the same ideology with China.

If really bitcoin was invented in China and launched their then China is just warming up to explode with bitcoin. And if they finally legalized bitcoin they will lead the cryptocurrency ecosystem in the world.

[tread93]

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?

If China makes Bitcoin legal again expect that law to have a time clock on it because they have such a tremendous history of banning Bitcoin. South Park did a hilarious skit on this lol https://m.youtube.com/watch?v=S3zlqHdmPQs

[Dr.Bitcoin_Strange]

If this is true and it's being announced by the chines government, then it can make the price to spike because the country has a large community of Bitcoiners and the fact that we are in bull season. For those posting the information on x, if they are from China, they might be telling the truth because the fact that they are there could give them a hinthint on what the government are planning.

[Diamondarikpi]

I think it's worth welcoming should it pull through besides that's what I wanted just like how El Savador did. To be frank with you it will mark a new era as other countries would see it worth adopting. I'm looking forward to the day where 60-75% the transit fully to web3.

[AmoreJaz]

I don't have confidence in China legalising Bitcoin because China have remain one of the most inconsistent country when it come to Bitcoin policy. I still remember how hard they tried to discourage their citizens from participating in Bitcoin. If they are having a rethink now, it should not be swallowed hook and sinker but time should be allowed to how serious they are about it. Although it is looking like if Trump wins the US election, America may be investing heavily on Bitcoin base on his campaign promises, perhaps China may be weighing this statement and planning to act on it, the reason for the rumors about legalising Bitcoin.

They change their mind according to how they can benefit the situation and that's true for most. They have seen that despite their banning of btc or crypto, this market continues to proliferate. And if they won't be open to this market, they will be left behind. Besides, a lot of their citizens are still in the crypto sector, so why not legalize it instead of not getting anything from this market?

[Scarlett_23]

I don't think China will legalize bitcoin easily.  There are so many countries in the world that it is not easy to know the correct information and among these countries China, Israel is one of them. Again, China is one of the countries which are against Bitcoin.  'X' or social media often confuses people with wrong information. But if China considers Bitcoin as an asset then it is good news because China is a large economy country.

[Iranus]

Are you talking about rumors like this?


source: x

Similar news like this has been circulating for weeks on X, and it's not new. I also spent time searching from mainstream news sites but there is no news that China intends to lift the ban on bitcoin and cryptocurrency in the country as rumored on X.

Not only is bitcoin mining still popular in China, but people in the country are also investing in cryptocurrencies despite the government ban. This shows that it is very difficult for the government to stop the development of bitcoin and cryptocurrencies, and if this situation continues, the ban will soon be lifted.

Recently, there has been a lot of positive news coming from the world's second largest economy, which will also boost the growth of the global economy and will have some impact on the market.

[tbct_mt2]

Are you talking about rumors like this?


source: x

Similar news like this has been circulating for weeks on X, and it's not new. I also spent time searching from mainstream news sites but there is no news that China intends to lift the ban on bitcoin and cryptocurrency in the country as rumored on X.

Not only is bitcoin mining still popular in China, but people in the country are also investing in cryptocurrencies despite the government ban. This shows that it is very difficult for the government to stop the development of bitcoin and cryptocurrencies, and if this situation continues, the ban will soon be lifted.

Recently, there has been a lot of positive news coming from the world's second largest economy, which will also boost the growth of the global economy and will have some impact on the market.

Xi again. Many activities from China under Xi administration in more than a decade, are enough to distrust Xi's sayings. That man is not trustworthy and he is a dictator so you can not believe in his words on policies of China.

In October 2019, Bitcoin jumps 12% as China's Xi embraces Blockchain, boosting crypto sentiment.

In September 2021, two years later, Why China's ban on crypto mining is more serious than before.

More information on China's cryptocurrency ban: a complete history.

Bitcoin will continue its own job without China and if you believe in China for your decisions in Bitcoin investment or trading, you will be f**ked.

[LogitechMouse]

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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'm thinking if the Chinese Communist Party will allow for Bitcoin to be used as a currency there knowing that they can't even control it at all. They want to control everything there as far as I know, and I don't think that Bitcoin becoming legal and will be used as a currency is something that we are expecting... or at least not this time, but maybe in the future.

I'm also thinking, what will be the benefits of Bitcoin if this happens. I mean let's say Bitcoin became a currency there. Will there be some people out there that will be using Bitcoin to pay something? Other investors that are living in other countries aren't using it as well, so I don't see any reason why they will do it. Another thing is that tweets on X most of the time are coming from trolls especially those who aren't that popular at all. I guess the best thing to do right now is to wait for the CCP themselves to say that they will legalize Bitcoin on their country, but what are the chances? Less than 5% maybe?

[MarjorieZimmermanGinger]

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 is unlikely that hope will happen as we know that China is so unfriendly to bitcoin and they even forbid their people from getting involved by giving very severe sanctions to those who violate. The issue has indeed been blown in several media and maybe we can see the undercurrent wanting bitcoin to be an alternative source there but because of the authoritarian government policy they are reluctant to take the opportunity.

What I know is that when people there want to buy bitcoin, they have to do it secretly because it is still considered illegal. So the issue that is developing may be because the undercurrent wants the Chinese government to consider accepting the adoption of bitcoin in the capacity of an investment asset.

[fruktik]

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?

We should all forget about China accepting Bitcoin legally. No, not under this regime. Communism does not embrace new technologies and their development. Especially in areas that concern the financial sector. The communists will never allow even the slightest hint that such transactions that cannot be traced and identified pass by them. This goes directly against the basic essence of the political system.

[justdimin]

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?

There are some talks about them trying to make it a bit more controllable from the user part of it, and that will be a big step forward for them. They know bitcoin is decentralized and they can't control bitcoin itself, but they also know that they are going to have some control over the people who are using it, which is possible.

It's certain that they are looking into ways how they could control people who use bitcoin, and not that they are done now, but they are looking at the future for a potential of something like that, and I bet they are going to eventually have a way of doing this, they will not end up with anything impossible since if KYC is possible, and they have like citizen credits etc, those type of control over their own people, then they could make this work too.

[ndutndut]

Intermittently there is always news about China and BTC, many of which are nothing but rumors, there is no news from a reliable source about China legalizing BTC, maybe people are just expressing their wishes or something. China can be called a dictatorial nation, so it is understandable that their government cannot stand a decentralized network like BTC and they will rather place some kind of ban on it, their loss anyway.

China has banned bitcoin for a long time, if there is a rumor that they want to legalize bitcoin. The news circulating is just an issue and there is no reliable source that they deliberately play this rumor on X for a certain purpose that we do not know. But even though China has banned crypto, China still plays a big role in Btc mining and continues to influence the global crypto market.

There is no denying that China has had a complicated problem with btc for years. The dictatorial Chinese government even first banned crypto exchanges in 2017, followed by a broader ban in 2021 targeting crypto trading and mining. But over time, many in the crypto community who play around like China have lifted the ban or have legalized crypto, a form of hope for the Chinese government to open their hearts to the development of bitcoin so that it can be legalized. But even if it is legalized one day, I am not sure China will make bitcoin a means of payment.

[Marvell1]

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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'm thinking if the Chinese Communist Party will allow for Bitcoin to be used as a currency there knowing that they can't even control it at all. They want to control everything there as far as I know, and I don't think that Bitcoin becoming legal and will be used as a currency is something that we are expecting... or at least not this time, but maybe in the future.

I'm also thinking, what will be the benefits of Bitcoin if this happens. I mean let's say Bitcoin became a currency there. Will there be some people out there that will be using Bitcoin to pay something? Other investors that are living in other countries aren't using it as well, so I don't see any reason why they will do it. Another thing is that tweets on X most of the time are coming from trolls especially those who aren't that popular at all. I guess the best thing to do right now is to wait for the CCP themselves to say that they will legalize Bitcoin on their country, but what are the chances? Less than 5% maybe?

Yes, the Chinese government wants to control everything and even internet access within the country is heavily censored so there is no way they would legalize a decentralized currency that they don't control. In addition, they are also making every effort to create the influence of the yuan in the world market to compete with the USD. Not to mention, it seems like people have forgotten that they have been rolling out CBDC for years. Given all that is going on in their country, they have no reason to make bitcoin a currency.

If they remove the ban and allow people, companies and institutions to invest in bitcoin, it will be a huge success for both Chinese investors and the market. Don't expect too much or any major steps from the Chinese government, a dictatorship.

[xenomorfo]

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?

there is a lot of news circulating on Twitter, not all of which is necessarily true, people just want likes and follows
I don't follow Twitter and TikTok because i consider them toxic
I now find the real truth in this forum, i find truth, information, respectable people who explain how bitcoin works and everything connected to it

[Jawhead999]

Based on Wikipedia, it's still illegal https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory#China

I know that the information in Wikipedia can be created by anyone else, but it's need to be verified and anyone can revise it. Since in Wikipedia Bitcoin still illegal in China, I'd take the article as rumor only or the writer didn't even know the difference between China and HongKong.