Is it true that China wants to legalize bitcoin?

[Slow death]

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.

China has a very controlling government regime, and they prefer to have Chinese companies operating in China. If the creator of Bitcoin was Chinese and lived in China and the Chinese government could come to his house and threaten him to follow the orders of the Chinese government, then I'm sure Bitcoin wouldn't be banned in China. But honestly, I think that China banning Bitcoin was a good thing, because that way Bitcoin gained more freedom, because in the past, if my memory serves me right, when there were a lot of miners in China and the Chinese government came with some threat, the price of Bitcoin would immediately drop a lot. But now, it doesn't matter what the Chinese government says about Bitcoin, it no longer influences the price.

[Mame89]

China has a very controlling government regime, and they prefer to have Chinese companies operating in China. If the creator of Bitcoin was Chinese and lived in China and the Chinese government could come to his house and threaten him to follow the orders of the Chinese government, then I'm sure Bitcoin wouldn't be banned in China. But honestly, I think that China banning Bitcoin was a good thing, because that way Bitcoin gained more freedom, because in the past, if my memory serves me right, when there were a lot of miners in China and the Chinese government came with some threat, the price of Bitcoin would immediately drop a lot. But now, it doesn't matter what the Chinese government says about Bitcoin, it no longer influences the price.

The reason China banned Bitcoin is clear, apart from China having a dictatorial government system, China also sees the role of cryptocurrencies in facilitating many crimes, especially in the financial sector, and poses a greater risk to China's financial system itself because of its highly speculative nature, this is China's reason apart from this being just their alibi.

But what is certain is that another factor why China banned cryptocurrencies is an effort to combat capital flight from China. Judging from the purpose of the ban, it is very unlikely for China to legalize bitcoin, so it is certain that the rumors circulating in X are completely false, in other words the rumors cannot be held accountable for their truth.

China has indeed banned bitcoin until now, but many Chinese people secretly use crypto, and the spread of crypto has also occurred in China because of the population of China reaching billions. So even though China has implemented a strict ban, it will be very difficult to enforce it. And it's true, now all the bad news from China will no longer affect the crypto market.

[Mpamaegbu]

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.

I guess it was in the bid to protect the Yuan that made China ban Bitcoin in 2017. team nearly plunged the crypto market if not that it was a bullish year. If China, having realized her mistake, makes a turn around to legalize what she (erroneously) banned earlier; that would be great. It will give a push to this parabolic bull rally we all are expecting this circle. Without that and to be honest, I'm nonchalant towards the Chinese government on Bitcoin. I hardly follow up on news regarding China and cryptocurrencies whenever I stumble on any. China dashed my hope in 2017 and as a result of that I don't want to trust the Chinese on crypto matter again.

[nakamura12]

It might be a way for them to make a trend or something like that by posting in social media even though it is not sure yet if china will legalized bitcoin or accepted it as a legal tender like El Salvador although as what I know that china banned cryptocurrency so if the news id true that they will unban crypto then there's a chance that it might happen once the they unban the cryptocurrency. For today, we can only wait what will happen in the future.

[alekblom]

I don't understand why China which is a communist country would adopt much of libertarian values and least of all maybe hard money. They will probably give their citizens fully inflatable digital CBDCs but I don't see them going much longer than that when it comes to crypto used as currency.

[Smartvirus]

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?

Hard drugs is banned in most countries of the world but everyday, you find people doing these and that drugs, junkies everywhere you turn, that’s the effect bans have on certain activities. It creates a scares market for it thereby pushing price up.

It ain’t no different when it comes to Bitcoin, banning on either of its activities is somewhere to have people get more interested and even more private on their dealings which isn’t bad either for Bitcoin.

Now, having to legalize it will have same effect and even better because, now you have people who are ready and willing to push the system to a level of acceptance that would create some steepness in the charts.
If China is going to legalize Bitcoin as a currency, nope ain’t no way. What then would become of digital yen and its likes, the CBDC projects, it ain’t happening.

[MarjorieZimmermanGinger]

I don't understand why China which is a communist country would adopt much of libertarian values and least of all maybe hard money. They will probably give their citizens fully inflatable digital CBDCs but I don't see them going much longer than that when it comes to crypto used as currency.

They don't give their citizens freedom and they prefer to regulate things according to the government framework. That's why the country is considered not very crypto friendly and they don't allow it to grow or expand in terms of adoption. What they do is good for the economy in general and just look at how China is growing rapidly in many ways.

But this is not talking about crypto but other sectors where they are almost able to compete with powerful countries. For bitcoin it is almost impossible to develop there because of the strict rules they make and the people are not allowed to break them.

[fruktik]

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.

Almost every dictatorial political system wants to control everything and everyone. The financial sector is in first place. Only the country's top leadership has access to it. It is difficult to imagine that the communists will let go of the mechanism of population control. What can we say about Bitcoin, which has decentralization? This clearly does not fit into this scheme. Therefore, we can forget once and for all about the fact that crypto will be legalized in China.

[martinex]

Tiongkok is generally full of speculation and I'm not entirely sure they will do that.

[Marvell1]

Therefore, we can forget once and for all about the fact that crypto will be legalized in China.

I mean I don't think they will legalize bitcoin as a currency, that idea will never come to fruition in China. But they legalize crypto or not, I think there's still a chance and it could still happen. Because if the whole world joins the crypto industry, even if they don't like it, they have to reluctantly join, otherwise they will fall behind the rest of the world. But there will definitely be hundreds or thousands of strict regulations put in place to control crypto investors.

But after all, we have been fine without them for years, why do we need them now? on the contrary, they are the ones who need crypto if they don't want to be left behind because bitcoin and crypto are the future of finance.

[betswift]

Therefore, we can forget once and for all about the fact that crypto will be legalized in China.

I mean I don't think they will legalize bitcoin as a currency, that idea will never come to fruition in China. But they legalize crypto or not, I think there's still a chance and it could still happen. Because if the whole world joins the crypto industry, even if they don't like it, they have to reluctantly join, otherwise they will fall behind the rest of the world. But there will definitely be hundreds or thousands of strict regulations put in place to control crypto investors.

But after all, we have been fine without them for years, why do we need them now? on the contrary, they are the ones who need crypto if they don't want to be left behind because bitcoin and crypto are the future of finance.

As it was said there, I do think they will still stick to their digital currency nevertheless.
CDBC or not, Digital Yuan or a thing alongside it, it will be regulated by China to its full extent, and they would use BTC if it's ever accepted into China the same - regulated where it can be done. Which means in many ways 

[mirakal]

Well, maybe they’ve realized and now understand the benefits it can bring in today’s world. If this really happens in the coming days, it’s sure to have a huge impact on both the price and adoption rate. A key factor in adoption is when big countries like China offer support, as this can also encourage smaller nations to jump on board. Honestly, even if bitcoin doesn’t become a top priority, it’s at least becoming an option.

This whole discussion sheds light on those who had lost hope in bitcoin’s adoption. It just shows that while people might have dismissed it before, now it’s becoming a part of our economy and progress.

[Natalim]

I don't understand why China which is a communist country would adopt much of libertarian values and least of all maybe hard money. They will probably give their citizens fully inflatable digital CBDCs but I don't see them going much longer than that when it comes to crypto used as currency.

Makes sense, that's why this speculation is unlikely to happen in real life. China will stick to its stance on Bitcoin. Their citizens can own it, but they can’t trade or mine it—that’s the limitation. At least it’s not illegal to own Bitcoin. The speculation mostly comes from people who want to break free from the system. Bitcoin represents freedom, and when it's banned, that freedom is taken away from them.

[Luzin]

It might be a way for them to make a trend or something like that by posting in social media even though it is not sure yet if china will legalized bitcoin or accepted it as a legal tender like El Salvador although as what I know that china banned cryptocurrency so if the news id true that they will unban crypto then there's a chance that it might happen once the they unban the cryptocurrency. For today, we can only wait what will happen in the future.

I've read that China continues to develop Blockchain technology. Even though they prohibit cryptocurrency activities. But I haven't read the latest news that China will provide policies to legalize Bitcoin like El Salvador. If that happens it might be good, but I haven't got any valid news. China always brings surprising news, and they always try to influence the Bitcoin market (if you still remember when they haven't banned crypto activities). But a few days ago I read news that China's stimulus made Bitcoin continue to rise. This stimulus does not convince investors, so many are diverting to alternative assets.

Source: https://news.bitcoin.com/bitcoin-rises-as-china-stimulus-and-multiple-bullish-news-fuel-crypto-gains/

[LDL]

It is not a common announcement by the Chinese government to legalize or ban Bitcoin, but there have been many ups and downs in the Bitcoin market over the ban. However, China has a significant contribution to the Bitcoin market as China has a huge number of Bitcoin investors who directly and indirectly contribute to the Bitcoin market. Therefore, if the Chinese government legalizes Bitcoin in the future, it is believed that there will be a huge positive impact on the Bitcoin market.

[CryptoJ0hn]

I missed this news somewhere, but was there an official mention of China legalizing Bitcoin or is it just rumors on Twitter?

[Nothingtodo]

I missed this news somewhere, but was there an official mention of China legalizing Bitcoin or is it just rumors on Twitter?

It is by no means possible to be 100% certain by looking at Twitter announcements as there are times when false rumors are published on Twitter. But if China legalizes Bitcoin for that country then I think Bitcoin will cross 100k in no time.

[Przemax]

I think that kind of rumours are spread to justify some minor bitcoin price pump. There are two reasons China will never legalise bitcoin in the current financial enviroment.

China relies on the inflationary currency and bitcoin is deflationary so it is incompatible with each other.

Secondly the China's law system would be in conflict with itself because China partially delegalised some aspects of bitcoin - like mining for example.

[hyudien]

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?

Is decentralized design suitable for the system adopted by the Chinese government? because as far as I know they are very firm with their socialist/communist economic system where the center of control is in the government which covers everything. Well now the role of bitcoin in China will cause conflict both in terms of regulation and with the philosophy they adopt. As you said maybe not now, not in the near future. China needs time to be able to accept the decentralized design of bitcoin. As one of the countries with the largest bitcoin miners as long as it is under the control or supervision of the government, it is clear they can regulate it at any time.

[Franctoshi]

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.