Is it true that China wants to legalize bitcoin? - page 2.

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Quote from: MarjorieZimmermanGinger on October 23, 2024, 02:01:24 AM

Quote from: DediRock on October 22, 2024, 11:38:40 PM

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.

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Quote from: DediRock on October 22, 2024, 11:38:40 PM

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.

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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?

Riceandbean

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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.

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Quote from: _act_ on October 18, 2024, 07:57:21 AM

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

Just seeing it here for the first time and didn’t come across anything like that on social media. If it was that true, it would have been bigger circulated that just seeing it here only.

Quote

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.

That means a lot of people in China are still mining it illegally without the consent of the government there. How decentralised bitcoin is to make them not trace those that are secretly mining it. Bitcoin decentralized nature can’t be tempered with I think, not now and not in the future. Second country with highest miners and are not accepting bitcoin as a currency is not making sense.

Quote

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?

Maybe it’s just a way of pushing for the narrative and trying to attract the attention of people to venture into bitcoin because for a country like China to adopt bitcoin, it’s going to be a very big win for all crypto community because of the rate of adoption that can be gotten from that move.

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Quote from: _act_ on October 18, 2024, 07:57:21 AM

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?

In my opinion, the Chinese Communist Party will not abandon the ban on Bitcoin for Chinese citizens (individuals). This is due, in particular, to the fact that China has placed its bet on the widespread introduction of the digital yuan.

At the same time, senior officials in China realize that Bitcoin is a strategic resource. The Chinese yuan cannot claim the position of the world's reserve currency. This is not profitable for China. China's economy is clearly an export one, so the Chinese authorities need a "cheap", "weak" yuan. Therefore, the Chinese yuan is not a rival to the US dollar.

Another thing is Bitcoin .... Bitcoin is a potential global decentralized reserve currency, and as such, it is a rival to American gold. Therefore, in my opinion, Chinese state corporations will continue to secretly mine Bitcoin. And the Chinese authorities will create secret Bitcoin reserves on the territory of their country.

At the same time, they will publicly speak out against the first cryptocurrency.

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Quote from: _act_ on October 18, 2024, 07:57:21 AM

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?

At the moment, any operations with cryptocurrency assets are prohibited in China, I don’t know about the acceptance of bitcoin as a means of payment (I have big doubts about this for now), but if China at least lifted this ban, I think it would have a very positive impact on the entire crypto market and, of course, on bitcoin as well. I think it was appropriate on the eve of the bullrun, but for now I don’t really hope for this as for China, because their attitude to cryptocurrency is very strict, perhaps this will be possible under strict regulation...

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Quote from: BALIK on October 20, 2024, 09:46:27 PM

Likewise, bitcoin ETFs have been rejected for years, and before the SEC approved them this year, many were not optimistic either. But as we have seen, they are finally acknowledging the potential of bitcoin and ETFs are being approved despite the skepticism of many. So I also believe that it is just a matter of time before China lifts the crypto ban and integrates with the world. Everything can change and needs to change to adapt to the progress of the world. So I am not too pessimistic and believe that China will lift the ban and legalize it again but the problem is that no one knows when that will happen.

China is like other countries and governments that will join any party that can hep their nation becomes richer without too big threats. China will not try to be blinded and stay away from Bitcoin party if they can get benefit from it by joining and having more Bitcoin friendly regulations in future. Their government is dictator and all laws, rules in their country purely make by their government.

So if their government wan to ban Bitcoin, they will do it and if they want to unban it, they will easily do it without big barrier or challenge from Chinese people. Of course, unban on Bitcoin will benefit Chinese people too so they will support Chinese government with this decision.

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Quote from: Franctoshi on October 20, 2024, 01:39:20 PM

Quote from: _act_ on October 18, 2024, 07:57:21 AM

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.

I too think that they will put their money on their own coin rather than on BTC itself.
Maybe it will change, but, there is no news about changing ways in that regard for now.

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Quote from: X-ray on October 20, 2024, 09:05:17 PM

Quote from: PX-Z on October 20, 2024, 04:29:16 PM

Quote from: _act_ on October 18, 2024, 07:57:21 AM

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

Knowing how relentless they are on their decisions and rulings, that won't come true, there's no turning back on the decision of theirs unless a new president and set of people rules the country.
Probably those X's posts are just to hype bitcoin/crypto price for everyone's benefits even though it causes misinformation lol.

well honestly there's always chance, a country could change its stance toward something like BTC as they sees fit, now that the regulatory framework from other country also allows legalization of BTC and legitimation of using BTC as an investment, other country will follow if they see great success in this, I expect china to do the same thing too.

moreover, I've heard china's economic regulation has been relaxed a bit, but yeah still pessimistic about them legalizing Bitcoin, unless there's a great benefit that they can get from legalizing it, they won't.

Likewise, bitcoin ETFs have been rejected for years, and before the SEC approved them this year, many were not optimistic either. But as we have seen, they are finally acknowledging the potential of bitcoin and ETFs are being approved despite the skepticism of many. So I also believe that it is just a matter of time before China lifts the crypto ban and integrates with the world. Everything can change and needs to change to adapt to the progress of the world. So I am not too pessimistic and believe that China will lift the ban and legalize it again but the problem is that no one knows when that will happen.

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Quote from: PX-Z on October 20, 2024, 04:29:16 PM

Quote from: _act_ on October 18, 2024, 07:57:21 AM

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

Knowing how relentless they are on their decisions and rulings, that won't come true, there's no turning back on the decision of theirs unless a new president and set of people rules the country.
Probably those X's posts are just to hype bitcoin/crypto price for everyone's benefits even though it causes misinformation lol.

well honestly there's always chance, a country could change its stance toward something like BTC as they sees fit, now that the regulatory framework from other country also allows legalization of BTC and legitimation of using BTC as an investment, other country will follow if they see great success in this, I expect china to do the same thing too.

moreover, I've heard china's economic regulation has been relaxed a bit, but yeah still pessimistic about them legalizing Bitcoin, unless there's a great benefit that they can get from legalizing it, they won't.

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Quote from: _act_ on October 18, 2024, 07:57:21 AM

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

Knowing how relentless they are on their decisions and rulings, that won't come true, there's no turning back on the decision of theirs unless a new president and set of people rules the country.
Probably those X's posts are just to hype bitcoin/crypto price for everyone's benefits even though it causes misinformation lol.

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Quote from: _act_ on October 18, 2024, 07:57:21 AM

...Or what is your opinion about it?

People.need to remember China is pretty much an autocracy country which is all about keeping their economy afloat by the manipulation of the value of the Chinese Yuan, so they continue to be highly profitable for companies which decide to me their factories their, I stead of making products in their home countries. If Bitcoin was to get legalized in China then it would be a measure which would go directly against their nature as a big autocrat country which seeks to keep control over all it's population, through the implementation of their social score system.
If China makes Bitcoin legal, disregarding the status of their national Fiat, It would be only for banks within Mainland China to speculate with the Value of Bitcoin, for the sake of profits and allow miners to produce more units of Bitcoin when the dams of the country (electrical facilities) have a low demand of energy from the population in general.

In China government control is important and Bitcoin is against government control, it is pretty much self-control over our own assets

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Quote from: avikz on October 18, 2024, 10:29:02 AM

I too think that it's a hoax. But it may become a reality as well.

This post is not new but last time I keep seeing posts like this and I think the situation of Bitcoin in China is still the same banned because if not, then it will be a talked of the town for quite a long time. For this one, I'm not sure yet if this is among them because I don't look at the details yet closely but I think it's good to hope that it is true because adoption is always a good thing and all can benefit with it.

Quote from: avikz on October 18, 2024, 10:29:02 AM

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

I don't think this is what we can say as hard but hard is supposed to be the opposite of that. We people always see China as a strong country and this would be the reason on why they don't need the help of Bitcoin's for a while but who knows in the future?

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Quote from: Przemax on October 20, 2024, 12:34:33 PM

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

There is no country that 'relies' on BTC, they all use their fiat and the U.S. dollar for international trade, even if it was true that China wants to legalize BTC, i guess it simply means that want to lift any kind of ban they have on BTC, including the ban on BTC mining, you wouldn't think for one second that it meant they wanted to make BTC a legal tender, obviously that can never happen in China.

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Quote from: nakamura12 on October 19, 2024, 01:08:08 PM

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.

China lost their place in the front line of bitcoin adoption, when their made a strong crack down on bitcoin mining facilities and banning the entire cryptocurrency industry in China few years back, and now if the country want to have a place in the industry, it shouldn't be based on social media influencing, the authority of China needs toake clear policy that will redirect bitcoin investors focus back to China and this need to be publicly done through government policy that will give it a legal status outside just speculations.

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Quote from: _act_ on October 18, 2024, 07:57:21 AM

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.

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Quote from: _act_ on October 18, 2024, 07:57:21 AM

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.

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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.

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Quote from: CryptoJ0hn on October 20, 2024, 09:20:33 AM

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.

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