Topic: Is it true that China wants to legalize bitcoin? (Read 1030 times)

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

No one can blame China for banning cryptocurrency due to financial risk concern this is what have been the principle of operation by the China government, because their like total control of the financial activities within the country and allowing decentralised activities could be somewhat seen as an attack on the financial system so they need to take proactive action around the situation.

But right now, the country have seen how regulatory compliance could fuster cryptocurrency activities and also generates tax for the country and also, knowing the fact that regardless of whatever ban, bitcoin and other cryptocurrencies activities will still be conducted within the region by the citizens.

I don't know if China will legalize Bitcoin or not but if they want to keep pace with the world they must accept Bitcoin. Bitcoin must be used. Today they may discourage the use of Bitcoin but future generations are not fools who will definitely start using Bitcoin even if it is to become financially independent with their own inherent security. If Chinese government wants to stop it they can officially restrict it but they can never stop its use unofficially. Bitcoin will be the currency of the next generation so not only China but any country that fails to adopt Bitcoin in the future will withdraw from this policy. China's view may be similar at present. Big countries of the world are now more focused on accepting Bitcoin to make them financially stronger. Therefore, even if China does not accept it now, it will definitely be forced to accept it in the future.

China banned cryptocurrencies due to concerns about financial stability, consumer protection, and capital control. Authorities fear that this could undermine their control over the financial system and facilitate illegal activities. However, by adopting decentralized financial systems with a regulatory framework, China could have fostered innovation and positioned itself as a leader in the crypto space. Nonetheless, security and control concerns took precedence over this opportunity.

As simple as you put it. China has the ball in its court and must decide to take it to the net. If China wants to position themselves within the cryptocurrencies space, they have the numbers, awareness level and technological infrastructure to do it but it has to be a deliberate efforts made by the government to achieve that. It won't just be by a mere media announcements or so.

 I really wonder why China had to quickly move to banning the cryptocurrencies and cracking down its facilities in the first place but I thought they could have been one of the few countries to embrace such decentralized financial systems, in my thinking though.

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 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.

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?

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.

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.


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.


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.

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.

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...

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.

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.

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.

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.

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.

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

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.

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?

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.

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.

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.

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.

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.

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.

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

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.

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/

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.

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.

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 

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.

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

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.

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.

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.

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.

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 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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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?

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.

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.

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.

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?

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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/

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.

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.

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.

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.

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.

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!

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.

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.

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’

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.

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.

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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!

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.

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.

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.

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:

Oh! Probably this could be the reason.

Good news if that will come into reality.

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

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?