Topic: Will China Accept Bitcoin As A Currency? (Read 3219 times)
why don't they accept it before what could stop them
Today, when coronavirus is a very big problem in China and around the world, in any case, cashless payments will become the main thing in almost every country so that there is no contact between people using paper money. One way or another, it is cryptocurrency that has much more advantages than any other payment system. Even if the Chinese government creates its own national cryptocurrency, in any case, Bitcoin will be an international cryptocurrency that is recognized by all countries.
This will never happen. States will never recognize bitcoin as an international currency. A decentralized cryptocurrency with its high price volatility is not suitable for states to use as a means of payment. Therefore, they are now creating their national stable coins, and they will be used by states in international settlements.Moreover, if other states in some cases will use bitcoin, the Chinese government will not do this in principle.
China has banned cryptocurrencies and Bitcoin since 2017, and until now they continue the ban. I don't think they will accept cryptocurrency and bitcoin because it will affect their economy, until now they only accept blockchain and are studying it to apply to their banking system.
This ban can only be lifted if bitcoin is recognized as a world currency by all countries. Or even not all, but the most economically developed countries. Then the Chinese government will be forced to recognize bitcoin in order not to stay away from the world economy.
Actually, China's government seems to be against cryptocurrencies with plans to launch its own currency with centralised control, but due to technology they may be enforcing some laws to regulate such cryptocurrencies. Since most btc mining is centralised in China, it will be used there forever. The other side trade war between the US and China could increase the use of crypto business in these nations.
China always wants to be at the forefront of everything, they also maintain a centralized system, because it can be controlled. therefore the trade war does not seem to make China tremble because their products have controlled most of the world market
possibly in the next 10 years at least?because so far it is EOS is what the Top currency in that country and Bitcoin sits only in rank below 10 that means they are not supporting that much while in their country the most accumulating of bitcoin.
in time when the adoption happens?maybe that is the time that they will accept Bitcoin as a Truly currency and not the other way around.
in time when the adoption happens?maybe that is the time that they will accept Bitcoin as a Truly currency and not the other way around.
Knowing China? Probably not.. As Chinese Government has very much control with their people.
They tend to create their own and used it for their own benefits rather than embracing btc or other altcoin/cryptocurrencies.
They tend to create their own and used it for their own benefits rather than embracing btc or other altcoin/cryptocurrencies.
I think that soon China will probably embrace Bitcoin as a currency. They have plans to create their coin last year, and that is why Bitcoin had a run in the 4th quarter of 2019. But China had withdrawn on their plans to make their coin and I'm not sure why. This caused for Bitcoin's run to end and then slowly dumps back to 7,000+ dollars.
But I do think that in the near future, China will again continue their plan to create their coin and I'm pretty sure that Bitcoin will then again have a run and this time Bitcoin's price might exceed 10,000 dollars! This is if my prediction is right though.
But I do think that in the near future, China will again continue their plan to create their coin and I'm pretty sure that Bitcoin will then again have a run and this time Bitcoin's price might exceed 10,000 dollars! This is if my prediction is right though.
Actually, China's government seems to be against cryptocurrencies with plans to launch its own currency with centralised control, but due to technology they may be enforcing some laws to regulate such cryptocurrencies. Since most btc mining is centralised in China, it will be used there forever. The other side trade war between the US and China could increase the use of crypto business in these nations.
Chinese government doesn't want people to use private and decentralized currency, but at the same time doesn't want to give away the advantaeg to the US. I believe they'll continue to push CBDC on people but they haven't really decided what to make of crypto yet
Actually, China's government seems to be against cryptocurrencies with plans to launch its own currency with centralised control, but due to technology they may be enforcing some laws to regulate such cryptocurrencies. Since most btc mining is centralised in China, it will be used there forever. The other side trade war between the US and China could increase the use of crypto business in these nations.
China has been banned bitcoins and any other altcoins because they dont simply like to adopt those its because they will probably launche their cryptocurrency called yuan this year as per the news. And I think they banned these coins because it will be one of their competitors when their coin is launch already.
Bitcoin is banned in China because it cannot be controlled. This is the main reason for the ban. But they will still continue to use it despite the ban. Therefore, the Chinese government makes a digital yuan for its citizens, which is completely centralized.
China has been banned bitcoins and any other altcoins because they dont simply like to adopt those its because they will probably launche their cryptocurrency called yuan this year as per the news. And I think they banned these coins because it will be one of their competitors when their coin is launch already.
Bitcoin is banned in China because it cannot be controlled. This is the main reason for the ban. But they will still continue to use it despite the ban. Therefore, the Chinese government makes a digital yuan for its citizens, which is completely centralized.
It will be good if one of these developed countries adopt bitcoin into their financial system as I believe that it need to be tested before adopting it worldwide. I believe that China has the capacity to do that as a technological country and most of the cryptocurrency experts and developers are Chinese. It is now clear that they stand against cryptocurrency is clear and understand and it is quite different from what we read daily online.
We are now in an emerging world of technologies and innovation is what abides these new technologies that benefits the people allot to lessen their time doing something and to make it easier. In the case of China accepting cryptocurrency, they really have the capability and potential to run crypto but it seems to be that the problem is their population and the ongoing economic development of their country. Most of the country basically have the potential to adopt bitcoin by reshaping the jurisdiction they have with their government, in terms of China, it is the fear of mishandling bitcoin users that imposes threat to their economy and will definitely wash the centralization they've built out from a long time.
It will be good if one of these developed countries adopt bitcoin into their financial system as I believe that it need to be tested before adopting it worldwide. I believe that China has the capacity to do that as a technological country and most of the cryptocurrency experts and developers are Chinese. It is now clear that they stand against cryptocurrency is clear and understand and it is quite different from what we read daily online.
We are now in an emerging world of technologies and innovation is what abides these new technologies that benefits the people allot to lessen their time doing something and to make it easier. In the case of China accepting cryptocurrency, they really have the capability and potential to run crypto but it seems to be that the problem is their population and the ongoing economic development of their country. Most of the country basically have the potential to adopt bitcoin by reshaping the jurisdiction they have with their government, in terms of China, it is the fear of mishandling bitcoin users that imposes threat to their economy and will definitely wash the centralization they've built out from a long time.
Never.
I don't think big powers like China and USA will ever embrace the crypto currencies without getting them regulated. Battle against crypto has already started in China. Chinese are very cautious in letting there capital going out of there country.
This question has been asked for a long time because China is an important player in blockchain and bitcoin space. As a country, the legal things work differently in China. Their government is a conservative one and they pretty much control everything in the country. So recognizing BTC as a legal currency is not gonna be fast in China, obviously.
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Despite the communist regime in China, this state can very successfully combine communism and capitalism. Based on this, they will not be able to abandon the global trend in the popularity of cryptocurrencies and will do everything to make a profit from the cryptocurrency market. Of course, the laws will be tough, but cryptocurrency will be legalized in China definitely. In addition, a recent statement that the famous trading resources of Alibaba and AliExpress will also be able to use cryptocurrency in the future to sell various goods.
China is already the leading ASIC manufacturers for a very long time and they have all the major mining farms in the country, but it has nothing to do with the government, these are private companies investing their money where they can make money. I am not expecting the government to invest anything in the crypto market but they might be coming up with their centralized coin with a twist which means a currency with block chain enabled which will have further implication as the government will be able to monitor every single transaction their citizens does which means more restrictions in the broader aspect.Despite the communist regime in China, this state can very successfully combine communism and capitalism. Based on this, they will not be able to abandon the global trend in the popularity of cryptocurrencies and will do everything to make a profit from the cryptocurrency market. Of course, the laws will be tough, but cryptocurrency will be legalized in China definitely. In addition, a recent statement that the famous trading resources of Alibaba and AliExpress will also be able to use cryptocurrency in the future to sell various goods.
The Chinese government are control freaks. I highly doubt they will accept bitcoin as a currency. By the way, how did you come to the conclusion that the government has soften their stance over crypto currencies? They haven't changed anything. All they are trying to do is create their own crypto currency and make people use this regulated currency so the government can keep an eye on every financial transactions taking place!
People like to change the narrative all the time, when the Chinese government started viewing the blockchain market and wanted to take advantage of the technology everyone came up with the narrative that they are going to accept the currency part of the blockchain which they will never accept in the near future, these fake news are pumped by the trolls and the social media along with the blogs to attract click baits.
Not just bitcoin, every single decentralized coins will be turned down by these countries, the only ones that still stand a half chances are centralized coins like XRP, now the battle of crypto coins have just started with Central banks very own digital coins? I don't know what will happen in near future
Correct! Knowing China, they have a world of their own.
They have their own internet browser so they also have their own mode of payment.
If a thing did not start in China, they'll probably less likely to support it. If they did support it, it is probably something that will bring them more profit.
China is currently testing its digital yuan. And in the first half of 2020, the digital yuan will be launched in full mode. The main difference between the digital yuan and bitcoin is that the first one will be centralized. And the Chinese authorities will want to oust bitcoin from China, because it is not controlled by the authorities.They have their own internet browser so they also have their own mode of payment.
If a thing did not start in China, they'll probably less likely to support it. If they did support it, it is probably something that will bring them more profit.
China is currently testing its digital yuan. And in the first half of 2020, the digital yuan will be launched in full mode. The main difference between the digital yuan and bitcoin is that the first one will be centralized. And the Chinese authorities will want to oust bitcoin from China, because it is not controlled by the authorities.
There will probably be the possibility of investing in Bitcoin through banks or their stock exchange markets, but that's investing in something you won't own. Just like gold: you buy gold stocks but you don't own it physically. So except speculation, there's no point in investing in it unless you're allowed to use it the way it was meant to.
Many newcomers are unfortunately taught about Bitcoin the wrong way. Many of my friends prefer buying cryptocurrencies through stock markets instead of buying them directly from exchanges and withdrawing it to their own wallets. I've been here since way before the "national currency" part was a thing, so I know the true way Bitcoin was meant to be purchased and used: peer-to-peer.
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