Will China Accept Bitcoin As A Currency? - page 11.

matchi2011

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Quote from: 3x2 on September 28, 2019, 01:00:56 AM

China has the world's most population. where there is population surge there is economic cut throat competition. China has still a lots of people who are using the Bitcoins illegally.

Forget America and Europe , if things are transparent not through VPN then you will realize the Chinese people tend to show there love on dark market buying weeds and other stuffs. I personally have few relatives in China and this is what they all say.

The government of China is always against from something that will threaten their economy, they will counter any possibilities if they are not sure about actual control of any system that will be introduced. As you said there's a lots of chinese people who continuously use Bitcoin or crypto into illegal things like illegal gambling or trading together with drug related transactions.

teosanru

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Quote from: Squidley03 on August 06, 2019, 05:56:49 AM

China is appearing to soften its stance on cryptocurrencies as of late

"In an unexpected move, a major Chinese state bank has posted what appears to be a positive infographic on its website detailing the history of Bitcoin and some basic cryptocurrency concepts. The infographic notes the impressive gains that Bitcoin has benefitted from recently and appears to address the relevance of cryptocurrency in today’s world.
Leading crypto payment gateway Coinpayments recently formed a partnership with directory listing site Cryptwerk, in a move that will no doubt help increase adoption within the industry. In the press release regarding the partnership, Sean Mackay from Operations at Coinpayments raised an interesting point when he said that “It’s important to remember to not just hodl your crypto, but also to spend it to help increase adoption. Since the crypto space is still early days, spending and transferring cryptocurrency has never been so important!”
Trading of Bitcoin and cryptocurrencies in China has been illegal since the country banned Bitcoin exchanges back in 2017. While the ban forced some exchanges to move their operations to other countries, it is believed that millions of Chinese citizens still trade cryptocurrencies through subversive means. Although trading is banned, mining cryptocurrency in the country is still legal, and it is estimated that 60 percent of all Bitcoin’s hash power comes from China.
The change follows a recent legal ruling by China’s Hangzhou Internet Court that classified Bitcoin as a commodity that should be considered ‘digital property.’ While the ruling didn’t go so far as to give it a ‘legal currency’ status, the recognition by an authoritative body is evidence of changing mindsets within the country."

This brings the question of will china accept cryptocurrency as a currency or will it just stop its level of support at accepting it as a commodity [/font]

-source : https://cryptocurrencynews.com/china-stance-cryptocurrency/

China is a major finance hub of the world. Yet it is popularly known for developing it's own censored version of major websites and technological products like google, youtube, facebook etc. There are two reasons behind this first one being censorship and second one is control the flow of national currency by not letting it outflow from the country. So I think same will be the case with Cryptocurrencies too. China was already in talks of making it's own Cryptocurrencies and crypto exchanges and I think it would do that only. no way they are going to accept a foreign made crypto currency no matter if their courts address it as a digital product or a currency. If people are getting freedom from it china is never going to let it stay.

3x2

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China has the world's most population. where there is population surge there is economic cut throat competition. China has still a lots of people who are using the Bitcoins illegally.

Forget America and Europe , if things are transparent not through VPN then you will realize the Chinese people tend to show there love on dark market buying weeds and other stuffs. I personally have few relatives in China and this is what they all say.

mmo_online_1981

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Maybe, but not this time! It is currently hard to let that happen. In the future when Crypto becomes the system, maybe China will accept it!

phamminhtan

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Quote from: Squidley03 on August 06, 2019, 05:56:49 AM

China is appearing to soften its stance on cryptocurrencies as of late

"In an unexpected move, a major Chinese state bank has posted what appears to be a positive infographic on its website detailing the history of Bitcoin and some basic cryptocurrency concepts. The infographic notes the impressive gains that Bitcoin has benefitted from recently and appears to address the relevance of cryptocurrency in today’s world.
Leading crypto payment gateway Coinpayments recently formed a partnership with directory listing site Cryptwerk, in a move that will no doubt help increase adoption within the industry. In the press release regarding the partnership, Sean Mackay from Operations at Coinpayments raised an interesting point when he said that “It’s important to remember to not just hodl your crypto, but also to spend it to help increase adoption. Since the crypto space is still early days, spending and transferring cryptocurrency has never been so important!”
Trading of Bitcoin and cryptocurrencies in China has been illegal since the country banned Bitcoin exchanges back in 2017. While the ban forced some exchanges to move their operations to other countries, it is believed that millions of Chinese citizens still trade cryptocurrencies through subversive means. Although trading is banned, mining cryptocurrency in the country is still legal, and it is estimated that 60 percent of all Bitcoin’s hash power comes from China.
The change follows a recent legal ruling by China’s Hangzhou Internet Court that classified Bitcoin as a commodity that should be considered ‘digital property.’ While the ruling didn’t go so far as to give it a ‘legal currency’ status, the recognition by an authoritative body is evidence of changing mindsets within the country."

This brings the question of will china accept cryptocurrency as a currency or will it just stop its level of support at accepting it as a commodity [/font]

-source : https://cryptocurrencynews.com/china-stance-cryptocurrency/

You may not know, that China is very fast, they are in the forefront of extremely good trends in many areas, and it is as if they are ahead of Bitcoin.

whtchocla7e

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China has many currencies of its own. In this country has held a large amount of Bitcoin worldwide. I am not surprised to see the digital currency used here. And Bitcoin, is a large, secure currency for investors.

Lexurdania

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I think any government will find it difficult to accept bitcoin as a currency because the government already has its own currency. If the government accepts bitcoin as a currency, it will be able to disrupt the existence of its own currency and also disrupt the existing monetary system

kshgxj19

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Many agree that the ban by Chinese authorities will have a negative impact on the overall digital currency market.
The recent announcement effectively puts a ban on the use of cryptocurrencies in China, and comes as the People's Bank of China is seeing increasing turnover in overseas transactions leading to regulatory compliance evasion.

At the moment, I suggest to follow the news, anything can make the Chinese gov change their minds. Every decision they will make, will impact the crypto market.

LUCKMCFLY

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Quote from: Squidley03 on August 06, 2019, 05:56:49 AM

China is appearing to soften its stance on cryptocurrencies as of late

"In an unexpected move, a major Chinese state bank has posted what appears to be a positive infographic on its website detailing the history of Bitcoin and some basic cryptocurrency concepts. The infographic notes the impressive gains that Bitcoin has benefitted from recently and appears to address the relevance of cryptocurrency in today’s world.
Leading crypto payment gateway Coinpayments recently formed a partnership with directory listing site Cryptwerk, in a move that will no doubt help increase adoption within the industry. In the press release regarding the partnership, Sean Mackay from Operations at Coinpayments raised an interesting point when he said that “It’s important to remember to not just hodl your crypto, but also to spend it to help increase adoption. Since the crypto space is still early days, spending and transferring cryptocurrency has never been so important!”
Trading of Bitcoin and cryptocurrencies in China has been illegal since the country banned Bitcoin exchanges back in 2017. While the ban forced some exchanges to move their operations to other countries, it is believed that millions of Chinese citizens still trade cryptocurrencies through subversive means. Although trading is banned, mining cryptocurrency in the country is still legal, and it is estimated that 60 percent of all Bitcoin’s hash power comes from China.
The change follows a recent legal ruling by China’s Hangzhou Internet Court that classified Bitcoin as a commodity that should be considered ‘digital property.’ While the ruling didn’t go so far as to give it a ‘legal currency’ status, the recognition by an authoritative body is evidence of changing mindsets within the country."

This brings the question of will china accept cryptocurrency as a currency or will it just stop its level of support at accepting it as a commodity [/font]

-source : https://cryptocurrencynews.com/china-stance-cryptocurrency/

China is a very jealous country as far as its economy is concerned, particularly it has been alarming long after the announcement of the launch of Libra. China has been working for 5 years researching to launch its own cryptocurrency, but with recent events they have struggled to finish fast. The fear is that it causes destabilization in their economy, and now they have to start accepting what they did not want, the use of Bitcoin, although I think it will not be so directly, it is likely that they will lift the prohibitions they have to use the Bitcoin, in order to launch its own cryptocurrency and thus give it another alternative face to its economy.

anodyne

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China's decision to accpet the Bitcoin as a currency will bring a huge impact, whether it will be a yes or not. If yes, then the Bitcoin as a crypto currency will boost even more as we all know that China is one of the countries that holds a huge population around the globe. And on the other side, if no, then everything remains as it is just like now.

vlasrodz

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Quote from: RIDER_tej on September 24, 2019, 07:06:06 AM

I can see a good future for this question. What I mean is about the China, embracing the crypto currency. Yes! Definitely! I am sure that China will come to engage the world of crypto currency. For being a huge country, this is thing to happen for all of us too.

So
Why they still didn't do this?

RIDER_tej

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I can see a good future for this question. What I mean is about the China, embracing the crypto currency. Yes! Definitely! I am sure that China will come to engage the world of crypto currency. For being a huge country, this is thing to happen for all of us too.

jakoylantern

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I think China will not accept bitcoin as a currency or cryptocurrency. China prohibited bitcoin and other cryptocurrencies because they create their own cryptocurrency that their ppl will use, and also China's jurisdiction is very complicated compared to other countries currency laws. But on the other side, many Chinese ppl use bitcoin before it becomes prohibited and also the large companies that creating GPUs is in China, so the possibility is still there, especially in crypto mining industry.

bitcoinposts

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china legal authorities have mentioned btc as commodity rather than currency , Btc is asset for and digital gold for chinese investors

Expecto

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I don't keep my hopes up about China accepting Bitcoin as a currency. China government is probably thinking the same thing with Trump. They wouldn't want to accept a currency that they don't have control on it.

Linkkoin

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Not likely. The Chinese government is well known for having control over the internet, economy etc.
If they cannot effectively control something - they would never rely on it.
As well yet another time - yuan value is artificially maintained at the current level in order to promote export. With export contracts, you often sign contracts valid for 2-3 years with fixed prices - this is impossible at current volatility of BTC (which since bottom went up almost 300% by now) to keep an operational business.

michellee

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Maybe China will accept bitcoin as a payment transaction, but they will not replace their Yuan to bitcoin. They still use their currency, but they will also use bitcoin as an alternative payment. China needs to think to release the ban for their country so people can use bitcoin. We will see it later, and if China accepts bitcoin, then we have a giant country that will support bitcoin. Maybe that will affect to bitcoin price if China supports bitcoin.

fiulpro

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Not only China but half of the world in next 10 years will accept China as a Cryptocurrency ..sooner or later it is going to be used by more and more people and also with the price stabilizing and good events happening I think it's bound to happen because people will still use it no matter what ..
What's more important is how it will counter the Chinese government Cryptocurrency ..what they are planning to get out in their society ..I think there will be huge problem with that clashing with bitcoins.

Chrystora123

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I don't think it will.. if China wants to make Bitcoin a currency then they would have done it already, but China consciously realized that cryptocurrency is the future so they created their own cryptocurrency. China is a country that still adheres to communist democracy, so they will work hard to know and control all forms of activities of its citizens and China doesn't like Bitcoin because Bitcoin is not centralized coins.

roosbit

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At the moment cryptocurrencies are really not on top of the agenda for China because there is alot of stuff on its plate, they have the hong Kong protests to look into, US China trade war and a whole lot of other major stuff but I still think being a country with the capacity to use the blockchain technology I don't see them baning it but regulate crypto as expected.

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