Will China Accept Bitcoin As A Currency? - page 12.

metallica101

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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/

If it did, that would be a massive thing for Bitcoin. However, China is better known for banning things that give any amount of freedom to its people, so i don't know. On one hand, there is its potential and will to get in on advanced technology. On the other, would China allow something that it can't control?

Janation

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If I'm not mistaken, the Chinese government is starting to introduce national cryptocurrency as a currency instead of Bitcoin. However, I don’t think that in the next few years none of them will become a currency and does not replace Yuan

I don't think they will be replacing Yuan that easily.

Though a lot of people there in China are massively using mobile payments these days.

I think they will be using mobile payments more but I don't think it will be replaced by a cryptocurrency.

shoreno

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If I'm not mistaken, the Chinese government is starting to introduce national cryptocurrency as a currency instead of Bitcoin. However, I don’t think that in the next few years none of them will become a currency and does not replace Yuan

you are already talking about currency but you also said that nothing will become a currency ? thats confusing huh . and what you mean chinese introducing national crypto ? do you mean chinese have created thier own crypto coin ? and they will formally introduce this as a replacement to the old currency that they have ? thats cool but cryptos only work online right ? how can all of thier people can possibly use this ? but i think its possible since china is a well develop country .

EdvinZ

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I think China will in the near future cautiously introduce digital payment instruments into its state’s infrastructure. It is extremely early to talk about the full-scale and comprehensive adoption of Bitcoin, but if this happens, I think that we can see new price heights. Although China may well create its own national cryptocurrency inside its own country.

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Quote from: bitbunnny on September 03, 2019, 03:17:26 PM

With accepting Bitcoin as a currency China will not kill dollar. Even if introduced into economy system Bitcoin can not so easily endanger foreign currency, dollar is not that vulnerable. Also I don't think that US will follow Chinese example.
But I have to adnit that China could surprise us with their crypto related decisions, from very restrictive regulation towards miners to acceptin Bitcoin as a currency. Although this is yet just a speculation.

There is a different between china accepting it and Chinese accepting it, in my illustration here, china is the government and Chinese are the citizens, the citizens are what bitcoin is developed for and not the government because it is a system to assist individual facilitate its transaction within and across the border, and this will eliminate some government power and benefits on those transaction, so why do you think they will accept it easily?

Right now, I have even learnt of the chines government trying to come up with their own cryptocurrency that will be used within their system as they cannot fight or eliminate bitcoin, so they would rather then create their own coin, which I don’t see it becoming successful because the end users will simply just neglect it.

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Quote from: yoseph on September 01, 2019, 08:01:55 AM

I thought the Chinese government banned the use of Bitcoins and other cryptocurrencies about two years ago, I don't see how and why they changed their minds and are deciding to accept the use once again. Maybe they realise that they are indeed missing out on the perks of allowing their citizens using it.

If the Chinese government will recognize Bitcoin as a legal payment tool in his country, I think the United States will do the same thing too, because they are both at war economically lately, I think in the future China will become a country that adopts Bitcoin as their currency to kill American dollar.

With accepting Bitcoin as a currency China will not kill dollar. Even if introduced into economy system Bitcoin can not so easily endanger foreign currency, dollar is not that vulnerable. Also I don't think that US will follow Chinese example.
But I have to adnit that China could surprise us with their crypto related decisions, from very restrictive regulation towards miners to acceptin Bitcoin as a currency. Although this is yet just a speculation.

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To note, China has the motivation to launch the monetary format more quickly. This type of approach is seen to create stability. By launching its own digital currency, the Chinese government is also more flexible in controlling its circulation. Unfortunately, the country's government did not specify exactly when this digital currency can be used in bulk.

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Quote from: Janation on August 31, 2019, 01:39:33 AM

Quote from: todiboa on August 30, 2019, 11:49:38 PM

The Chinese will choose Bitcoin but China will promote its national cryptocurrency, which recently implemented a Chinese bank

Im surprised that they accepted Bitcoin again.

As far as I know they banned it and also affected the price at that time. Maybe they realized something like they can't really ban it since they will never know who are using it and where are they using it. It is decentralized so you can't stop your people in using it, better tax it than ban it since banning is useless.

But the government's decision is not based on the wishes of the community right? even though chinese people want bitcoin to be legalized because it provides huge benefits for them. but the government does not see that as an important reason for the legality of bitcoin. the government will certainly see other reasons from the side of the government itself, they see bitcoin as a threat to their currency, threat to their income, of course the result is the government will ban bitcoin

Wrong, the government's decision depends on the wishes of the community and some of their interests, simply put, if the community's wishes are reasonable and don't have too much influence, and bring benefits to the country, the government will accept. But if wishes are only suitable for the development of some individuals and bring risks, similar to bitcoin, the government will not accept, not only China, many countries still do not accept bitcoin, Bitcoin has too many hidden threats, if not solved, China will permanently have a gap with bitcoin

yoseph

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I thought the Chinese government banned the use of Bitcoins and other cryptocurrencies about two years ago, I don't see how and why they changed their minds and are deciding to accept the use once again. Maybe they realise that they are indeed missing out on the perks of allowing their citizens using it.

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Quote from: randyboy on September 01, 2019, 07:09:14 AM

I vote for, Possibly In the next 10 years. Maybe, it will happen soon because china had a lot of investor and users.. most of top crypto exchange now are from china.. a lot of chinese people use this a primary job to earn some funds. with this possible in that year china will accept and legalize and make it as one of their main currency.. I hope it will happen soon, not that long.

Chinese people would love to take this opportunity but their government itself making a way to stop them and even banned cryptocurrency. It will be good to promote our own, but it has also to be open to what we think that it could be good for all and that is what I understand with their leaders.
It is quite possible to be considered, it only needs more time and their country leaders will suitcase this project for their people.

randyboy

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I vote for, Possibly In the next 10 years. Maybe, it will happen soon because china had a lot of investor and users.. most of top crypto exchange now are from china.. a lot of chinese people use this a primary job to earn some funds. with this possible in that year china will accept and legalize and make it as one of their main currency.. I hope it will happen soon, not that long.

bryant.coleman

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The Chinese government is not very comfortable with Bitcoin, and there is no doubt regarding that. China is a country where almost each and everything in the economy is manipulated (including the stock market and the national currency). Due to this manipulation, ordinary citizens don't have a trustworthy option to invest their savings. Either they should go for the heavily overpriced and manipulated stocks, or bonds issued by government which are susceptible to inflation.

Bitcoin and bullion offers a rare opportunity for the investors to put their money on something that is not manipulated by the central bank. The government was not happy about it and tried to ban BTC. But the users simply shifted their transactions to exchanges in South Korea and Hong Kong. In the end, the government had to bring a more friendly approach. But I don't know for how long this will remain, if BTC increases in popularity.

Jating

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Why are we still discussing this? this is an old news already, China has already turn its back against bitcoin in 2017 so I doubt that they will suddenly make a U-turn and then embrace it again with open arms. Yes, they love the technology behind, which is the Blockchain because they've been like creating lots of project involving this technology. But it doesn't mean that they will used bitcoin though.

There are reports that they are planning to have their own crypto and probably back up by Yuan to counter Facebook's Libra. So I don't think that we should have any debate on China's stance on bitcoin at this point.

pakhitheboss

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I doubt this will ever happen.

I have heard the news of China planning to start its own digital currency. If those new are correct, they will launch it by November this year.

If a country wants to launch its own cryptocurrency, why will it then accept Bitcoin as a currency? I think they will again Ban Bitcoin after November.

imstillthebest

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But the government's decision is not based on the wishes of the community right?

it depends . some people on other country can do a rally to promote something and soon thier government will listen to them and grant thier wishes but there were also government that will refrain from others request .

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Re: Will China Accept Bitcoin As A Currency?

yes they did . before china is verry open to crypto/bitcoin and they accept it like a normal currency but there are times that china have banned cryptos . they do it on and off , i dont know the exact reason but lets hope that they will permanenetly accept crypto in the future so that crypto prices wont drop hard anymore .

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I'm not really sure that China will accept bitcoin as a currency. There is no doubt that so many Chinese people accept bitcoin, even most of them formed mining companies for this.

it's just that, I don't really know that bitcoin will be accepted as a currency because it can be said that bitcoin is one of the tools to make profits there. besides that, i heard that china will also make their own cryptocurrency, even rumored it will compete with libra. because of this, bitcoin might just be an alternative.

you can read about the development of their own digital currency in the link below.

https://cointelegraph.com/news/china-is-racing-to-launch-a-digital-currency-ahead-of-fbs-libra

Janation

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Quote from: todiboa on August 30, 2019, 11:49:38 PM

The Chinese will choose Bitcoin but China will promote its national cryptocurrency, which recently implemented a Chinese bank

Im surprised that they accepted Bitcoin again.

As far as I know they banned it and also affected the price at that time. Maybe they realized something like they can't really ban it since they will never know who are using it and where are they using it. It is decentralized so you can't stop your people in using it, better tax it than ban it since banning is useless.

Tylev

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The Chinese government, by prohibiting and restricting the circulation of cryptocurrencies, was afraid that the use of cryptocurrencies would lead to an uncontrolled outflow of money from the country. However, by their measures, they are unlikely to achieve the desired result. Most likely, on the contrary, people began to use cryptocurrency, withdrawing it from the country, and many even left China, especially for mining. In addition, the Chinese government has already really seen that most states have accepted cryptocurrency and this state can remain on the sidelines of world development. In China, they tried to find their own way to use their cryptocurrencies. Now they are going to issue their own stable coin. All this suggests that there will not give up cryptocurrency, and it is advisable to use various other options.

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The Chinese will choose Bitcoin but China will promote its national cryptocurrency, which recently implemented a Chinese bank

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In fact, maybe not, since China fears a lot for Libra, they say they want that cryptocurrency to be in constant supervision, and I see this as a weakness, even though China has been investigating the whole issue for 5 years to be able to do Launch of the cryptocurrency, they are very close to Bitcoin, I hope they don't use a blockchain network where they claim it will be a different cryptocurrency with Chinese technology.

I think they fear more for Libra than for Bitcoin, in fact, if China takes advantage of opening Bitcoin acceptance operations without taxes, it will help a lot to bring bitcoin to higher prices.

Because in 2017 when there was speculation that Russia was going to launch its own cryptocurrency, they said that it did not mean that they accepted or gave it access to bitcoin, and since their policies are many times similar, they should wait for its launch and we will see what kind of technology will have.

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