As of today, China is labeling Bitcoin as a legal property, but I don’t know if it can relate to being accepted as a digital medium of exchange in purchasing goods and services.
Last year, the entire cryptocurrency market is taking a huge blow after China banning Bitcoin and ICO related stuff, and they’re cracking down Bitcoin mining facilities. Most of the crypto mining activities were in China itself.
As they’re now softening its stance, that doesn’t mean that they would finally embrace it. They’re still kinda working on the regulation side in using and adopting Bitcoin in their country. Just sayin’ only, but I could be wrong about my statement.
Topic: Will China Accept Bitcoin As A Currency? - page 14. (Read 3219 times)
no, bitcoin will only accepted as a currency in china if china's bitcoin reserve is more than 50%, or china will create new coin pagged to its Renminbi/Yuan as a china's national digital money
Every nation will eventually legalize bitcoin. It's truly decentralized without a known owner, so nations will eventually adopt it. We can't say the time this is expected to happen. No other coin is more qualified than bitcoin to be used by the world.
If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.
All China has to do is dump those US bonds but that hurts them too, so they better get rid of them slowly, at higher not lower price. Knowing them they'll patiently just wait for Trump to leave office rather than lose their grip on the US Economy.
Yep, China knows how to play the long game. The USA seems to consistently elect leaders that can't think beyond a single election cycle.
If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.
All China has to do is dump those US bonds but that hurts them too, so they better get rid of them slowly, at higher not lower price. Knowing them they'll patiently just wait for Trump to leave office rather than lose their grip on the US Economy.
The economic tension between the US and China is increasing rapidly. Meanwhile, some Chinese companies have announced that they will stop buying goods through the US. The US accused China of manipulating foreign exchange. After such tensions, these countries' views have to change against the BTC. Because if one takes over, the others will suffer.
In other words, now there is an economic war between China and America.There is simply no clear answer as to whether China will accept bitcoin.As there is no answer to the question whether Libya,Uzbekistan,Kazakhstan will accept..... bitcoin.So far, no one dares to take concrete, official steps at the expense of bitcoin and cryptocurrencies.
China is creating their own version.
https://cointelegraph.com/news/digital-yuan-weapon-in-us-trade-war-or-attempt-to-manipulate-bitcoin
https://cointelegraph.com/news/digital-yuan-weapon-in-us-trade-war-or-attempt-to-manipulate-bitcoin
China will definitely accept bitcoin, but hardly as the main currency in the country, because their goal is to make the yuan a world currency
Even if they do not do it, China still has a great influence on the price of Bitcoin. The latest BTC jump is closely connected with the fall of Chineses national currency. The investors of this country are actively using BTC, which may also affect the acceptance of the main crypto in this Asian region. If it happens, the market will look differently.
I believe, eventually china will accept Bitcoin as a currency. This is like a domino effect if one by one a country is accepting Bitcoin as a currency, China don't have any choice but to accept it as other country do else, it will affect them in terms of economic development. They will miss the economic benefits of cryptocurrency start-ups that will give them more revenue and help give jobs to their citizen.
I see, so what you're saying is when several different countries in china's 'economic area' start accepting cryptocurrency china will miss out on that development? Which will cause them to suffer long term?
I give my answer to Yes, although I don't know when China will accept bitcoin as a currency. But soon, if the other big countries are accepting bitcoin, and they use bitcoin as the currency, China will follow them. I think China wants to compete with the other big countries in any aspects. And if they can use bitcoin too as the other country, then they can compete, and we know that China already has a big resource for mining bitcoin. Besides that, bitcoin can help their people to get more source of income, and that will grow their people wealthy too.
If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.
That's the advantage of using bitcoin, and not only China will be using as this trade war if it will continue, lots of countries will also be affected. It's like a spreading virus that will slowly destroy an economy due to the greediness of some big countries, small countries will suffer and good thing they have a good option to save their money from value devaluation.
If there was a war between China and USA and China tries to destroy the dollar and vice versa than BTC would only grow stronger as it will act as a security for both currencies.
I don't think ever, because China itself has developed their own online transactions, and I think that is the answer that they might not accept bitcoin as a currency.
This is the way to go. China will be accepting cryptocurrency one day because the world is also accepting it. Will they just allow themselves to be left behind by the advancement in digital currencies? I know they are now developing their own digital fiat but that will not be like Bitcoin because it will mainly be for domestic transactions. International transactions need internationally accepted digital currency and Bitcoin is undeniably the best option.
They will surely accept cryptocurrency because they have no choice again right now as they see that we have some other developed countries who are fully in support and using it, so there is no point fighting a system that they cannot get the world together to go against it.
The only issue I just see here is that they might not accept another person’s system other than the one they will created themselves, which is why I think I saw it somewhere on one of these forum\s topic where it was stated that china is planning to develop their own cryptocurrency also, and that came after Huawei made a statement that they can create their own Libra coin also, but I know that even if china creates its own currency today, they will still be able to pair it with bitcoin in the crypto market.
The only issue I just see here is that they might not accept another person’s system other than the one they will created themselves, which is why I think I saw it somewhere on one of these forum\s topic where it was stated that china is planning to develop their own cryptocurrency also, and that came after Huawei made a statement that they can create their own Libra coin also, but I know that even if china creates its own currency today, they will still be able to pair it with bitcoin in the crypto market.
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 this news is not from the direct government, I think this is still just a discourse. This statement is the same as in Indonesia, even the Indonesian president himself said that "Indonesian people from now on must know more about cryptocurrency". you can see at https://www.cnnindonesia.com/teknologi/20190316234831-185-377908/jokowi-minta-muda-mudi-indonesia-paham-soal-ai-hingga-bitcoin"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/
but once again, in my opinion this is just a discourse because it is very clear that the Chinese government has yet to ratify the regulation of bitcoin. I think maybe in the next few years this can only become a reality
China will definitely accept bitcoin, but hardly as the main currency in the country, because their goal is to make the yuan a world currency
Indeed but they won't make it, because Bitcoin is here. Their aim with Yuan is replace the USD, as in, why it is the Americans that can print unnoticed and not us? Of course its not really unnoticed, but its true that the USD has some sort of unfair advantage. However, Yuan or any other centralized fiat is not the answer. Bitcoin is.
Their coin was already accepted by the IMF, and its quite strong among the fiat coins (which are all garbage in my opinion anyway, but of course none can surpass ours in that
)So i think first they will lift the ban and add heavy regulations like many other countries do, and perhaps in some decades accept it more. China will probably take longer due to their political system. but even within their communist party, there is a generational change. Some people in there will get it.
US Tradewars? That is ending with Trump, and Trump period ends either next year after 4 years more. Unlike my country, where any moron with enough power can nail itself to the chair and condemn the people to endless misery unchallenged (and concentrate all the power because no one can challenge them after the fact).
By either 2020 or 2024, the Chinese will be more open to Bitcoin, even if they lauch their own "crypto". Main reason is that they probably won't make their own coin decentralized, because if there is something socialists are against, is decentralization. They want everything controlled from a central power. But China knows better than anyone how bad that turns out (see famine under Mao).
IF they make a coin nearly like Bitcoin, or a Bitcoin clone, then things could be a bit more challenging. Indeed any country could take Bitcoin, and just rename it and make it theirs. Litecoin and others isn't too far from that, or most altcoins for that matter. Everyone thinks Bitcoin has a problem, and they change it with what they see as the "solution". But perhaps there was never a problem in the first place, OR, the problem is there but the solution is overkill and ended weakening another crucial area.
But so far government issued altcoins has not been any better than most other altcoins, in fact, so far, they have been worse than the average. Thus they fail to attract the attention of the people, who find themselves more inconvenience than just sticking to the government issued fiat. Or go straight to the real thing which is Bitcoin anyway they can.
China is one of those countries that uses cryptocurrency very much. It is possible that in the near future they will use bitcoin on an equal footing with other currencies. Then China will go further in the use of cryptocurrencies and I think it will benefit them.
The shown possibility is quite surprising as unknowingly they have already accepted Bitcoin as a digital asset the only barricade is the compliances that may take 10 years to accept it as a mainstream currency.
Bitcoin is improving with the time.it is going to the people with lightning speed also.moreover people of educated society somehow are attracted with the digital currencies and Bitcoin is the master of all.So as a wise county my thought says china will accept bitcoin .To improve and develop the economical condition of China.
Jump to: