Topic: Will China Accept Bitcoin As A Currency? - page 15. (Read 3236 times)
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
I think the Chinese government will never use bitcoin as their fiat currency. Although they might buy a lot to back up RMB, especially under the trade war with the U.S. government. However, in the near future, they probably consider pegging bitcoin with RMB, cos, mobile payment are prevalent among China, it is natural to take bitcoin pegging into their next step.
i believe that every country or at least majority of them will eventually accept bitcoin as a currency because they won't have any other option as the adoption will have already grown big enough for them to not have any way to go back.
but until then, which may take another decade at least, they will continue resisting bitcoin and either have a vague stance or accept it as a commodity.
Well, I guess it depends. China is still doing fine since the ban of cryptocurrency, and I'd say crypto is doing worse due to the lack of Chinese whales that used to help push up the prices of BTC and other alts.but until then, which may take another decade at least, they will continue resisting bitcoin and either have a vague stance or accept it as a commodity.
They don't have a vague stance on BTC really. It's banned due to decentralization, but crypto isn't because they are a fan of blockchain technology, if centralized.
Most miners are in the asian region due to their cheap electricity, especially India and China, and it's not very surprising.
I have a question though - do we think the new Chinese cryptocurrency will be mineable?
If they do or don't bitcoin will still grow and provide value. They were against the idea a couple years ago but I think things are turning around. There is a limit of how many currency wars there can be and none of them effect btc.
A deep question, anyway China will not easily allow and will never accept bitcoin as their own currency IMO. China country always wants their nation to be centralized, though there are many good news and statements about China being in a positive side of bitcoin but when it comes with replacing their own fiat wtih bitcoin then of course it will become a different issue.
Mass adoption in China about bitcoin is still lacking, so the replacemenf of their fiat currency into bitcoin is far imposibble.
Mass adoption in China about bitcoin is still lacking, so the replacemenf of their fiat currency into bitcoin is far imposibble.
I think it's impossible, because China's population is so big, accepting Bitcoin will be difficult.
In addition, it seems that China has dismissed the idea of accepting Bitcoin in advance because Bitcoin has been released since 2009, meaning 10 years. A big economy like China has the ability to hold Bitcoin easily. But they seem to have doubts about Bitcoin's ability and stability.
In the future, it is likely that China will accept electronic money but not Bitcoin.
In addition, it seems that China has dismissed the idea of accepting Bitcoin in advance because Bitcoin has been released since 2009, meaning 10 years. A big economy like China has the ability to hold Bitcoin easily. But they seem to have doubts about Bitcoin's ability and stability.
In the future, it is likely that China will accept electronic money but not Bitcoin.
I think there's a big possibility because China is an opportunist country they don't want to be left behind especially with regards to block chain technology, that's why they soften their stance on cryptocurrency because they know that it will bring good income to their economy and possible they will accept bitcoin as a currency in the years to come.
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/
"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/
Launching The Guardian, last week, the price of bitcoin jumped by 20 percent, making it the highest price since 2017, and adding to the price of five thousand US dollars for the first time. This incident invites the most experts and traders. Bitcoin, which controls the global cryptocurrency market declined again by 1.4 percent on Tuesday (9/4/2019), while other currencies such as Ethereum and XRP Ripple also participated with the same amount. There is no certainty about this Chinese policy that will burden the bitcoin market. Since 2017, China has canceled the cryptocurrency market strictly and started auctioning digital coins and closing local cryptocurrency stalls. China has also started a number of companies that conduct bitcoin mining in their countries and ask them to do it elsewhere. Nearly half of the world's bitcoin miners are located in Asia Pacific, according to a Cambridge University report in December. Bitcoin is the first cryptocurrency born in 2009, discovered by Satoshi Nakamoto. The creator's name is an alias and an approved identity has never been announced. Launching Forbes, in the first year of its appearance, Bitcoin is available on the internet to be mined. Until 2010, bitcoin was never traded, only mined, so bitcoin has no value. Until the middle of 2010, someone took the initiative to sell it, 10 thousand bitcoin for pizza two. At present, the price of 10 thousand bitcoins has reached 100 million US dollars. Over time, bitcoin has buying and selling prices like winning a real currency. New cryptocurrency is starting to appear, such as Namecoin and Litecoin.
i believe that every country or at least majority of them will eventually accept bitcoin as a currency because they won't have any other option as the adoption will have already grown big enough for them to not have any way to go back.
but until then, which may take another decade at least, they will continue resisting bitcoin and either have a vague stance or accept it as a commodity.
but until then, which may take another decade at least, they will continue resisting bitcoin and either have a vague stance or accept it as a commodity.
100 percent, definitely a nope. China's government is very safe and centralized and a couple of years ago, they already crushed the idea of having a cryptocurrency that was decentralized be popular in their system.
This situation reminds me of the one with Facebook. They had a stern look on cryptocurrencies and ICO's and didn't allow then to advertise or be affiliated with the site, but then when Libra was closed to be finished, they allowed some ads to be put up and were much more lenient with their rules.
China will make its own centralized currency that their government will be able to control. There's no way they let bitcoin get be, the decentralization aspect is too scary.
This situation reminds me of the one with Facebook. They had a stern look on cryptocurrencies and ICO's and didn't allow then to advertise or be affiliated with the site, but then when Libra was closed to be finished, they allowed some ads to be put up and were much more lenient with their rules.
China will make its own centralized currency that their government will be able to control. There's no way they let bitcoin get be, the decentralization aspect is too scary.
Well i hope they see the light, but i'm not holding my breath... Perhaps in a decade, as one of the poll choices suggests, when its obvious that "everyone is doing it" besides the "ban".
China is one of the largest users of Bitcoin in the world, if not THE largest. Most of the major price fluctuations come about by the time "China awakes", not when America awakes...
China is one of the largest users of Bitcoin in the world, if not THE largest. Most of the major price fluctuations come about by the time "China awakes", not when America awakes...
I highly doubt that. China wants everything to be made in china. Have you noticed that almost all technologies coming from other parts of the world are either replicated or become bases for chinese versions of their own products? Bitcoin may be allowed as far as it is an asset or a property. But most probably only up to that. China is busy developing their own version of cryptocurrency right now. Because of that, cryptocurrency will be allowed in china in the near future but it will only be their national digital currency. This country is rather selfish.
I don't thing so. China maybe has a great resources in their industrial and technology, but they not easy to accept something that can change peoples mindset and control their economy. In my opinion china to china has high culture, they don't want their culture to be replaced, so they won't replace their yuan or accept any payment using other currency.
I guest they will follow crypto trend in next decade, or after they can control crypto
I guest they will follow crypto trend in next decade, or after they can control crypto
Actually, no one knows. But for now, I think it will be too risky for China to accept Bitcoin as a currency. We can imagine that all anonymous BTC holders can use their Bitcoin as a legal currency of China if then, China accepts it as a currency. This may bring bad impacts, so I doubt if China will do it in the near future.
The ongoing economic tension between the united state and china is one of the major reason while I think china is softening ground on crypto adoption. If the two country problem still exist, China will have to look for alternate to the USD to carry out there trade. I think they will most likely legalize and subsequent adopt crypto.
China is appearing to soften its stance on cryptocurrencies as of late
Good to some positive news from China after a very long time and with the trade restrictions being imposed upon them by the US, they might feel that bitcoin market could over come those trade restrictions and they might levy the unwanted restrictions they imposed on bitcoin and the current rally might be boosted by the news from China, i am not expecting China to accept bitcoin as a currency but merchants could understand the true potential of bitcoin and use it to have a free trade worldwide and overcome the restrictions.
Yes and No.
China will accept Bitcoin as a currency eventually. -->Yes
But that accepted Bitcoin would be a Chinese version. -->No
China will accept Bitcoin as a currency eventually. -->Yes
But that accepted Bitcoin would be a Chinese version. -->No
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.
I dont think so. 
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.
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