Topic: Will China Accept Bitcoin As A Currency? - page 4. (Read 3219 times)
The question of whether China will accept Bitcoin as a currency is a little incomprehensible, as it allows for many different interpretations regarding the adoption of Bitcoin as a currency. No state will ever accept bitcoin as its currency. Moreover, the Chinese government will never do this. The government can only allow the circulation of cryptocurrency on its territory and establish the basic rules for its circulation. This is called cryptocurrency legalization. Now in China, certain measures are being taken to limit the circulation of bitcoin. I think that subsequent actions will be taken after the national stable coin is issued in China. All subsequent actions by the Chinese government will depend on how their stable coin is received.
Let's be clear, China is a dictatorship and we should not care about their currency.
China has the most Bitcoin mines and is a huge country and trading market. You can never underestimate such a large country. I don't think China will ever accept Bitcoin because they create own electronic money, so they not need competition ...
China isn't a country that is against the technology based development. Right now China is much into regulating the usage of cryptocurrencies and not entirely against cryptocurrency or blockchain. The government itself planning for their own cryptocurrency for transaction within the country shows their positive mind on cryptocurrency. Maybe if things go good bitcoin usage will also get easier in China.
No offence mate and i don't wanna be the bearer of the bad news but i don't think China would ever consider that not to even approve it. Come on guys, China has been opposing cryptocurrencies since the very beginning and trying to make new laws against it every now and then. If they would every consider cryptocurrencies i guess they would create their own coin.
It is a misconception, China does not oppose cryptocurrencies and they only oppose bitcoin. There are cryptocurrencies that are legal to use in their country. I do not think so that they will ever accept bitcoin as a currency. In their senate, most of them are against in the legalization of bitcoin and there are only few people in their government who are favor with it. 
If they would every consider cryptocurrencies i guess they would create their own coin.
Not only China, all of goverments on the world always want to control what can effect to their economy.Bitcoin in particular and cryptocurrencies in general are owned by individual groups, the market is being manipulated by them, which is dangerous for all economies if they recognize cryptocurrencies now.
No offence mate and i don't wanna be the bearer of the bad news but i don't think China would ever consider that not to even approve it. Come on guys, China has been opposing cryptocurrencies since the very beginning and trying to make new laws against it every now and then. If they would every consider cryptocurrencies i guess they would create their own coin.
The People's Bank of China (PBOC) and its financial institutions will issue their own cryptocurrencies. Therefore, China accepts Bitcoin as a currency. The Chinese nation will put this currency into payment for services. This spurred economic growth, pushing Bitcoin prices up.
China’s new digital currency ‘isn’t bitcoin and is not for speculation’
(Cissy Zhou - Published: 6:00pm, 22 Dec, 2019).
Quote from: Mu Changchun
"The currency is not for speculation. It is different to bitcoin or stable tokens, which can be used for speculation or require the support of a basket of currencies"
There you have it. "Different to Bitcoin". This should all give you a hint on where this is going. Yeah, as if i would trust the Chinese government more than the free market. Of course, that is exactly what they intend to project: the almighty Chinese State can do it better than the free (speculation) market...
Quote
Mu Changchun, head of the People’s Bank of China’s digital currency research institute, on Saturday said it would be “a digital form of the yuan”, there would be no speculation on its value, and it would not need the backing of a basket of currencies, according to the official Shanghai Securities News.
Were you expecting otherwise? State coins are NOT good, virtual or not. The fact that they want to distance themselves from Bitcoin specifically, proves that they are well aware of it, and how it challenges their authority. And for them the "natural" course of action is to oppose it. Of course the other "stable" altcoins are meh.
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/
Chinese update new technologies very fast like Blockchain, AI, ... However, you know how the Chinese governments control their people while Bitcoin can support strong privacy, it is hard for Bitcoin to be accepted. "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/
Let's be clear, China is a dictatorship and we should not care about their currency.
China has not accepted google, youtube, facebook and other tech giants, and we think that they will accept a digial currency that will truly overpower there financial control over the country. I say there is one in million a chance for this. They may adopt centralized currency like XRP but not decentralized BTC.
I think they will gonna create their own blockchain, token and everything. There will be no possibility that they will accept bitcoin and other altcoin as well. But let us not conclude everything, not unless they will annouce it in the whole wide world that they will prohibits their citizen to use that.
Never, china will never accept bitcoin as currency as they blocking coin. Although they promote blockchain. But they are confirm coin are illegal
China has not accepted google, youtube, facebook and other tech giants, and we think that they will accept a digial currency that will truly overpower there financial control over the country. I say there is one in million a chance for this. They may adopt centralized currency like XRP but not decentralized BTC.
China is home to more cryptocurrency mining operations than any other country.
On 5 December 2013, People's Bank of China (PBOC) made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions.
They will surely start accepting the bitcoin in the coming years.
On 5 December 2013, People's Bank of China (PBOC) made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions.
They will surely start accepting the bitcoin in the coming years.
The People's Bank of China (PBOC) and its financial institutions will issue their own cryptocurrencies. Therefore, China accepts Bitcoin as a currency. The Chinese nation will put this currency into payment for services. This spurred economic growth, pushing Bitcoin prices up.
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The Chinese state is engaged in an economic struggle against the United States. There is a mutual struggle. Bitcoin will not be a part of it. Bitcoin is not very important for the USA or China. The price of bitcoin in the US can bring it to very low prices.
but i don't think that can affect the price if bitcoin is not important to USA and China so how come the price will go lower?that is contradicting mate,because the trade war from china and US is getting deeper but now as news broadcast that there is some agreement happening though i am not sure if that is legit,i will search for that and will share here once i am positive .
but at this moment?we cannot expect this to happen because China support EOS than bitcoin.
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/
We know that most of the miners are from China, maybe they will make their own blockhcain system because we know the US and China competition, they are racing to take the opportunity, so we will see who is braver to run this great technology that will change the world. play with blockchain https://www.cnbc.com/2019/12/16/china-looks-to-become-blockchain-world-leader-with-xi-jinping-backing.html
The Chinese state is engaged in an economic struggle against the United States. There is a mutual struggle. Bitcoin will not be a part of it. Bitcoin is not very important for the USA or China. The price of bitcoin in the US can bring it to very low prices.
As I thought most of the people think that China will accept Bitcoin as currency may be in the upcoming 10 years. China has already shown interest in blockchain developments in their government systems. If China thinks that the next thing to become a super power is to have dominance in crypto sphere then there will be no stop for BTC.
A government does not declare Bitcoin as its official currency. The big bitcoin whales at the moment he declares make that state economy a toy. States are strong with their currencies and armies. Why would they risk it? I think it won't be official. However, it will still be used.
its will take time to happen, as we know china always control everyrhing they want to jave what others have, they made their own coin, I think so that they will be able to totally use bitcoin, they also crwcking down exchanges, at the moment for crimes, money launderingg and more , so at this moment , they are not almost legally accepting it as a legal currency
In China, the government does not accept bitcoin and other altcoins. And the current exchanges are also in their ban, so I guess they will soon launch their own cryptocurrency and their own exchange, and they will control everything related to cryptocurrency. China recently gave blockchain compliments but they didn't mention the current cryptocurrencies, so I'm worried about the future of cryptocurrencies, most likely in the near future, the Chinese government will tighten the cryptocurrency market in their countryYes, you are right, Bitcoin will not be accepted in China as a currency, you know how much China hates Bitcoin is that they even banned Bitcoin mining and other crypto exchange, and now they are also cooking their own crypto then for sure that they will not be in favor of Bitcoin as their own currency, let's watch out in the next coming months.
Banned Bitcoin mining? NO!
Gov even encourages mining.
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