Will China Accept Bitcoin As A Currency? - page 8.

Kyraishi

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Quote from: Ryan Dugan on October 12, 2019, 12:42:44 PM

China is more concerned about having their own cryptocurrency that they can control and tax. They want to control the people there that is how the government works. With all the bans and censorship it should come as no surprise. They don't dislike bitcoin, they dislike not having total control or at least and close to it as possible.

That's a good argument, China over the recent years have been moving very fast technologically speaking and we've definetly been shown what they can bring to the market.

They like the blockchain, they like the tech behind it. But they hate not being able to control that, and it's a reason why they've started making their own crypto-currency, some estimated they started this 2 years ago.

I think they'd have a huge amount of success with their own crypto-currency, it'll take all the good parts of bitcoin and other altcoins and make it a centralised option.

Obito

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Could possibly since China is in mass production and they are way developing way too fast. As bitcoin continue to progress, there may be a way for bitcoin to have a spot for China's added currency. Because people tend to adopt at some point and may be sooner, may be next few years people will use bitcoin as a form of payment, and does China would be needing it, as well as other countries. Well, no one knows but the thing is big companies are now accepting bitcoin.

Ryan Dugan

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China is more concerned about having their own cryptocurrency that they can control and tax. They want to control the people there that is how the government works. With all the bans and censorship it should come as no surprise. They don't dislike bitcoin, they dislike not having total control or at least and close to it as possible.

LUCKMCFLY

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Now China has a serious problem against Libra of Facebook, it is taking advantage of the regulatory problems that Libra has, to request experts in Blockchain, since they are accelerating at full speed its development of the cryptocurrency, which will be like a "Clone" of Libra. The concern is that Libra will be backed by many fiat currencies, except for the Chinese Yuan, this makes them see that the value of bitcoin will increase.

Although they do not like Bitcoin in China, they are making great efforts to finish the launch of their cryptocurrency, it is normal for their cryptocurrency to be on the market and they will start accepting Bitcoin, because they know very well that when they launch their cryptocurrency, they would not have a life of their own, It would depend directly / indirectly on Bitcoin.

Here you can expand the information regarding China's interest in finishing developing its cryptocurrency.

https://decrypt.co/10271/china-hiring-experts-join-digital-currency-research-division

febriyana

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I think China will never accept Bitcoin.
If we see history of China government, they like blocking their country from outside, for example internet, on there people have limited site to open. They block Google, you must use Baidu, payment must use Alipay, etc.
For bitcoin also decentralized, they dont have much power to control it. So there is no reason to accept Bitcoin.

jarhed

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Quote from: Xxmodded on October 04, 2019, 04:59:38 AM

Quote from: achach on August 06, 2019, 05:39:02 AM

I think it will happen and probably soon. China is developing very fast and is ready to adopt new technologies

If China want to adopt bitcoin or altcoin as a currency why last three years China banned bitcoin as e currency, before bitcoin raised to higher price, last about $500 price of bitcoin China still legal using bitcoin as e currency and banned on middle 2017 for legal payment, now have an issue if China want to legal back of bitcoin become as currency payment.

I am sure that China will not accept Bitcoin as a currency in the next 5 years. China has a special form of economy and government. Bitcoin contradicts all of this. But residents of China will certainly try to buy Bitcoins at any price.

Xxmodded

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Quote from: achach on August 06, 2019, 05:39:02 AM

I think it will happen and probably soon. China is developing very fast and is ready to adopt new technologies

If China want to adopt bitcoin or altcoin as a currency why last three years China banned bitcoin as e currency, before bitcoin raised to higher price, last about $500 price of bitcoin China still legal using bitcoin as e currency and banned on middle 2017 for legal payment, now have an issue if China want to legal back of bitcoin become as currency payment.

Zeke_23

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Quote from: takngantuk on October 03, 2019, 07:51:46 AM

Quote from: Herbet Fry on October 02, 2019, 05:56:41 PM

Quote from: CLS63 on October 01, 2019, 12:27:24 PM

Quote from: joshy23 on October 01, 2019, 10:53:47 AM

Quote from: Lmaooo on October 01, 2019, 07:36:35 AM

No way, china can never accept bitcoin in a form of currency rather a digital store of value.
China banned bitcoin in early 2017 and also banned bitcoin mining in the country in mid-2018.
Perhaps, China could create its own cryptocurrency which is going to be controlled by the Chinese Government.

Chinese loves to create their own versions of things so I don't doubt that, They can create their own crypto facilitated projects and let the people to use it. the government wanted to have full control of anything that exist from their land and bitcoin is not one of those that they can regulates. from that sentiments China will find ways to have full access to the point of creating their own cryptocurrency.

I definitely agree with you. China will never approach for an idea that is accepting Bitcoin as local currency. However, I am sure that China won't get behind other countries in technology. So, they will make their own digital coin, as you said.

Exactly. Look how much they love control. You can't even use social media there they want to control the people so badly.

isn't this too much? they can still use Wechat. so I don't quite agree if you say China bans social media.

but for the problem they make their own crypto, I agree with this. they really prefer to make their own rather than using things that are already popular (bitcoin). but this Chinese crypto money could become a new force in the crypto market.

Time after time, they will learn to accept crypto. as technology evolves, most of the transactions these days are done through online. They will soon to adopt crypto due to that reason.
For the mean time, lets just wait for their announcement for this matter, China cant withstand the trend of cryptocurrency, china will be attracted to its functions.

Colt81

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In my own point of view, china might accept bitcoin as a currency in a few years because bitcoin can help the economy of a country that it can decrease unemployed people in a country and bitcoin is becoming more popular that even celebrities are starting to invest their money in cryptocurrency like Floyd Mayweayher, Pitbull, Snoopdog and etc, that is why bitcoin is starting to increase its value even more.

Miklight88

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i heard china is going in to stablecoin soon for the china fiat on blockchain whch will definitely be a work hand for btc to be change with and that will automatically makes btc a better one to change with but we have a way much thing to look in to for better community as most countries would soon fully adopt crypto as i heard new zealand has sign it in to law to be use as salary payment gate.

Ris88

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I have never doubted that China will legalize Bitcoin as a means of payment, because they are a very strong and highly developed cultivation country, it is not possible if China does not legalize Bitcoin as their currency, and this celebration has been talked about very often about that country. ...

takngantuk

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Quote from: Herbet Fry on October 02, 2019, 05:56:41 PM

Quote from: CLS63 on October 01, 2019, 12:27:24 PM

Quote from: joshy23 on October 01, 2019, 10:53:47 AM

Quote from: Lmaooo on October 01, 2019, 07:36:35 AM

No way, china can never accept bitcoin in a form of currency rather a digital store of value.
China banned bitcoin in early 2017 and also banned bitcoin mining in the country in mid-2018.
Perhaps, China could create its own cryptocurrency which is going to be controlled by the Chinese Government.

Chinese loves to create their own versions of things so I don't doubt that, They can create their own crypto facilitated projects and let the people to use it. the government wanted to have full control of anything that exist from their land and bitcoin is not one of those that they can regulates. from that sentiments China will find ways to have full access to the point of creating their own cryptocurrency.

I definitely agree with you. China will never approach for an idea that is accepting Bitcoin as local currency. However, I am sure that China won't get behind other countries in technology. So, they will make their own digital coin, as you said.

Exactly. Look how much they love control. You can't even use social media there they want to control the people so badly.

isn't this too much? they can still use Wechat. so I don't quite agree if you say China bans social media.

but for the problem they make their own crypto, I agree with this. they really prefer to make their own rather than using things that are already popular (bitcoin). but this Chinese crypto money could become a new force in the crypto market.

johnmason92

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China's Central Bank is working on a Cryptocurrency which would suggest that China is thinking of different ways to capitalise on Cryptocurrencies. It would be wrong to assume that integrating BTC and Altcoins into the system is not part of that plan. The Chinese have been showing growing interest on BTC investments and the government can only lose by not listening to what the people want for the future.

BlackFor3st

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Quote from: Squidley03 on August 06, 2019, 04:56:49 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/

It is a positive happenings that will give us hope that someday China will accept bitcoin as a currency. If it will happen, it is a big impact to the crypto world knowing that China is the biggest country out there will the highest amount of population.

If it will happen, not only 60% hash power will come from China. I am sure that it will increase like 70-75% as they are the big contributor right now.

Pinkris128

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Quote from: Squidley03 on August 06, 2019, 04:56:49 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 big country and right now, it is one of the successful country because of their economic growth as well as there market system. They will see how cryptocurrency will perform on the other country as well as they will think very well if they adopt this kind of transactions and currency. This will help them to grow more and expand some part of their market system and economic system. As you can see, the value of bitcoin is very know and in that case they will not hesitate to adopt it.

judeafante

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I'm sure China is watching how Cryptocurrency is now performing both in the market and its everyday usage in everyday lives, and he also knows that they should not be left behind in anything related to technological breakthrough, they will soon embrace it may be in the next two years, every nation is keeping up with this technology, they know they also should.

Herbet Fry

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I think China would rather have their own currency that they can have control over.

Quote from: CLS63 on October 01, 2019, 12:27:24 PM

Quote from: joshy23 on October 01, 2019, 10:53:47 AM

Quote from: Lmaooo on October 01, 2019, 07:36:35 AM

No way, china can never accept bitcoin in a form of currency rather a digital store of value.
China banned bitcoin in early 2017 and also banned bitcoin mining in the country in mid-2018.
Perhaps, China could create its own cryptocurrency which is going to be controlled by the Chinese Government.

Chinese loves to create their own versions of things so I don't doubt that, They can create their own crypto facilitated projects and let the people to use it. the government wanted to have full control of anything that exist from their land and bitcoin is not one of those that they can regulates. from that sentiments China will find ways to have full access to the point of creating their own cryptocurrency.

I definitely agree with you. China will never approach for an idea that is accepting Bitcoin as local currency. However, I am sure that China won't get behind other countries in technology. So, they will make their own digital coin, as you said.

Exactly. Look how much they love control. You can't even use social media there they want to control the people so badly.

aces777

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I think by now we all know that china likes owning their own things, so it is not going to be a surprise to see them creation their own coin. But overall, I do not think it would be a bad idea for the Chinese government to accept bitcoin. that would further cause further adoption of the coin, yielding to a greater value of the price of the coin.

Sithara007

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As per a directive from the People's Bank of China (PBOC), financial institutions within China are banned from facilitating cryptocurrency transactions. All the cryptocurrency exchanges based in China were ordered to close down in 2017, and many of them either followed the order or shifted their operations to other countries. There are still local exchanges in China (i.e operated by Chinese nationals), but for legal purposes they are based in countries such as South Korea or Hong Kong. Last year the government announced that they will phase out Bitcoin mining. From what I have seen, the authorities haven't implemented this order yet.

As clear from the actions taken by the PBOC, the restrictions over Bitcoin in China are getting more and more stricter with every passing year. And for now, there is no reason to assume that China will accept BTC as a currency anytime soon.

Leyss

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China has always tried and is trying to find its way in various issues of economics and finance. This is especially true for cryptocurrency. Apparently, there is no single answer. The Chinese government will try to issue and use its own cryptocurrency, such as the upcoming CBDC stable coin. At the same time, the government will not be able to completely ignore bitcoin and other decentralized cryptocurrencies. They must understand that ignoring it will mean the flow of capital to other countries. Moreover, mining of bitcoin in China continues and in any case it will enter the market.

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