Author Topic: Will China Accept Bitcoin As A Currency?  (Read 700 times)


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Will China Accept Bitcoin As A Currency?

« on: November 16, 2019, 04:30:59 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 todays 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 Its important to remember to not just hold 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 Bitcoins hash power comes from China.
The change follows a recent legal ruling by Chinas Hangzhou Internet Court that classified Bitcoin as a commodity that should be considered digital property. While the ruling didnt 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 to accept cryptocurrency as a currency or will it just stop its level of support at accepting it as a commodity.


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