Category Archives: China bitcoin news

Auto Added by WPeMatico

Anti-Bitcoin Chinese Reserve Bank Is Worried About Decreasing Significance of Cash

Anti-Bitcoin Chinese Reserve Bank Is Worried About Decreasing Significance of Cash

The People’s Bank of China (PBoC), one of the most anti-cryptocurrency statist entities in the world is sounding worried about the increasing popularity of digital currencies and decreasing popularity of fiat cash reserves. Even in China itself, cash is now taking the back seat as AliPay and WeChat Pay are removing the need for the fiat cash among the consumer base.

The concern in the voice of the Reserve Bank is clear as it declared that refusing to accept cash was illegal according to current regulations. In a statement, the PBoC said:

“In recent years, there have been problems with the circulation of renminbi cash, and the people’s response has been intense. Consumers at tourist areas, restaurants, and retail merchants have had their cash refused, which has damaged the renminbi’s legal status and consumers’ right to choose between payment methods.”

In recent months, more than 90 percent of sales in different parts of the Asian country were processed using digital payments system and other fintech applications rather than physical cash which shows that consumers are more than willing to move away from cash and are already preferring digital solutions, something that doesn’t sit well with the banking regulator.

Increase in mobile applications and digital payments system unavoidably leads to blockchain-based solutions and even cryptocurrencies themselves, something that is not ideal for a central bank like PBoC that has banned cryptocurrencies in the country in a sweeping measure. So, the bank is starting to oppose the over-digitization of the money in the country through every way possible.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: BitcoinNews.com

The post Anti-Bitcoin Chinese Reserve Bank Is Worried About Decreasing Significance of Cash appeared first on BitcoinNews.com.

China Opening up to Crypto

Despite China’s image as a no-go area for cryptocurrencies, a series of pro-crypto moves are opening up the forbidden kingdom to cryptocurrencies. Recently, a local court has now allowed merchants to accept Bitcoin as a payment method and recognized the cryptocurrency as a property thus allowing individuals to own and transact with it.

The move is surprising for many in the cryptocurrency industry and may open doors to a crypto future in the biggest manufacturing hub in the world. Gradually, China is working to legalize cryptocurrencies and open up their country just like it did back in the 90s that brought unprecedented growth to the region.

According to local Chinese reports, the Shenzhen Court of International Arbitration announced this landmark decision. However, it also passed the buck to the regulatory authorities as according to the ruling, Bitcoin ownership and transfer shouldn’t be in conflict with existing financial regulations.

According to the verdict: “CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”

As a consequence of this decision, circulation and ownership of Bitcoin are now legal and merchants can accept cryptocurrencies as payment without being in violation of the local law. While the law falls short of giving the same rights to Bitcoin as fiat currency, it is a step in the right direction.

Although the outside world believes that China has a blanket ban on cryptocurrencies, in reality, there is some adoption. The recent reality TV show on Chinese streaming channels follows the journey of a young woman who has to survive traveling around China with just BTC 0.2 in her phone. Watching the series, it becomes clear that China is progressing in the crypto world, with or without government intervention.

China is reportedly slowly opening up to Bitcoin and other cryptocurrencies as public penetration grows. Several hotels have started accepting payment in BTC (only from foreigners) while others are providing wide-ranging services in exchange for Bitcoin.

It appears that it is only a matter of time before China lifts the blanket ban on cryptocurrencies and allows unprecedented international trade through it.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pexels.com

The post China Opening up to Crypto appeared first on BitcoinNews.com.