What GAC NIO Experienced in the Two Hours of Connecting with Bitcoin?

Abstract : The People's Bank of China's digital currency is only piloted in a small area. GAC NIO is not one of the pilot merchants.


Jan 01

On the morning of December 31, GAC NIO New Energy Automotive Technology Co,.Ltd announced on its Weibo account with a large poster that it would become the first auto company in China to accept bitcoin for car purchases. 

About an hour and a half later, GAC NIO updated the content, changing "Accept Bitcoin for car purchase" to "Accept digital currency for car purchase". But the poster image still contained the Bitcoin logo. In less than five minutes, GAC NIO deleted the Weibo content related to Bitcoin/digital currency. 

On the afternoon of the same day, GAC NIO officially issued an apology statement on the issue of "digital currency payment for car purchase". The statement said GAC NIO had been concerned about the relevant policies of DC/EP and internally promoted the preparatory work of digital currency. However, GAC NIO announced that it became the first auto company to accept digital currency purchases not only without full consideration but without obtaining the permission of financial regulatory approval. GAC NIO apologized for the public attention that had been caused by the affair.

At the same time, NIO also issued a statement saying that NIO has never had a "bitcoin car purchase" plan. GAC NIO is an independent company jointly invested by GAC and NIO. These two parents companies, GAC and NIO, do not send management personnel to the company or participate in the operation and management. GAC NIO is just a name of the company. Its product brand is called HECHUANG. GAC NIO will not produce GAC products or NIO products. In short, NIO is just an investor, and there is no other relationship between the two sides.

When it comes to the entire affair, it is mostly hyped. For the car purchase involving VAT, vehicle and ship tax, it is relatively difficult to use Bitcoin, which a large price fluctuation. Moreover, the real environment in China does not allow bitcoin payment.

In addition, the People's Bank of China's digital currency is only piloted in a small area. GAC NIO is not one of the pilot merchants.

At present, the DC/EP system has basically completed top-level design, standard formulation, function research and development, and joint debugging and testing. After pilot testing in cities such as Shenzhen, Suzhou, Xiongan, and Chengdu, on December 29, the first DC/EP application scenario officially launched in Fengtai Lize, Beijing, which is also the location of the PBC Digital Currency Research Institute.

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