Also mind that Q-coin has a different position than Bitcoin. As said, in China (people think that) nothing significant can take root without being part of the government. This holds true with Q-coin. The company behind Q-coin doesn't hesitate to follow governmental scrutiny - other big players baidu, sina all show obedience to the central governmental the same way, and are allowed to live. The game that is called regulation in the west is equivalent to the game of obedience here. So it is not the question whether bitcoin can be regulated, but whether bitcoin can obey. Bitcoin trading can be regulated but bitcoin itself bends to no one - which begets the question whether or not it will be allowed to live.
On the other hand, if Bitcoin becomes so significant that the government has to make a decision, and they decided to let it live, the acceptance of bitcoin will have no consumer psychological barrier, because, as you said, we are pretty familiar with virtual currencies.
Some questions:
I read that in 2007, the government of China limited Q-coin purchases to 120 Q-coins per month for each person. Is that limit still enforced?
Bitcoin provides a way to convert yuan to Bitcoins to dollars or euros or yen, bypassing the exchange controls of the State Administration of Foreign Exchange. Once someone has bought Bitcoins, there is no way to prevent them from converting them to another currency outside China. Will the People's Bank of China do something to stop that? Or is Bitcoin too small to matter?