Is China on the Verge of Uplifting Its Cryptocurrency Ban?
Wednesday, 6 March 2024, 23:30
Is China Preparing to Lift Its Crypto Ban?
Despite China's strict ban on cryptocurrency trading since 2021, there's a surging interest in Bitcoin, challenging the ban's effectiveness and sparking speculation about potential policy changes.
Recent Developments
- China's Economic Daily reiterates warning investors about Bitcoin.
- Beijing lawyer Xiao Sa emphasizes the impossibility of legal crypto trading.
The approval of Bitcoin ETFs does not mean that cryptocurrencies will make breakthrough progress in the short term.
Remarkable Resilience
- China's underground crypto market shows vibrancy with an estimated transaction volume of $86.4 billion.
- Financial institutions in Hong Kong explore crypto-related ventures amidst domestic market stagnation.
China seems to have been unsuccessful in its efforts to ban crypto trading, possibly putting their strict capital controls at risk.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.