Did China Ban Cryptocurrency? What The Story Is Really About
Main Idea
False reports about a new cryptocurrency ban in China are circulating without evidence; China's 2021 restrictions remain unchanged, while Hong Kong continues to advance crypto-friendly policies.
Key Points
1. False claims of a new cryptocurrency ban in China lack official statements or legal texts, relying solely on hearsay.
2. China's 2021 ban on Bitcoin and other cryptocurrencies remains in effect with no new prohibitions introduced.
3. Hong Kong operates under a separate legal system and has launched a crypto licensing regime, positioning itself as a crypto-friendly jurisdiction.
4. Bitcoin mining still occurs in China, accounting for around 15% of the global hash rate, despite the 2021 crackdown.
5. China continues to explore digital currency with its central bank digital currency (e-CNY) and may issue further guidelines on real-world assets (RWAs) and stablecoins.
Description
False reports are circulating claiming that China has issued a new ban on cryptocurrency. Some accounts are spreading rumors that China has banned cryptocurrencies again, without any evidence. These claims lack any official statement or legal text. They rely solely on hearsay. According to Bitcoin Junkies, China has not made any recent announcements regarding crypto regulations. China imposed its last major restrictions in September 2021, targeting mining and exchange activities. That policy rem...
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