Recent developments have sparked discussions on whether China is reconsidering its stance on cryptocurrency trading. Despite a pronounced crypto trading ban since September 2021, there is a noticeable uptick in interest within China. Surging search trends on platforms like Weibo and WeChat for Bitcoin evidence this.
Now, some speculate about a potential policy shift, especially considering Hong Kong’s more open approach to digital assets.
Will China Lift Its Crypto Ban?
China’s Economic Daily has reiterated warning investors to remain wary of Bitcoin and related products. It emphasized the country’s ongoing prohibition of such transactions. Beijing lawyer Xiao Sa further underscored this stance, highlighting the impossibility for residents in mainland China to engage in crypto trading legally.
“The approval of Bitcoin ETFs does not mean that cryptocurrencies will make breakthrough progress in the short term,” Sa said.
Despite these restrictions, the allure of cryptocurrencies has not waned among Chinese investors. The remarkable 58% year-to-date rally of Bitcoin, achieving a new all-time high, has reignited interest. This is against a broader economic slowdown in China and a faltering stock market. It has prompted individuals and financial institutions to explore crypto-related ventures, particularly in Hong Kong.
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Author: Bary Rahma
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