In current hours, some social media accounts have begun spreading false rumors that China has banned cryptocurrencies once more.
Nevertheless, these claims will not be primarily based on official sources and contradict present rules. Listed below are 4 necessary info about China’s cryptocurrency insurance policies:
- Hong Kong is welcoming the cryptocurrency sector: Hong Kong, a particular administrative area of China, has embraced cryptocurrencies as a pilot area. Native regulators proceed to license crypto exchanges.
- Particular person transactions will not be prohibited: People will not be prohibited from shopping for or promoting cryptocurrencies in China. Solely monetary establishments and firms are prohibited from providing cryptocurrency providers. Private cryptocurrency possession is authorized.
- Bitcoin mining continues: Bitcoin mining continues to be a viable choice in some components of China as a consequence of inexpensive vitality prices. Regardless of the 2021 bans, many miners continued their operations underground.
- Stablecoin and RWA curiosity rising: Chinese language authorities have begun to point out curiosity in stablecoins and initiatives that tokenize real-world belongings (RWA).
China hasn’t formally introduced any new rules relating to cryptocurrencies just lately. The nation’s crypto ban dates again to 2021. The most recent rumors are linked to China’s efforts to tighten monetary management and speed up the adoption of its state-backed digital foreign money, the digital yuan (CBDC). Nevertheless, there are presently no new bans in place.
*This isn’t funding recommendation.
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