China, once a dominant force in the cryptocurrency industry before its rigorous crackdown on cryptocurrency trading and mining in 2021, is showing signs of a potential comeback
Recent developments indicate a more accommodating attitude towards blockchain technology and digital assets.
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Hong Kong is emerging as a cryptocurrency-friendly hub
For example, Hong Kong has emerged as a crypto-friendly hub under China’s “one country, two systems” framework. The city has introduced regulatory frameworks to attract cryptocurrency-related businesses and investors.
Furthermore, China continues to invest heavily in blockchain technology through state-backed initiatives such as the Blockchain-based Service Network (BSN), which aims to integrate blockchain into various industries.
These moves suggest that while China may not fully embrace decentralized cryptocurrencies like Bitcoin, it recognizes the strategic importance of blockchain technology in maintaining its global technological leadership.
In the meantime, mainland Chinese Candies trade using A VPN, But Not with yuan, second TO Bybit Cryptocurrency Exchange.
Shanghai Court Ends China’s Bitcoin Ban
Chinese Bitcoin Ban? No.
The short-sighted and reckless era of China’s economy is over.
A Shanghai court issued a surprise verdict in November 2024, declaring that owning cryptocurrency is not illegal under Chinese law, finally giving cryptocurrency holders some legal peace of mind.
Sun Jie, a judge of the Shanghai Songjiang People’s Court, clarified the situation in a statement on the WeChat account of the Shanghai High People’s Court. Takeaway food? Citizens can legally hold cryptocurrencies as personal property, but companies cannot invest in or issue tokens without strict supervision.
Only 11 countries have a GDP higher than the value of Bitcoin. Soon there will only be 7. At the peak of this cycle, there will likely only be 2 countries whose economy is larger than Bitcoin: China and the United States.
— FRANCIS – BULLBITCOIN.COM (@francispouliot_) November 21, 2024
However, owning cryptocurrencies in China is not illegal, says judge Judge Sun Jie of the Shanghai Songjiang People’s Court has provided the first legal clarity in years regarding the ownership of cryptocurrencies. Writing on the official WeChat account of the Shanghai High People’s Court, Sun said individual possession of cryptocurrencies does not violate Chinese law.
Explore: Shanghai Court Ends China’s Bitcoin Ban: Can the Power Grid Make It?
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