China, once a dominant force in the crypto space before its stringent crackdown on crypto trading and mining in 2021, is showing signs of a potential comeback
Recent developments indicate a softening stance towards blockchain technology and digital assets.
Explore: China To Be Hero Of This Bullrun? Two Chinese Tokens Everyone Should Be Looking At!
Hong Kong Is Emerging As A Crypto-Friendly Hub
For instance, 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 crypto businesses and investors.
Furthermore, China continues to invest heavily in blockchain technology through state-backed initiatives like the Blockchain-based Service Network (BSN), which aims to integrate blockchain into various sectors.
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 tech leadership.
Meanwhile, mainland Chinese can trade using a VPN, but not with yuan, according to Bybit Crypto Exchange.
Shanghai Court Ends China Bitcoin Ban
China Bitcoin Ban? Nope.
That myopic, foolhardy era of Chinese economics is over.
A Shanghai court has dropped a surprise verdict in November 2024, declaring that owning cryptocurrency isn’t illegal under Chinese law, finally giving crypto holders some legal peace of mind.
Sun Jie, a Shanghai Songjiang People’s Court judge, broke it down in a statement on the Shanghai High People’s Court’s WeChat account. The takeaway? Citizens can legally hold crypto as personal property, but businesses can’t invest in or issue tokens without strict oversight.
Only 11 countries have a GDP higher than the value of Bitcoin. Soon there will be only 7. At the peak of this cycle, there will likely only be 2 countries whose economy is bigger than Bitcoin: China and the USA.
— FRANCIS – BULLBITCOIN.COM (@francispouliot_) November 21, 2024
However, owning Crypto in China Isn’t Illegal, Says Judge Judge Sun Jie of the Shanghai Songjiang People’s Court provided the first legal clarity in years regarding cryptocurrency ownership. Writing on the official WeChat account of the Shanghai High People’s Court, Sun stated that individual ownership of cryptocurrencies does not violate Chinese law.
Explore: Shanghai Court Ends China Bitcoin Ban: Will Power Grid Cope?
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