China, once a dominant force in the crypto space before its strict crackdown on crypto trading and mining in 2021, is showing signs of a potential comeback.
Recent developments indicate a softening of the stance towards blockchain technology and digital assets.
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Hong Kong is becoming a crypto-friendly hub
For example, Hong Kong has become a crypto-friendly hub under China’s “one country, two systems” framework. The city has introduced regulatory frameworks to attract crypto businesses and investors.
Additionally, 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 sectors.
These moves suggest that while China is not fully adopting decentralized cryptocurrencies like Bitcoin, it recognizes the strategic importance of blockchain technology in maintaining its global technological leadership.
In the meantime, continent Chinese can trade using A VPN, but not with yuan, according to has Bybit Cryptocurrency Exchange.
Shanghai Court Ends China’s Bitcoin Ban
Ban on Bitcoin in China? No.
This myopic and reckless era of the Chinese economy is over.
A Shanghai court issued a surprise verdict in November 2024, declaring that possession of cryptocurrency is not illegal under Chinese law, finally giving cryptocurrency holders some legal peace of mind.
Sun Jie, judge of the Songjiang People’s Court in Shanghai, explained this situation in a statement posted on the WeChat account of the Shanghai Higher People’s Court. Takeaway meals? Citizens can legally hold cryptocurrencies as personal property, but companies cannot invest or issue tokens without strict oversight.
Only 11 countries have a GDP greater than the value of Bitcoin. Soon there will be only 7. At the peak of this cycle, there will likely be only 2 countries with economies larger than Bitcoin: China and the United States.
– FRANCIS – BULLBITCOIN.COM (@francispouliot_) November 21, 2024
However, owning cryptocurrencies in China is not illegal, Judge Sun Jie of the Shanghai Songjiang People’s Court said, bringing the first legal clarity in years regarding cryptocurrency ownership. Writing on the official WeChat account of the Shanghai High People’s Court, Sun said individual ownership of cryptocurrencies does not violate Chinese law.
Explore: Shanghai court ends China’s Bitcoin ban: will the power grid survive?
The post Is China planning a crypto comeback? Two major signs that say yes! appeared first on 99Bitcoins.
