Stefano
Fri Jun 07 2024
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5 answers
756
Does China allow cryptocurrency?｜. Run used bank cards issued by small rural commercial banks to buy cryptocurrencies through grey-market dealers, and capped each transaction at 50,000 yuan ($6,978) to escape scrutiny. "Bitcoin is a safe haven, like gold," says Run.Crypto trading and mining has been banned in China since 2021
Does China permit the existence and use of cryptocurrency? Given the statement that "Crypto trading and mining has been banned in China since 2021," it seems to indicate a clear prohibition. However, there are reports of individuals like Run, who seem to circumvent these regulations by using grey-market dealers and bank cards issued by small rural commercial banks to purchase cryptocurrencies. This practice appears to be done in a way that avoids scrutiny, with each transaction capped at 50,000 yuan ($6,978). Despite this, does China still allow some form of cryptocurrency activity to take place, or is it strictly prohibited? And if it's prohibited, how effective are these measures in stopping the underground trading and mining of cryptocurrencies?
