Fun

Mainland China to ‘unban’ Bitcoin? Community says ‘unlikely’

News Feed - 2024-07-15 10:07:27

Helen Partz10 hours agoMainland China to ‘unban’ Bitcoin? Community says ‘unlikely’Mainland China has repeatedly banned certain activities related to Bitcoin, but it has somehow still remained a major player in activities like Bitcoin mining.2206 Total views5 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAmid fresh reports on social media suggesting that China might lift its long-standing ban on Bitcoin, the cryptocurrency community remains skeptical about this possibility.


On July 14, Galaxy Digital CEO Mike Novogratz shared on X that he has been hearing reports suggesting China is “likely to unban” Bitcoin (BTC) by late 2024.


“If this is true, and it’s the second time I’ve heard in weeks, it’s a huge deal,” Novogratz wrote, asking the community to provide more insights on the issue.China has repeatedly “banned” Bitcoin


Most replies in Novogratz’s X thread have questioned the source of information. Many posters expressed doubt regarding China’s potential U-turn on Bitcoin. Some posters also argued that China has never put a blanket ban on Bitcoin.Source: Mike Novogratz


“They have banned it like six times, and nothing has happened. The same thing will happen when they ‘un-ban’ it multiple times,” one poster noted in the comments.


The commenter referred to mainland China’s multiple efforts to prohibit certain activities related to Bitcoin and other cryptocurrencies, including an interdepartmental crackdown on crypto in 2021 and a ban on crypto exchanges in 2017. 


Despite the strict measures, China has managed to remain a global leader in Bitcoin mining and other crypto activities.Some industry observers are still optimistic about China’s potential Bitcoin U-turn


Some online posters were still optimistic about the latest social media reports, particularly given recent criticism of mainland China’s approach to crypto regulation.


In late June, Hong Kong University of Science and Technology professor Wang Yang reportedly questioned the logic of China’s ban on crypto mining, urging the government to embrace crypto amid geopolitical risks. 


According to the professor, completely banning crypto mining in China was “very unwise” as it drove related businesses to the United States and contributed to US tax income. China “unlikely” to have any motivation to open to crypto


In response to the latest social media reports, several industry figures expressed confidence that China would never allow its citizens to freely trade Bitcoin using local fiat currency.


“If you refer to ‘unban Bitcoin’ as China would allow Chinese citizens to buy Bitcoin with China’s renminbi from inside China, it is not going to happen, period,” said Yifan He, CEO of major Chinese blockchain firm Red Date Technology.


“Whoever suggests this has no slight idea why China bans Bitcoin and cryptocurrencies,” He told Cointelegraph.


The CEO also mentioned that one should pay attention to Hong Kong-based exchanges like HashKey, which do not allow mainland Chinese citizens as customers.


Related:Hong Kong flags 7 unregulated crypto exchanges for noncompliance


Mikko Ohtamaa, co-founder of algorithmic investment protocol Trading Strategy, echoed He’s stance, arguing that China’s U-turn on Bitcoin would be against the government’s political agenda.


“It is unlikely the rumors China is opening for crypto are true, as this would be against Xi’s agenda on how the Chinese state is built,” Ohtamaa told Cointelegraph. He added:“China’s concern with crypto has always been the capital flight. [...] Cryptocurrencies further democratize finance and enable capital flight for middle and low-income classes.”


The news comes a few months after some industry observers incorrectly speculated that Hong Kong’s launch of spot Bitcoin and Ether (ETH) exchange-traded funds (ETF) in April 2024 would open up the market for investors in mainland China. 


According to local experts, the ETF issuers cannot provide such exposure despite having close ties with mainland China.


Magazine:Bybit’s Notcoin listing debacle, China firm’s profits up 12-fold after crypto buy: Asia Express# Bitcoin# Cryptocurrencies# Hong Kong# China# Michael Novogratz# RegulationAdd reaction

News Feed

Ethereum Prepares For A Decisive Move: ETH/BTC Setup Could Trigger Altseason
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
SUI Hits New ATH, Can Bullish Momentum Lead Price To $5 This Weekend?
Este artículo también está disponible en español. SUI momentum continues after recording a new all-time high (ATH) on Friday morning. The cryptocurrency surged 4.5% to ne
DOJ Seizes $500K in Ransom Payments, Cryptocurrency From State-Sponsored North Korean Hackers
DOJ Seizes $500K in Ransom Payments, Cryptocurrency From State-Sponsored North Korean Hackers The U.S. Department of Justice (DOJ) has seized $500K in ransom payments and cryptocur
Report: Chinese Metaverse Industry Raises $780 Million in Funding
Report: Chinese Metaverse Industry Raises $780 Million in Funding The Chinese metaverse industry has reportedly raised about $780 million in funding and there are expectations this
Elon Musk Slams Semafor’s ‘Journalistic Integrity’ — Tesla Exec Says ‘Semafor Is Owned’ by FTX Co-Founder Sam Bankman-Fried
Elon Musk Slams Semafor’s ‘Journalistic Integrity’ — Tesla Exec Says ‘Semafor Is Owned’ by FTX Co-Founder Sam Bankman-Fried Following the significant amount of criticis
Prashant Jha8 hours agoCalifornia bill aims to cap crypto ATM withdrawals at $1K per day to combat scamsA new legislative investigation found some crypto ATMs charging a premium as high as 33%, while a few ATMs had limit
Crypto Lender Genesis Files for Bankruptcy Following SEC Lawsuit
Crypto Lender Genesis Files for Bankruptcy Following SEC Lawsuit Crypto lender Genesis, a subsidiary of Digital Currency Group (DCG), has filed for Chapter 11 bankruptcy. The filin
WATCH: Our On Tap Meetup in Tokyo United Japanese Blockchain Fans With the Global Makers
What do you get when you give a bunch of crypto fans a bunch of beer and pizza? If you answered “an amazing meetup featuring devs and explorers from all over the world,” then you’re absolutely correct.
‘What Bitcoin Did’ – Scanning the Hottest Cryptocurrency Keywords and Google Searches
"What Bitcoin Did" - Scanning the Hottest Cryptocurrency Keywords and Google Searches For years now the term “bitcoin” has managed to capture a tight relationship wit
Linea receives first contributor for open-source L2 rollup
Josh O"Sullivan12 hours agoLinea receives first contributor for open-source L2 rollupStatus partners with Linea, marking the beginning of a significant contribution to Linea’s zkEVM-powered L2 rollup as part of a broad
As Bitcoin’s Hashrate Remains Elevated, BTC’s Mining Difficulty Expected to Reach a Lifetime High
As Bitcoin’s Hashrate Remains Elevated, BTC’s Mining Difficulty Expected to Reach a Lifetime High During the last month, Bitcoin’s hashrate has been coasting along above
Accused Bitfinex Bitcoin Money Launderer Granted Permission to ‘Engage in Legitimate Employment’
Accused Bitfinex Bitcoin Money Launderer Granted Permission to "Engage in Legitimate Employment" On February 8, 2022, the U.S. Department of Justice (DOJ) arrested a couple that is