Is China opening up cryptocurrency?
When the central bank and ten ministries jointly banned cryptocurrency trading in 2021, it was clearly defined as "illegal financial activity." Today, this stance has not only remained unchanged but has become even more resolute due to the turbulent international situation and the need for domestic economic transformation.
So why have some people recently claimed that cryptocurrency will be opened up?
Whenever the market is sluggish, there are always rumors of "policy relaxation" being hyped up. However, a closer look reveals that these claims fall into three categories:
1. Misinterpreting Hong Kong policy: As an international financial center, Hong Kong is indeed exploring a regulatory framework for virtual assets, but this is a special arrangement under "one country, two systems" and is by no means a barometer for mainland policy.
2. Exaggerating property rights progress: Although individual court rulings recognize Bitcoin's virtual property attributes, this is entirely different from allowing trading and circulation, just as acknowledging the value of in-game items does not equate to encouraging gambling.
3. Loosening mining regulations: Some remote areas turn a blind eye to idle electricity mining, but once the scale expands, the severe measures taken to shut down mining operations in Inner Mongolia in 2018 could resurface at any time.
Historical experience shows that every rumor of "policy relaxation" is accompanied by a short-term surge in coin prices, followed by a more severe crash. Now that offshore exchanges are retreating, OTC merchants are frequently freezing accounts, and tax authorities are rigorously inspecting cross-border capital flows — these signals say it all.
So, are you still blindly speculating about the opening of cryptocurrency in the country?
