China Completely Bans Ownership of Bitcoin and Cryptocurrencies in New Escalation
Chinese authorities announced in May 2025 a comprehensive ban on the ownership of cryptocurrencies, including Bitcoin, adding to the previous ban on trading and mining.
The decision prevents individuals from owning digital currencies in any form, with threats of legal penalties for violators. China justified this step by stating that it aims to protect the financial system and support the digital yuan.
Following the announcement, crypto markets experienced a sharp decline, losing more than $60 billion in market value within 24 hours.
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