Is trading cryptocurrencies illegal in China? Many people are mistaken!
This is a question that many are concerned about, and today we will briefly discuss it 👇
First of all, it is currently not illegal for individuals to hold or trade cryptocurrencies in China. The regulatory authorities' stance on crypto assets is 'completely banning related businesses, with individuals bearing their own risks.' In other words, although it is not supported, playing by yourself and bearing the risks is not illegal.
However, it is important to note that conducting RMB recharge and withdrawal operations related to cryptocurrencies through Alipay, WeChat, or bank cards is a violation. This is because the central bank clearly required in 2018 and 2021 that all financial payment institutions must not provide services for virtual currency transactions.
So does a violation equal to being illegal? Actually, no. ⚠️
The central bank is a regulatory body, not a legislative institution, and does not have enforcement power. Therefore, even if you violate such regulations, the most that can happen is that a bank limits certain functionalities of your card. This restriction is aimed at the bank card, not at you as an individual—meaning that if you are accidentally limited, canceling the card and reapplying for a new one will allow you to continue using it; the new card will not be affected.
Of course, this does not mean that you can operate recklessly. Before participating, be sure to fully understand the relevant policies and risks.
The cryptocurrency market is highly volatile, with opportunities and risks coexisting. Whether you are a beginner or an experienced player, it is advisable to remain calm and operate rationally, manage risks well, and not let emotions dictate your actions. 🔍📉📈
