On Sunday, several prominent social media accounts began posting news that China had imposed a new ban on cryptocurrency trading and mining. However, no official evidence has emerged to confirm the validity of these claims.
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🔍 Details of the rumor:
The account Kalshi (official for the well-known betting platform) and the account First Squawk amplified the rumor without official documents.
The allegations focused on reasons related to "capital flight" and "environmental concerns."
The news garnered over 800,000 views, but lacked any official source.
🗣️ In contrast:
Su Zhu, founder of the bankrupt hedge fund Three Arrows Capital, stated: "There is no evidence from reliable sources within China regarding a new ban."
Chinese blogger Colin Wu confirmed that no new restrictions have been announced.
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📜 Ban record in China:
🔒 2013: A ban on financial institutions from dealing with Bitcoin.
🚫 2017: A comprehensive ban on Initial Coin Offerings (ICOs) and cryptocurrency exchanges within the country.
⛏️ 2021: A comprehensive crackdown on the Bitcoin mining industry.
💡 Nevertheless...
Mining is still ongoing in various regions of China.
China still represents 21% of the global mining power (Hashrate).
Stablecoins and real-world asset-related cryptocurrencies have also begun to receive government attention.
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🗨️ Summary: This is not the first time similar rumors have been spread; it has become a recurring joke in the cryptocurrency community.
> 🧠 "China bans cryptocurrencies for the ninth time... and I still hold my Bitcoin 😂"