Explosive! China officially bans cryptocurrency, yet underground trading soars to 86 billion, who is 'defying the odds'?

Since 2021, China has officially taken action, issuing a 'ban order' on all cryptocurrency trading and mining. Exchanges like Binance, Coinbase, and local platforms have all vanished without a trace. Even mining sites have been directly shut down, and banks have clearly stated that they do not support any business related to cryptocurrencies. This situation seems to suggest an intent to completely erase cryptocurrencies from Chinese soil.

But! Is! Cryptocurrency really gone from China? The answer is a resounding NO!

Holding cryptocurrencies personally is not illegal. This means that if you have Bitcoin, Ethereum, etc., no one will come to trouble you. However, trading is not that easy. Now, everyone is trading cryptocurrencies secretly underground.

Don't doubt it, despite the ban, in 2023, China's cryptocurrency trading volume actually exceeded 86 billion USD! This number is quite shocking. It seems that the 'spirit' of cryptocurrency in China is remarkably resilient, unable to be extinguished no matter what.

Fast forward to 2025, something even more unexpected happened. Chinese courts actually referred to cryptocurrencies as 'legal property'! This is undoubtedly a small victory for those retail investors who have persistently held onto cryptocurrencies. It's like seeing a glimmer of hope in the dark, allowing everyone to envision a turnaround for cryptocurrencies in China.

Moreover, recently the regulatory authorities in Shanghai have taken new actions, discussing stablecoin regulations. This is very interesting! Does this mean that the mysterious Eastern dragon is quietly planning a return to the cryptocurrency stage through regulated cryptocurrencies?

Ultimately, while China appears to have imposed a ban on cryptocurrencies, the underground market remains quite active. Cryptocurrencies are like a resilient seed, capable of finding opportunities to grow even when heavily suppressed in the dark.

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