China 🇨🇳 to Unban Bitcoin? Crypto Community Remains Skeptical
Recent social media buzz suggests China may lift its Bitcoin ban, sparking mixed reactions in the crypto community. Despite the optimistic chatter, skepticism prevails due to China’s historically strict regulatory stance on digital assets. CEO of Galaxy Digital Mike Novogratz stated on X on July 14 that he has heard rumors that China is “likely to unban” Bitcoin by late 2024. In the post, he wrote, “If this is true, and it’s the second time I’ve heard in weeks, it’s a huge deal,” and requested additional information from the community on the matter.
Novograts post began an online debut, one of the Twitter users brought up mainland China’s numerous attempts to outlaw certain activities about Bitcoin and other cryptocurrencies, citing a 2017 ban on cryptocurrency exchanges and an interdepartmental crackdown on cryptocurrency in 2021. In a comment they stated, “They have banned it like six times, and nothing has happened. The same thing will happen when they ‘un-ban’ it multiple times.”
China has maintained its position as the world leader in Bitcoin mining and other cryptocurrency activities despite the stringent regulations.
Wang Yang, a professor at Hong Kong University of Science and Technology, reportedly questioned the reasoning for China’s prohibition on cryptocurrency mining in late June and urged the government to embrace the technology in light of the geopolitical risks involved.
