China lifts ban on cryptocurrencies
Justin Sun Sparks Rumors China Will Lift Crypto Ban
According to Justin Sun, China has lifted its ban on cryptocurrencies. This significant policy change could have a profound impact on the global cryptocurrency market, potentially leading to an increase in trading volumes and participation by Chinese investors in the market. (Source)
Although the tweet has caused a stir in the cryptocurrency industry, there has been no official confirmation or reliable evidence to support it.
However, this is not the first time such a rumor has surfaced. In a tweet on July 14, Galaxy Digital CEO Mike Novogratz mentioned hearing reports that China could lift its Bitcoin ban by the end of 2024.
"If this is true, and this is the second time I've heard this in a matter of weeks, it's a huge deal," Novogratz said, although that tweet has since been deleted, he admitted that more information was needed.
His statement was also met with skepticism, with one X user pointing out that China has banned and “lifted the ban” on cryptocurrencies multiple times without any lasting change.
China's Crackdown on Cryptocurrencies
China has had a complicated relationship with cryptocurrencies for years. The government first banned cryptocurrency exchanges in 2017, followed by a broader ban in 2021 targeting cryptocurrency trading and mining.
Despite these bans, China continues to play a major role in Bitcoin mining and still influences the global cryptocurrency market.
Given this history, many in the crypto community are viewing this new rumor with caution. One of the consistent responses has been that the Chinese government has “banned it multiple times before.”
This repeated cycle of speculation has made people less likely to take these rumors seriously. Some argue that even if China does change its position, it will likely be a gradual shift, not a sudden reversal.
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