China completely bans the ownership of Bitcoin and cryptocurrencies in a new escalation

Chinese authorities announced in May 2025 a total ban on the ownership of cryptocurrencies, including Bitcoin, adding to the previous prohibition on trading and mining.

The decision prevents individuals from owning digital currencies in any form, with threats of legal sanctions for offenders. China justified this move by arguing that it aims to protect the financial system and support the digital yuan.

Following the announcement, cryptocurrency markets experienced a sharp decline, losing more than 60 billion dollars in market value within 24 hours.