$BTC

Crypto trading in China has faced significant regulatory challenges. The Chinese government has imposed strict bans on cryptocurrency exchanges and Initial Coin Offerings (ICOs) since 2017. In 2021, it declared all crypto-related transactions illegal, aiming to protect financial stability and prevent money laundering. Despite these restrictions, underground trading continues, with some individuals using VPNs and overseas platforms to bypass regulations. Meanwhile, China is actively promoting its own central bank digital currency (CBDC), the digital yuan, as a state-controlled alternative. The country's tough stance on cryptocurrencies reflects its focus on financial control and curbing the risks associated with decentralized digital assets.