JUST IN: 🇨🇳 Despite being widely reported as having “banned” cryptocurrencies, China still allows individual transactions while strictly restricting institutional involvement.
This means that individuals can still own and trade crypto through OTC or P2P channels, while banks and businesses are prohibited from offering related services.
This partial ban has created a thriving underground market, especially for stablecoins like USDT. It highlights China’s tight control over capital flow but also shows that it has not completely eliminated individual crypto activities.
