🇨🇳 China Once Again 'Bans' Cryptocurrency

..or at least the headline might lead you to believe that.

But let's clarify: there is no new ban.

What is circulating today is just old news repackaged.

Altcoins related to China:

$VET

$FIL

$IMX

$VANRY

$CFX

$NEO

$CKB

$FLOW

$CAKE

$SUSHI

Some popular posts claim that China is now criminalizing cryptocurrency ownership, shutting down mining, and banning all transactions.

But in reality, all of this was banned back in 2021. There are currently no new policies in place, nor any new laws passed.

The People's Bank of China has not issued any statements.

This is just another round of fear cycles, which we now jokingly refer to in the cryptocurrency space as 'China FUD'.

China's history with cryptocurrency has always been fraught with tension. Over the years, they have cracked down on mining, shut down exchanges, and encouraged people to use their own national digital currency – the digital yuan. Yet, despite this, the cryptocurrency market has managed to adapt and recover each time.

Interestingly, these 'bans' seem to appear right at market turning points, as if someone somewhere wants to shake hands with the vulnerable. While the mainland continues to maintain restrictions, Hong Kong has quietly gone the opposite way – issuing exchange licenses, experimenting with stablecoins, and even dabbling in tokenization of risky assets.

Nonetheless, certain altcoins' reactions to this China-centric news are still worth observing.

Bottom line: nothing has changed. No new bans, just another déjà vu moment.

Stay calm, stay sharp, and don't fall into the trap of FUD.