China crypto ban has been in place for decades but crypto activities have continued in the country through VPN and OTC trading. With news of crypto unban in China doing rounds on social media, how trusted is this news? Let’s find out!
China crypto Ban is not something new in the crypto world. The Communist country has banned crypto in China numerous times. To be precise, this has happened a total of 3 times. Despite the stringent ban in China, crypto investors have continued dealing in crypto through Virtual Private Networks (VPNs), and Over-the-Counter (OTC) Trading processes.
The question is not about banning crypto but unbanning crypto in China!
China Bans Crypto: A Brief History
China has been very strict with crypto regulations in the country imposing a complete ban on virtual money on three different occasions. China Crypto Ban news grabbed the limelight when:
- PBoC banned financial institutions from processing Bitcoin Transactions in 2013
- The government banned ICOs and shut domestic crypto exchanges in 2017
- PBOC announced a broadcast ban declaring all crypto transactions as illegal in 2021
China Crypto Bans were forced to ensure financial stability, capital flight, environmental concerns, and control over monetary systems.
China Bans Crypto: Current Crypto State in China
Crypto activities in China have continued despite the repeated bans since 2013. Crypto Trading has continued in China in the form of Peer-to-Peer trading (P2P), Virtual Private Networks (VPN), DeFi, and Mining.
However, a recent tweet by Justin Sun triggered a rumor about ban reversal sent the crypto market to believe China unbanning crypto:
China Bans Crypto: Conclusion
With no official announcement from the Chinese Government, there is no assurance that China plans to unban Crypto anytime soon. In the meantime, let’s keep our fingers crossed for this rumor to become reality so crypto starts its second bull run soon!
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