Is Bitcoin Legal in China: Can Bitcoin be Traded in China?


"Is Bitcoin legal for trading in China?"

2023-06-04 12:01

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Release time 2023 06 04

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Bitcoin's legality in China is somewhat of a grey area. In 2013, the People's Bank of China (PBOC) declared that Bitcoin was not a currency, and that financial institutions could not trade in it or provide services related to it. However, there were no specific regulations forbidding individuals from buying, selling, or using Bitcoin for personal transactions.

In September 2017, the situation changed when the Chinese government announced a ban on Initial Coin Offerings (ICOs) and ordered all cryptocurrency exchanges operating in China to shut down. This move essentially made it illegal for Chinese citizens to trade cryptocurrencies on local platforms. However, there are still ways for people to buy and sell Bitcoin in China, either through foreign exchanges or over-the-counter (OTC) trading.

Therefore, while Bitcoin trading is not technically legal in China, it is still possible for individuals to engage in the practice using alternative methods.

Release time 2023 06 04

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