Fact check: China ban cryptocurrencies?

Reports have surfaced recently claiming that China has once again banned all cryptocurrencies. Some news outlets like Financial Express, IDN Financials, and Hindustan Times have said that China has prohibited private citizens from owning Bitcoin. However, these claims have not been confirmed by the Chinese government.

China holds around 194,000 Bitcoin, which is the second-largest reserve globally. It is also one of the biggest markets for cryptocurrencies. The country has a history of banning crypto activities. Because of this, the recent reports were quickly believed and shared by many. This caused some Bitcoin investors to panic and sell their holdings.

The main source of this news appears to be a post on Binance Square. Binance Square is a public platform where users can share their own opinions and market analysis. It is important to note that these users are not officially connected to Binance. Financial Express quoted this post but did not provide a direct link to it.

There is no recent official research or statement from Binance’s official channels regarding new bans in China. Also, major Chinese regulatory bodies such as the Cyberspace Administration of China, the People’s Bank of China, and the State Administration of Foreign Exchange have not issued any announcements about this. These agencies usually release important updates about crypto rules in China.

China’s tough stance on cryptocurrencies is well known. Back in 2013, Chinese regulators stopped banks from processing Bitcoin transactions. In 2019, cryptocurrency trading was banned officially. Then, in September 2021, the People’s Bank of China declared all crypto transactions illegal, further tightening the restrictions. Despite these bans, some trading has continued on online platforms managed by foreign exchanges.

For now, the new reports of a fresh ban remain unconfirmed. Investors are advised to watch for official announcements from Chinese authorities before making any decisions.