China has a strict regulatory attitude towards cryptocurrencies, which is mainly reflected in the following aspects: Prohibition of trading and mining

In 2013, China prohibited financial institutions from participating in Bitcoin trading. In 2017, it further banned initial coin offerings (ICOs) and closed domestic cryptocurrency exchanges. In 2021, it completely banned cryptocurrency mining and related trading activities.

Restrictions on commercial participation Commercial entities cannot freely participate in virtual currency investment trading, nor can they issue tokens on their own. While holding virtual currencies as individuals is not illegal, it is limited to personal ownership or as commodities and cannot be used as payment tools or investment vehicles.

Strengthening monitoring and review The State Administration of Foreign Exchange has issued regulations requiring banks to strictly monitor and label cryptocurrency transactions, track cryptocurrency activities in high-risk foreign exchange transactions, including underground banks, cross-border gambling, and illegal cross-border financial activities involving cryptocurrencies, and review based on the identity and funding sources of involved institutions and individuals, as well as transaction frequency, to restrict the provision of certain services to relevant trading parties.

Treating cryptocurrency transactions as a form of money laundering China officially categorizes cryptocurrency transactions as a form of money laundering, to intensify the regulatory scrutiny of cryptocurrency activities and curb illegal trading activities related to cryptocurrencies, such as fraud, terrorism financing, and money laundering.

Differentiating blockchain technology China's attention and promotion of blockchain technology have not diminished. It is viewed as an important component of the future digital economy, and at the national level, there is strong support for the development of blockchain technology. Moreover, the digital renminbi, which is based on blockchain technology, has been launched, but the digital renminbi is controlled by the central bank, which is fundamentally different from decentralized cryptocurrencies.

.... What do you all think?