China is about to lift the ban on cryptocurrencies? — Latest developments spark rumors? ?

Given some recent developments, China may re-allow cryptocurrency ownership. Major cryptocurrency exchange Bybit has reportedly resumed registration and identity verification for Chinese users, although the official stance has not changed.

China is about to allow Bitcoin in again. He expects a sharp rise in Bitcoin prices, but not a hundredfold.

Since the birth of cryptocurrencies in 2009, China has had a mixed attitude towards the industry. Despite tolerating development for about a decade, digital currencies have never been officially legalized in China. Bitcoin has attracted a large number of users in China, becoming one of the main adopters.

However, after the popularity of altcoins in 2017, China began to crack down on digital currencies.

The government suddenly introduced hostile policies, and the industry began to decline as a result. At first, mining operations slowed down significantly, until the government banned mining completely in 2021. This led to a large exodus of miners, eventually heading to the United States and Central Asian countries where electricity is cheap.

China still has a large and enthusiastic cryptocurrency community, but almost all activities, from using Bitcoin to NFTs and programmable public blockchains, are illegal and may face imprisonment. Still, the government's iron-fisted policy has not completely stopped these activities.

Many underground Chinese cryptocurrency enthusiasts hope that government policies will change so that they can openly participate in industry activities. The recent resumption of Chinese user registration by Bybit may indicate a reversal of policy.

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