[China prepares to reconsider Bitcoin ban in fourth quarter of 2024]
China may change its policy on cryptocurrencies in the fourth quarter of 2024, with rumors suggesting that Bitcoin may be unbanned.
China has taken a tough stance on cryptocurrencies since 2013, initially banning financial institutions from trading in Bitcoin. In 2017, China further banned initial coin offerings (ICOs) and closed domestic cryptocurrency exchanges. In 2021, the ban was extended to include cryptocurrency mining and all related transactions.
According to foreign media reports, China’s demand for cryptocurrency remains strong, with many users turning to overseas exchanges and underground markets. If China lifts its ban on cryptocurrencies, global markets will be greatly affected. As one of the world's largest economies, China's re-entry will increase trading volumes and drive up digital currency prices.
In addition, China’s technological strength can greatly promote the development of new applications of blockchain technology. Lifting the ban could trigger a wave of innovation and further boost industry development.
However, this shift remains speculative. If it comes true, it will significantly change the market and the global crypto market will benefit significantly, but may also face the risk of increased regulation.
