Breaking! Is Bitcoin going to be open? If Bitcoin trading is allowed

Recently, there have been discussions about China possibly lifting the ban on cryptocurrencies in the fourth quarter of 2024, but this is merely market speculation and discussion, with no official statement or policy released.

2. China banned financial institutions from participating in Bitcoin trading in 2013, and subsequent regulatory measures were implemented, including the prohibition of initial coin offerings (ICOs) in 2017 and the closure of domestic cryptocurrency exchanges, as well as a comprehensive ban on cryptocurrency mining and related trading in 2021.

3. Despite China's strict regulations on cryptocurrencies, the demand for cryptocurrencies among the Chinese public remains high, and many participate in cryptocurrency trading through overseas exchanges and underground markets.

4. There are rumors that Bitcoin ETFs may be included in the Shanghai-Hong Kong Stock Connect program, but there is currently no official confirmation, and there are policy obstacles because Chinese policies prohibit financial institutions from providing services for virtual currency-related business activities.

5. Russia will allow the use of Bitcoin for cross-border transactions starting September 1, 2024, representing a significant shift in Russia's attitude towards cryptocurrencies, but this policy change does not apply to China[^4^]. In summary, there is currently no official news or policy indicating that China has opened Bitcoin trading, and discussions and speculations in the market cannot serve as a basis for changes in Chinese policy. Therefore, regarding the opening and trading of Bitcoin in China, we still need to wait for an official clear statement and policy guidance.

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