China’s 2021 ban on Bitcoin trading and mining is likely to be reversed soon, according to recent developments. The global momentum behind Bitcoin has been substantial, with figures such as US President-Elect Donald Trump, Fed Chair Jerome Powell, and Larry Fink voicing their support for the cryptocurrency.
Considering China’s propensity for secrecy, it is possible that they have already started accumulating Bitcoin without making it public. China’s lack of elections means they do not need to win public opinion like the US, so any moves they make regarding Bitcoin will likely be kept quiet until they are ready to announce them.
Given the global race to adopt Bitcoin, China may not want to miss out, and a reversal of the ban could happen as early as Q1 next year. Hong Kong, which China uses as a testing ground for new policies, has been making significant moves in the crypto space, indicating that China may be laying the groundwork for a broader shift.
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