What's new in China?
The update comes from the Supreme People's Court and the Supreme People's Procuratorate and marks the first such move by China. The law now defines money laundering of more than 5 million RMB (about $685,000) or causing losses of more than 2.5 million RMB (about $343,000) as a serious crime. Convictions can result in imprisonment and hefty fines, with the heavier the sentence, the heavier the penalty.
Chinese Crypto User Survey
Meanwhile, in a recent survey, 96.72% of Chinese cryptocurrency investors chose Binance. Gate.io and OKX are popular. 87.17% of community members get Bitcoin news through social media X. Despite China's regulatory framework, many users speculate and hold cryptocurrencies full-time. China's change in cryptocurrency stance may be due to the upcoming US election
One of the biggest rumors that has generated buzz is that China may lift its ban on cryptocurrency trading. The potential legalization of cryptocurrency in China could lead to increased adoption and innovation in the space. In July, Red Date Technology CEO He Yifan and Trading Strategies co-founder Mikko Ohtamaa expressed doubts about whether China would allow its citizens to freely trade Bitcoin and local currencies, citing the government's political agenda. China previously banned cryptocurrency exchanges in 2017 and stepped up its crackdown on cryptocurrencies in 2021.
