No Ban on Cryptocurrency in China

The speculative ban on cryptocurrency in China as been around for a while with many claiming it may influence other States that are already at odds with crypto but the level and explanation of the ban is unexplained and many say there is no ban at all; China is still trading.

To say there is no ban at all is already closest to the explanation, this is because China still has a large share in the Crypto world with many mining firms, crypto projects and exchanges still operating in the country. So what is the ban?

It has just been cleared from many source that there is no ban at all on owning and trading cryptocurrency and crypto firm are free to operate in the country; rather the ban is on ICO and this is to avoid scams because of the number of fake projects.

A local media in China reported that there is no ban at all on cryptocurrency; owning and trading it doesn’t constitute a crime.

The Beijing News reported that Sa Xiao, a legislation expert from the Bank of China siad “It is legal to own bitcoins in China” and that occasional exchange of bitcoins between individuals and individuals is legal.

Author: CoinTick Editorial

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