⛔️ China🇨🇳 bans individuals from owning cryptocurrencies

⛔️ China🇨🇳 bans individuals from owning cryptocurrencies

In 2017, ICOs and cryptocurrency trading were banned; in 2021, mining was prohibited; and now, the possession of cryptocurrencies by individuals has been banned, as detailed in this report.

▶️ What happened❓ — Prior to this measure, there was a massive sale of crypto assets confiscated by Chinese authorities. As a result, Bitcoin’s price dropped to $104,684, though it later began to recover.

▶️ What’s next❓— These regulatory actions could have a significant impact on the crypto market. Despite the sales, China still holds the second-largest bitcoin reserves worldwide, with 194,000 BTC valued at about $20.6 billion USD, representing 0.924% of the total supply issued.

▶️ What’s the context❓ — The ban reflects the Chinese government’s intent to maintain strict control over the national financial system and promote the use of the digital yuan (CBDC). Traditional cryptocurrencies like Bitcoin and Ethereum are likely seen as direct competitors to this state digital currency.

▶️ What could happen next❓ — This prohibition could accelerate the decentralization of crypto usage and custody across Asia, as users and platforms may relocate to jurisdictions with more favorable regulatory environments.

#news #China #crypto

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