• Advertise with us
  • Pricing
  • Submit News
Instagram Twitter Facebook Telegram Youtube Linkedin
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
  • News
    • Price Analysis

    Main News

    • Crypto News
    • Bitcoin and BTC
    • Altcoin News
    • Security & Hacks
    • ICO & Token Sales
    • Interviews & Profiles

    Information

    • Press Release
    • Research Report
    • Regulations, Law & Policy
    • Community/Guest Post
    • Events & Conferences
    • Tutorials & Guides

    Market

    • Technical Analysis
    • Price Analysis
    • Cryptocurrency Price Prediction
    • DeFi (Decentralized Finance)
    • Mining & Staking

    Other Categories

    • NFTs & Digital Art
    • Opinion & Editorials
    • Tech Innovations
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
More
  • News
    • Price Analysis
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
Reading: China To Unban Crypto? Rumors of a Policy Shift Ignite Market Hopes
Share
Sign In
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
EdaFace Newsfeed > Latest News > Crypto News > China To Unban Crypto? Rumors of a Policy Shift Ignite Market Hopes
Crypto News

China To Unban Crypto? Rumors of a Policy Shift Ignite Market Hopes

vitalclick
Last updated: August 21, 2024 2:58 am
5 months ago
Share
SHARE

Crypto investors are impatient as Bitcoin trades sideways during the summer slump. However, some signs suggest a major shift is upcoming. Analysts expect Bitcoin to perform well in the fourth quarter, and rumors of China reconsidering its crypto ban have shaken the sector. 

After Eupore, China is tightening its anti-money laundering (AML) laws with new regulations targeting cryptocurrency transactions. Starting Tuesday, virtual asset transactions, including those through crypto exchanges, will be classified as money laundering activities. 

What’s New in China? 

This update comes from the Supreme People’s Court and the Supreme People’s Procuratorate, marking the first time such a move has been made in China. The law now defines laundering amounts over 5 million yuan (about $685,000) or causing losses exceeding 2.5 million yuan (about $343,000) as serious offenses. Convictions can lead to imprisonment and significant fines, with penalties increasing for more severe sentences.

Survey of Chinese Crypto Users

In the meanwhile, in a recent survey, 96.72% of Chinese-speaking crypto investors chose Binance. Gate.io and OKX are popular. 87.17 percent of the community gets bitcoin news via social media X. Despite China’s regulatory framework, many users speculate and hold crypto full-time. China’s changing crypto stance could be due to the upcoming US elections. 

China’s to Ban Crypto?

One of the biggest rumors creating buzz is that China might lift its ban on cryptocurrency trading. The potential legalization of cryptocurrencies in China might lead to increased adoption and innovation in the sector. In July, Yifan He, CEO of Red Date Technology, and Mikko Ohtamaa, co-founder of Trading Strategy, expressed doubts about China ever allowing its citizens to freely trade Bitcoin with local currency, citing the government’s political agenda. China previously banned crypto exchanges in 2017 and intensified its crackdown on crypto in 2021.

However, this policy shift, coupled with recent moves by other countries like Russia to leverage crypto activities, could signal a broader trend towards more positive global regulations for digital currencies. China’s re-entry into the crypto market could drive significant price movements and volatility, offering new opportunities for investors and tech companies. 

Justin Sun’s Call for Policy Reassessment

Adding to the debate, Tron founder Justin Sun has urged China to reconsider its stance on Bitcoin, particularly in light of former U.S. President Donald Trump’s recent endorsement of the digital currency. Trump’s plan to create a “strategic Bitcoin stockpile” aims to position the U.S. as a global leader in crypto, which could prompt China to reassess its fluctuating crypto policies. Sun argues that competition between China and the U.S. on Bitcoin policy could ultimately benefit the cryptocurrency industry.

Earlier this year, China allowed certain crypto activities in Hong Kong, including launching ETFs and retail trading. If these permissions extend to mainland China, the extra capital flowing into the market could further fuel optimism for the rest of 2024.

You Might Also Like

Why Ethereum is Down Today? Is Institutional Demand Shifting to Bitcoin?

VanEck Closing Its Futures ETH ETF: What You Need to Know

Investment Advisers Will Become the Biggest Investors in US Bitcoin ETFs

Solana (SOL) Breakout, $260 the Next Target?

Cat-Themed Crypto Gaming Altcoin Catizen (CATI) Reaches New High After Binance Listing

TAGGED:CryptoNews
Share This Article
Facebook Twitter Email Print
Previous Article Polygon (MATIC) & GALA Tokens Eye For A 20% Bullish Reversal?
Next Article Will Ethereum (ETH) Price Hit $3K or Drop Below $2.5K in August?
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto Live Widget

Follow for Live Updates
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad imageAd image
Popular News
Cryptocurrency Regulation in Russia : Blockchain Development
Current Cryptocurrency Regulations in India
Explore Cryptocurrency Regulation in South Korea
2 Altcoins Win Trial
Claimed Bitcoin Inventor Craig Wright Gets Shocked in Court! His Assets Are Frozen

Company

  • Vision
  • Mission
  • LitePaper
  • Whitepaper
  • Core Values
  • Branding
  • Teams
  • Career Listing
  • FAQ
  • Welfare Donations

Products

  • EDA Token
  • Blockchain Literature
  • EdaFace Dex
  • EdaFace Mall
  • Listing Platforms
  • Newsfeed
  • NFT Marketplace
  • P2P Market
  • Scam Verification Centre
  • School of Crypto

Legal

  • Term of Use
  • Privacy Policy
  • Disclaimer
  • Listing T&C
  • Listing Platforms
  • Eda Token Policy

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

EdaFace

About US

EdaFace is a user interface aggregator that brings all the various functionalities of the crypto industry onto a single platform! You can advertise, launch and crowdfund your crypto project via EdaFace Launchpad and Newsfeed.

Contact us: support@edaface.com

Follow us

Instagram Twitter Facebook Telegram Youtube Linkedin

Copyright © 2022 – 2024. EdaFace is a product of Emerging Digital Age (EDA) Pty Ltd. All Rights Reserved.

Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
EdaFace
Welcome Back!

Sign in to your account

Lost your password?