Since 2021, the Chinese government has banned crypto trading and mining activities across the country. Despite this, on April 6, 2024, local media released a report that the Beijing police discovered a string of illegal activities involving the sale of personal information using cryptocurrency. This activity in China indicates that the country never completely banned crypto, which is the reason why such activity is still active.
Is crypto is legal in China?
According to the report, the illegal transactions were conducted using cryptocurrency, totaling over $282 million. The criminals used more than ten virtual wallets to carry out these illicit transactions. However, this incident highlights the challenges authorities face in combating cybercrime and the importance of implementing robust measures to protect individuals’ sensitive data.
However, besides this illegal activity by criminals, Chinese citizens are also interested in buying and investing in crypto. In January 2024, Reuters reported that Chinese citizens are still active in the crypto market and they are using bank cards to buy crypto in the gray market as they believe cryptocurrencies are safer than investing in the traditional stock market.
How Chinese investors buying Crypto?
Additionally, Chinese investors, with the help of overseas bank accounts and online crypto exchanges, are using OTC platforms to invest in crypto. Although major cryptocurrency exchanges like OKX and Binance offer crypto trading and investing services to Chinese investors using Alipay and WeChat.
Besides all these activities in the crypto market, the overall cryptocurrency market is experiencing a decent upside momentum today. Top cryptocurrencies like Bitcoin, Ethereum, Solana, Binance Coin, and others experienced a decent price surge in their value.
If we look at the world’s biggest cryptocurrency Bitcoin, currently, it is trading near $68,350, and in the last 24 hours, it experienced a 1% upside momentum. If we look at the performance of Bitcoin over a longer period, in the last 7 days, it experienced a price correction of 2.5%. Whereas, in the last 30 days, Bitcoin experienced an upside momentum of nearly 2%.
