Experts Debate Rumors That China Might Unban Bitcoin by 2024

Despite recent social media stories implying that China may relax its decades-long ban on Bitcoin, many in the cryptocurrency world continue to view this as highly unlikely.

According to recent rumors, China may lift its ban on Bitcoin by 2024. However, industry experts remain skeptical.

In a recent X thread, Galaxy Digital CEO Mike Novogratz shared rumors he had heard about China possibly “un-banning” Bitcoin by the end of 2024.

The majority of the responses on the thread expressed skepticism toward the validity of the information. Several posters doubted the possibility of China making a U-turn on Bitcoin.

Moreover, other commenters highlighted that Bitcoin was never fully banned in the first place.

“Nothing changed despite their multiple ‘bans’ on it. Same will happen if they ‘un-ban’ it again and again,” one commenter noted.

The commenter went on to highlight the mainland’s several attempts to ban Bitcoin and crypto-related activities, including an interdepartmental crackdown in 2021 and a ban on cryptocurrency exchanges in 2017.

Despite the stringent measures, China still leads the world in crypto, including Bitcoin mining.

As reported by SCMP, Wang Yang, a professor at the Hong Kong University of Science and Technology, urged the Chinese government to embrace crypto in the face of geopolitical threats.

At the end of June, he questioned the logic behind China’s ban on crypto mining.

The professor stated that it was “very unwise” to completely ban crypto mining in China because it would have sent linked companies to the U.S., where they could pay taxes.

Several key industry figures have maintained a strong belief that Bitcoin trading with the Chinese yuan will never be permitted in China.

Yifan He, CEO of Red Date Technology, a leading Chinese blockchain firm, told Cointelegraph that “unban Bitcoin” would essentially allow Chinese citizens to use their yuan to purchase Bitcoin within the country. He stressed that this will never happen.

He went on to explain that anyone making such a claim fails to fully understand the reasons behind China’s ban on Bitcoin and other cryptocurrencies.

Mikko Ohtamaa, co-founder of Trading Strategy, agreed with He, adding that a change of heart toward Bitcoin would go against the Chinese government’s political agenda.

“It is unlikely the rumors China is opening for crypto are true, as this would be against Xi’s agenda on how the Chinese state is built,” Ohtamaa said.

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