Can I still buy and sell Bitcoin in China?

Currently in mainland China, the purchase and sale of Bitcoin has been severely restricted. The reason is that the People’s Bank of China issued a policy in September 2017 prohibiting financial institutions and payment platforms from participating in virtual currency transactions. The specific contents of the policy include: prohibiting banks and payment platforms from processing Bitcoin transactions, prohibiting ICOs and virtual currency exchanges, and severely cracking down on illegal virtual currency activities. These measures led to the closure of domestic virtual currency trading platforms, the collapse of Bitcoin prices, and a large number of investors suffering losses. Currently, individuals can still hold Bitcoin, but they cannot trade or exchange it, and transactions are mainly conducted on overseas platforms.

Can I still buy and sell Bitcoin in China?

Currently, in mainland China, the purchase and sale of Bitcoin has been severely restricted.

Reason:

The Central Bank of China has issued a series of policies since September 2017 to prohibit domestic financial institutions and payment platforms from participating in virtual currency transactions.

Regulatory rules:

• Banks and payment platforms are prohibited from processing Bitcoin transactions: Banks and third-party payment platforms are not allowed to process Bitcoin transactions The transaction provides services such as account opening, clearing and settlement.
• Prohibition on ICOs and virtual currency exchanges: Financing and trading activities through initial coin offerings (ICOs) and virtual currency exchanges are prohibited.
• Severe crackdown on illegal virtual currency activities: The public security department will severely crack down on criminal activities such as fraud, money laundering and illegal fund transfers related to illegal virtual currencies.

Impact:

The above regulatory measures have had a significant impact on the domestic Bitcoin market:

• Trading platform Closed: All domestic virtual currency trading platforms have been closed.
• Price Plunge: The price of Bitcoin has fallen sharply, with a drop of nearly 90%.
• Investor losses: A large number of investors suffered losses due to the plummeting price of Bitcoin.

Current situation:

Currently, domestic individuals can still hold Bitcoin, but cannot trade or exchange it. Bitcoin transactions are mainly transferred to overseas platforms.

Note:

Although individuals can still hold Bitcoin in mainland China, the following matters still need to be noted:

• Overseas There may be risks to the legality and security of Bitcoin trading platforms.
• Overseas Bitcoin transactions will involve fund transfers and may involve foreign exchange controls or other legal risks.
• Participating in illegal virtual currency activities may face legal penalties.

The above is the detailed content of Can I still buy and sell Bitcoin in China?. For more information, please follow other related articles on the PHP Chinese website!