Has Bitcoin been banned again? China FUD makes a comeback

On Sunday, several prominent social media accounts began sharing news that China is banning cryptocurrency trading and mining (again).

Kalshi, the official X-account for the popular betting site, has amplified the unfounded rumors of the first Squawk. The former’s headlines published by the All-Caps, citing capital flights and environmental concerns, attracted almost 800,000 views.

Su Zhu, founder of three arrow capital of the now-deprecated cryptocurrency hedge fund I said There is “zero evidence” from his Chinese sources about a fresh cryptocurrency ban imposed by the government.

He also has Colin Wu, a pseudonymous Chinese cryptocurrency blogger. It is listed There is no evidence of new restrictions.

China’s confusing code ban

China banning Bitcoin has become a running joke within the cryptocurrency community after stories like this have been used to control the news cycle.

The People’s Bank of China (PBOC) initially banned local financial institutions from conducting Bitcoin transactions in late 2013.

China’s huge cryptocurrency crackdown came in September 2017 when the second-largest economy imposed a blanket ban on early coin offerings (ICOs), banned domestic cryptocurrency exchanges, and was forced to move overseas.

Finally, As Reported by U.TodayChina has started cracking down on thriving mining in 2021.

Is there anything that is prohibited?

In his post, WU made it clear that China has never banned individual crypto transactions.

He added that despite the 2021 clampdown, Bitcoin mining is still occurring in many parts of China.

In fact, China still accounts for 21% of the world’s hashrate.

Finally, Stablecoins and Real World Assets (RWAS) have also become prominent among government officials in China.