{"id":26444,"date":"2024-12-06T17:45:20","date_gmt":"2024-12-06T17:45:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=26444"},"modified":"2024-12-06T17:45:20","modified_gmt":"2024-12-06T17:45:20","slug":"is-china-planning-a-crypto-comeback-two-major-signs-that-say-yes","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=26444","title":{"rendered":"Is China Planning A Crypto Comeback? Two Major Signs That Say Yes!"},"content":{"rendered":"

China, once a dominant force in the crypto space before its stringent crackdown on crypto trading and mining in 2021, is showing signs of a potential comeback<\/span><\/p>\n

Recent developments indicate a softening stance towards blockchain technology and digital assets.<\/span><\/p>\n

Explore: China To Be Hero Of This Bullrun? Two Chinese Tokens Everyone Should Be Looking At!<\/a><\/strong><\/p>\n

Hong Kong Is Emerging As A Crypto-Friendly Hub<\/strong><\/h2>\n

For instance, Hong Kong has emerged as a crypto-friendly hub under China\u2019s \u201cone country, two systems\u201d framework. The city has introduced regulatory frameworks to attract crypto businesses and investors.<\/span><\/p>\n

Furthermore, China continues to invest heavily in blockchain technology through state-backed initiatives like the Blockchain-based Service Network (BSN), which aims to integrate blockchain into various sectors.<\/span><\/p>\n

These moves suggest that while China may not fully embrace decentralized cryptocurrencies like Bitcoin, it recognizes the strategic importance of blockchain technology in maintaining its global tech leadership.<\/span><\/p>\n

Meanwhile, mainland\u00a0<\/span><\/span>Chinese\u00a0<\/span><\/span><\/span>can\u00a0<\/span><\/span>trade\u00a0<\/span><\/span><\/span>using\u00a0<\/span><\/span><\/span>a\u00a0<\/span><\/span>VPN,\u00a0<\/span><\/span><\/span>but\u00a0<\/span><\/span>not\u00a0<\/span><\/span><\/span>with\u00a0<\/span><\/span><\/span>yuan,\u00a0<\/span><\/span><\/span>according\u00a0<\/span><\/span>to\u00a0<\/span><\/span><\/span>Bybit\u00a0<\/span><\/span><\/span>Crypto\u00a0<\/span><\/span><\/span>Exchange.<\/span><\/span><\/span><\/a><\/p>\n

Shanghai Court Ends China Bitcoin Ban<\/h2>\n

China Bitcoin Ban? Nope.<\/p>\n

That myopic, foolhardy era of Chinese economics is over.<\/p>\n

A Shanghai court has dropped a surprise verdict in November 2024, declaring that owning cryptocurrency isn\u2019t illegal under Chinese law, finally giving crypto holders some legal peace of mind.<\/p>\n

Sun Jie, a Shanghai Songjiang People\u2019s Court judge, broke it down in a statement on the Shanghai High People\u2019s Court\u2019s WeChat account. The takeaway? Citizens can legally hold crypto as personal property, but businesses can\u2019t invest in or issue tokens without strict oversight.<\/p>\n

Only 11 countries have a GDP higher than the value of Bitcoin. Soon there will be only 7. At the peak of this cycle, there will likely only be 2 countries whose economy is bigger than Bitcoin: China and the USA.<\/p>\n

\u2014 FRANCIS \u2013 BULLBITCOIN.COM (@francispouliot_) November 21, 2024<\/a><\/p>\n\n

However, owning Crypto in China Isn\u2019t Illegal, Says Judge Judge Sun Jie of the Shanghai Songjiang People\u2019s Court provided the first legal clarity in years regarding cryptocurrency ownership. Writing on the official WeChat account of the Shanghai High People\u2019s Court, Sun stated that individual ownership of cryptocurrencies does not violate Chinese law.<\/p>\n

Explore: Shanghai Court Ends China Bitcoin Ban: Will Power Grid Cope?\u00a0<\/a><\/strong><\/p>\n

\u00a0<\/p>\n

The post Is China Planning A Crypto Comeback? Two Major Signs That Say Yes!<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

China, once a dominant force in the crypto space before its stringent crackdown on crypto trading and mining in 2021, is showing signs of a potential comeback Recent developments indicate a softening stance towards blockchain technology and digital assets. Explore: China To Be Hero Of This Bullrun? Two Chinese Tokens Everyone Should Be Looking At! […]<\/p>\n","protected":false},"author":0,"featured_media":26445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-26444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26444"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26444"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/26445"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}