Chinese state-owned media publication Economic Daily published an article on Sunday to warn against the risks associated with bitcoin amid the cryptocurrency’s recent rally, as China continues to ban crypto trading activities.
Jingji Ribao, or Economic Daily, a state-owned newspaper, wrote that investors should “stay cautious” about bitcoin-related products and that bitcoin has yet to enter the mainstream.
The article noted that while the U.S. has allowed the listing of spot bitcoin exchange-traded funds (ETFs), China continues to enforce a ban in crypto trading. The article cited Xiao Sa, a lawyer based in Beijing, saying that the sweeping ban means that overseas bitcoin ETF dealers can not sell relevant financial products to Chinese residents, and that investors in the Chinese mainland are also not allowed to directly purchase such products.
In September 2021, the People’s Bank of China, the Supreme People’s Court and several other central authorities issued a notice banning all crypto trading activities on the mainland. The ban clarified that services provided by overseas crypto exchanges to Chinese residents on the mainland are considered illegal financial activities. Many investors, however, still found ways to circumvent the rules and trade overseas.
The price of bitcoin rallied above the $60,000 mark last week and briefly breached $64,000 on Monday morning in Asia. The world’s largest crypto by market capitalization rose 2.44% in the past 24 hours to trade at around $63,600 at 12:30 p.m. Hong Kong time on Monday, according to The Block’s Price Page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
