In China, cryptocurrency activities are officially prohibited by the Government, but at present, the Chinese government may be thinking of investing in the cryptocurrency market and perhaps add bitcoin to its strategic reserves.
It arises in Bitcoin’s trade despite the prohibition
According to reports, the Chinese government has a permanent prohibition of cryptocurrency trade and other mining activities. However, this activity does not have a great impact. In a registry, China registered approximately $ 86.4 billion in cryptocurrency transactions, beyond the $ 64 billion of Hong Kong during the same period. This shows that this is a solid underground market and provides free sales platforms and informal networks in pairs.
Speculations on government accumulation of Bitcoins
According to a report, a defender of Bitcoin, Max Keizer, has reclaimed that China and Russia are currently interested in buying Bitcoin. Recently, Max Keizer declared in a publication on social networks that “China and Russia are buying #bitcoin. This is becoming wild!”
Another report also suggests that China is organizing high -level meetings of closed door to discuss the incorporation of Bitcoin into its strategic reserves. David Bailey, an outstanding person in the cryptocurrency market, has shown that these reports are not true and, on the other hand, official confirmation is still pending.
Legal ambiguities and future perspectives
After the official prohibition of the Chinese government, there are some specific aspects of China’s legal position on cryptocurrency. According to a recent report, a Shanghai court has mentioned that personal investment in cryptocurrencies is not illegal according to Chinese law and provides some legal services to those who are individual holders in the cryptocurrency space.
According to a report, the Chinese government thought they could review their policies and organize them in a sequence because Hong Kong uses web3 technologies and includes the global cryptocurrency panorama. According to experts, the Chinese government is raising its prohibition of cryptography, and there is 50% possibilities of it.
