China banned bitcoin, Again?

[Agbamoni]

OP till now, there has not been any official announcement from a central authority. If it's not coming from the Chinese authorities, that is the People Bank of China or from a memo from the state council then the information is not valid.

The restrictions on crypto activities, including trading and mining in China is not a new news, it have been in place since as far back as 2017. So, treat this news as a false news for now.

[Cryptoddler]

China ban on bitcoin has been ongoing issue but the market does not recognize it as threat to the market anymore.
In my opinion, it is something that we should not be worried too much when it comes to investing in Bitcoin!
When US is accepting Crypto as their best bet, China will also make their move to revitalize it too.

[m2017]

I saw this news on the Altcoinstalk and searched whether this is true, and yes, it looks like every news media outlet posted an article that claims China banned crypto trading, holding, and mining from 31st May 2025. Yet, there is no government ruling that states it is illegal, just like they always do but what's gonna be the impact on the bitcoin now, and it's not just the price perspective.

BTW, this is not the first time they did it, it started way back in 2013 and later in 2017, and so on with various reasons and various types of ban but now this just hit us.

How can ban something that is already banned?

Nothing, really - China already banned Bitcoin years ago, so this kind of news isn’t surprising and shouldn’t impact the market anymore.

When they "scare" with the same thing, the effect of intimidation (for the market) will be less and less each time. It also seems to me that the negative reaction from this will not be as noticeable as before.

Irony is that they made it illegal for their citizens to hold, trade, or mine while the government itself is accumulating bitcoin for a while.

"Quod licet Iovi, non licet bovi" - It's always been like this. A classic of the genre.

Now pay attention to this event with "illegal for their citizens to hold, trade, or mine".

I have repeatedly voiced the assumption that governments will simply ban bitcoin at some "fine" moment. China has made its 1st move and, being the flagship among countries, will set the trend for others. I assume that in the future, bitcoin will also be banned for citizens in other countries, but the countries themselves will accumulate btc. It is too good a financial instrument, which is dangerous for citizens to use from the government's position (from their point of view).

Everyone expected the popularity of bitcoin to grow, but with this there are side effects when the increased interest of governments in this asset will push them to limit the use of btc by their citizens.

[Marvell1]

Do you have any credible information or evidence that the Chinese government is secretly accumulating bitcoins?

There has not been any credible information to back up the claim that China is buying more Bitcoin. But some economist or scholars assumes that Hong Kong is China's crypto middleman. Hong Kong has close ties with China, and the country's recent soft approach towards crypto is suspicious. People think China is buying Bitcoin through Hong Kong.

It is true that bitcoin is attracting the attention of the global financial community, but the demand for it is still limited to the institutional and corporate level. Top central banks like the Fed and, ECB have not expressed interest in bitcoin yet, and I think PBoC is the same.
Like I said, it's all speculation and rumors, and I don't think China needs bitcoin as we imagine.

To diversify its foreign reserves, China has been buying gold aggressively in recent months. Maybe they now prefer to keep their reserve more in gold than dollars.

https://www.gold.org/goldhub/gold-focus/2025/04/chinas-gold-market-update-investment-boom-continues-march#:~:text=China's%20gold%20reserves%20rose%20further,of%2012.8t%20of%20gold.

China has been accumulating gold since 2022, not just in recent months. Most notably, they have accumulated more than 200 tonnes of gold, equivalent to about 5% of total global gold demand in 2023.

[ultrloa]

China ban on bitcoin has been ongoing issue but the market does not recognize it as threat to the market anymore.
In my opinion, it is something that we should not be worried too much when it comes to investing in Bitcoin!
When US is accepting Crypto as their best bet, China will also make their move to revitalize it too.

Their decision made against Bitcoin is not a threat anymore its because many people already know that China really hates Bitcoin and they do this for many times. People are not surprised about this news that's why we could see that there's no big effect happen after this fud spread.

I don't hope for now about changing their stance against Bitcoin since they have other agenda pushed. Maybe we need to see if they succeed since maybe this banning will continue. But if it happens that China will fail and they see that US also other country adopt Bitcoin succeed for sure that they would follow to allow Bitcoin to circulate in their country.

[Patikno]

I saw this news on the Altcoinstalk and searched whether this is true, and yes, it looks like every news media outlet posted an article that claims China banned crypto trading, holding, and mining from 31st May 2025. Yet, there is no government ruling that states it is illegal, just like they always do but what's gonna be the impact on the bitcoin now, and it's not just the price perspective.

BTW, this is not the first time they did it, it started way back in 2013 and later in 2017, and so on with various reasons and various types of ban but now this just hit us.

Irony is that they made it illegal for their citizens to hold, trade, or mine while the government itself is accumulating bitcoin for a while.

Based on the news that I saw, China did the ban with the aim of accelerating the transition to their digital currency. However, I think there is another purpose of the policy, and I think it is like taking advantage of the market moment, because we know that the impact of this has caused several cryptos, including Bitcoin to experience a correction although not too significant for the decline in value, so I think that is one part of what they are taking advantage of, because we also know that China is not against Bitcoin and they also have it, so I think my guess is probably right.

[Dr.Bitcoin_Strange]

If the news was really true, at least it would have caused a little shift on the market but nothing happened, instead price went from $101k to $105k and it's even about that Mark today. We all know how such news can even force the citizens to start selling  and with the selling pressure could make the price dip but we didn't experience such and like someone has mentioned here, the news is not from the Chinese government, so the rule hold no weight.

[Swordsoffreedom]

So far, it can be confirmed that it is fake news because no reliable media has reported on it. But even if this news is true, it is not worth worrying about because China has banned bitcoin since 2017 and imposing another ban would not make any sense. Not to mention, the market has adapted to not needing the world's second largest economy anymore, so this kind of news is nothing to worry about and needs to be paid attention to.

So far, Bitcoin has become popular and accepted globally but China still maintains a harsh hostile stance towards bitcoin, I think we should stop expecting anything from them.

[Stable090]

I saw this news on the Altcoinstalk and searched whether this is true, and yes, it looks like every news media outlet posted an article that claims China banned crypto trading, holding, and mining from 31st May 2025. Yet, there is no government ruling that states it is illegal, just like they always do but what's gonna be the impact on the bitcoin now, and it's not just the price perspective.

I don’t really know how real the news is, but I will say we are already use to china banning bitcoin, if bitcoin is banned by china again, I don’t think it’s even going to affect bitcoin price, because we are already use to it, and most people already knows the truth. Time will come when the government won’t have choice than to accept bitcoin, I don’t really know the problem which the china government, but am sure they won’t have choice than to accept bitcoin later in the future. We shouldn’t even panic about what the china government is doing currently, they won’t have choice than to accept bitcoin later in the future.

[red4slash]

I'm actually not too surprised or interested in this kind of fud because it's like you said that this is not the first time China has done something like this considering that almost every year China does the same thing by trying to create negative fud and make them get momentum to do a reversal where they legalize again and when the price is high they will also do the same fud again.

It's just a way for them to get back to getting bitcoin cheaper actually because sometimes in some moments like this even though it doesn't really apply but it's enough to make them get momentum in the shorter term where the market will have a little problem.

Now they are back to making bitcoin illegal not even just from the mining sector because for now China is also making a ban on private ownership of bitcoin. I don't find this news too strange for China because they always do the same thing like this so it's not too strange for me.

[hyudien]

I will not easily believe news that is not fully confirmed. China has indeed banned Bitcoin several times but this year it seems that someone has to reverse the facts for unclear purposes. So far, Chinese regulations have not given any strong warnings about Bitcoin, and as many people say, the information released is more unlikely to be completely true. This is precisely the rumor of the ban but once again looking for more sources will be able to understand the information more validly.

[Josefjix]

This anonymous person wrote that FUD piece on Binance and it doesn't even make sense. They claim that in reaction to this bitcoin fell from 111k to 104k, but the price on May 31st was 105k and it actually went up from there in the following days to reach 107k. If the news came out on may 31 and bitcoin went up, it means it had nothing to do with the news, or the news was fake.

It's funny how someone will forge out news that seems to be correct when it's not, actually Bitcoin had been having a serious retracements after experiencing it's new ATH which usually happens anytime this scenerio occur, and so it does not matter if there are news causing that or not.

The fact that Bitcoin price movement moves in such a way that many fuders try fake news behind Bitcoin downward in price, it's always like that and that's the beautiful nature of the price action of Bitcoin.

[Botnake]

Nothing’s new with China. They keep on banning bitcoin, but lift it again after some time. Reality is, owning bitcoin in China isn’t actually banned, but it’s only trading and mining. Otherwise, if they will actually banned bitcoin ownership, how will they justify their massive hodling of bitcoin.

This could led to the realization that, while trading and mining are currently illegal but that’s for middle-class people maybe, while the government itself remains active in accumulating bitcoin. It more looks like the end does not justify the means as it only created a bias treatment between them and the government.

[Muba20]

If the government of China does not legalize cryptocurrency, it is an internal matter of that country. They certainly have enough manpower to decide what level they want to see their economy in the future or what strategy they will take politically. I do not think that their decision will change anything in the crypto space. Except for China, various countries around the world are already trying to give more importance to Bitcoin. If countries implement plans to reserve Bitcoin nationally in the future, China will suffer the most. I think China will never make such a big mistake. It seems to me that they will show a negative impact on Bitcoin to the general public, but in reality, I think they will work positively with Bitcoin.

[Smack That Ace]

I see many people are misunderstanding about China's ban. While they have issued a ban on bitcoin and cryptocurrencies and it is considered quite strict but it is not a blanket ban. According to a Chinese court ruling, cryptocurrencies are still considered legal virtual assets in China and people have the right to own them.

https://cointelegraph.com/news/china-court-declares-virtual-assets-as-legal-properties-protected-by-law-report

And the ban that OP mentioned is a blanket ban (including ownership) but luckily that is fake news and as Cointelegraph confirmed, it is just a false rumor from a post on Binance Square.


https://cointelegraph.com/magazine/la-gate-liquidation-fiasco-sec-crypto-influencers-asia-express/?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound

[MinoRaiola]

just like they always do but what's gonna be the impact on the bitcoin now, ...

Nothing, really - China already banned Bitcoin years ago, so this kind of news isn’t surprising and shouldn’t impact the market anymore.

The price dipped a bit today, but I don’t think it’s because of that news. It’s likely due to something else.
It would help if you could provide a source so we can check the full details and see what really caused the move.

That is correct, and we must not forget that a lot of things are forbidden in china. Also google is banned, or facebook, youtube, chatgpt and much more. China wants to have a complete control on the people and bitcoin is one thing they cant control. But they should have understood by now that they cant ban it. The world doesnt care about the ban, it goes on and it will always go on. Ithink the chinese people want bitcoin, but are afraid of doing something wrong. With their humanscore system, they cant do anything wrong.

[Pandorak]

If the news was really true, at least it would have caused a little shift on the market but nothing happened, instead price went from $101k to $105k and it's even about that Mark today. We all know how such news can even force the citizens to start selling  and with the selling pressure could make the price dip but we didn't experience such and like someone has mentioned here, the news is not from the Chinese government, so the rule hold no weight.

The market only experienced a slight decline or what we often call a correction, perhaps the shock effect given by the emergence of the news, there was panic in the market even though it was only briefly. Because as we know lately there is often bad news that has an impact on prices, it's just that the holders still have confidence and hope that the market will soon be green again, especially Bitcoin (BTC) to immediately create a new ATH in the near future.

[Findingnemo]

Yes, I lived in a country where Bitcoin was prohibited during that time and I acquired and used it. It may slow down adoption, but it can't stop it. That is the key difference between Bitcoin and centralized assets. In the case of centralized things, such as altcoins issues by companies they can effectively stop it and force the companies to implement blacklisting and automated checks.

What you are saying is possible and yes we can use bitcoin irrespective of government allowing it or not but I am talking from practical perspective, what will be the emotion of an average man who is holding small amount of bitcoin and their government made it illegal, he will panic and sell them and doesn't want to get introuble.

Bitcoin is still pseudonymous not completely anonymous so there's always a slight chance you might be connected and if that happens in a country like China I can't imagine it.

Sure, but the punishments are not the same for everything. I don't think you'd get too much trouble for something like this.

But we are talking about China, known for harsh legal penalties for small offences.

Such as You got freedom of speech? Then you will be spending 10 years of prison time.

If you post something bad about the government, even in a social media post, then you will be spending 3 to 5 years in prison.

Tiny amount of dug possession, possibly death penalty, and so on. SO yeah, if I were in China I might be thinking about saving myself first.


I am locking this thread now, since its nothing but a rumour created from Binance square post and avoid unnecessary FUDs.