Possession of crypto in China has not been banned, but it doesn’t make commercial crypto trading legal, explains a legal advisor.
to fully pay back all 50,000 LTC that he borrowed from Zhai Wenjie in 2015, which became a major court precedent involving cryptocurrency in China.roughly 1,800%, as the cryptocurrency was trading at around $3 seven years ago, according to data from CoinGecko.
“To date, possession of crypto in China has not been banned. [...] It does not make the commercial trading of this type of property legal, as the government has specifically banned crypto exchanges in China.” “It’s true that China doesn't want individuals to trade crypto. But this is never being written in any formal document,” a person linked to the crypto industry in China told Cointelegraph.According to the source, many mainland users see their bank cards frozen if they use them for crypto over-the-counter transactions. However, trusted OTC channels still allow crypto transactions in China.
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