China’s Stance on Cryptocurrencies: A Clarification from Bybit
Bybit, a leading cryptocurrency exchange, recently made headlines by allowing Chinese immigrants to register and trade digital assets on its platform. This move sparked speculation about China’s position on cryptocurrencies, but Bybit’s latest statement has shed light on the situation.
In an official announcement, Bybit confirmed that overseas Chinese users can now join its platform and enjoy the same benefits as other users. The exchange reiterated its commitment to complying with regulations in all markets where it operates, including plans to expand into Hong Kong, the United Arab Emirates, and the European Union.
It’s important to note that cryptocurrency activities are currently banned in China, with recent reports of a Chinese student being arrested for launching a digital currency. Additionally, Bitcoin mining, once a thriving industry in China, has also been prohibited. China was previously a major hub for crypto mining before the ban.
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