In a surprising turn of events, recent signs suggest that China, a country known for its stringent stance on cryptocurrencies, may be considering a reversal of its notorious crypto ban.
This development has been hinted at in a Twitter thread by Keyur Rohit who anticipates a significant shake-up in the global market if the ban is indeed lifted.
China’s relationship with cryptocurrencies has been a tumultuous one, marked by a series of bans that have sent ripples across the global crypto industry. The country, one of the world’s largest economies, wields immense power over the crypto market. Its decision in September 2017 to ban cryptocurrencies and initial coin offerings (ICOs) led to the blocking of over 120 cryptocurrency exchanges.
Major cryptocurrency-related websites, including CoinGecko, TradingView, and CoinMarketCap, were blocked through China’s internet firewall. The government cited economic disorder as the reason for the ban, aiming to protect Chinese residents from potential financial risks associated with crypto speculation.
However, recent developments suggest a potential shift in China’s stance on cryptocurrencies. Rohit’s twitter thread points to a broadcast by China’s Central Television network, which reported that Hong Kong is now allowing retail investors to buy bitcoin (BTC). This move, according to Rohit, could be a precursor to China quietly allowing crypto trading once again.
Rohit’s thread has sparked widespread speculation and anticipation within the crypto community. If China does reverse its ban, the impact on the global crypto market could be monumental. The country’s influence on the market is undeniable, and a shift in its policy could potentially whip up a storm in the market, leading to what Rohit describes as a “crypto explosion.”
Despite the ban, Li Bo, a senior official at the People’s Bank of China, has stated back in 2021 that crypto assets should play a key role in the future, either as an investment tool or as an alternative investment. This statement, coupled with the recent developments, adds fuel to the speculation about a possible reversal of the crypto ban.
However, it’s important to note that these are still early signs, and no official announcement has been made by the Chinese government. It is unclear whether any actions will follow this broad speculation on China’s next move.