September 21, 2022 (Investorideas.com Newswire) According to an analysis by BanklessTimes.com, China Crawls is reentering the Global crypto adoption index top 10 list.
Jonathan Merry, the CEO of BanklessTimes, spoke on the report. “There are concerns about how China is enforcing its crypto ban. The emergence of underground miners and dealers shows a loophole. It also shows how the crypto industry is resilient. The 2021 ban is not unique since there were others before that failed. It is crazy how the crypto adoption rate in China is climbing despite the current crypto meltdown.”
The Chinese Cryptocurrency Ban
China banned cryptocurrency trading and mining because the industry risks the country’s economy. The ban led to the drop in bitcoin’s price. Mining operations were also affected.
The action prompted most crypto investors to move to friendly territory. However, many enthusiasts found a way to stay in the market by mining and trading in underground groups.
Despite the bearish state of cryptos today, most people who invested during the boom (2020 and 2021) are holding tight. They aren’t showing any signs of disposing of their coins. It is fair to conclude that they are betting on a crypto recovery.
China and the Law Courts
Despite China’s ban on digital asset services, a court has declared that residents can still engage in crypto trading. Notably, trading cryptos is illegal in China due to concerns about stability in the country’s financial system.
According to a recent ruling by Beijing’s No. 1 Intermediate People’s Court, virtual currencies can only be traded by interested investors and should not apply as cash. The ruling affects crypto activities, and most people will exploit it. Full story and statistics can be found here: China Crawls Back Into the Global Crypto Adoption Index Top 10 List
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