Godfrey Benjamin
Chinese scientists claim Bitcoin is surprisingly not banned in China
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China's Bitcoin (BTC) market may soon receive a new wave of attention as scientists in the country have recognized the coin's properties.
The Bitcoin ban could be lifted
It is known that Bitcoin has been banned in China since at least June 2021; However, the question of whether the ban is complete remains open. While trading exchanges and influencers in the country have had to crack down on orders from the country, the trend could soon change drastically.
Chinese scientists assume that Bitcoin and digital currencies have relatively little scope for the legal system in the country. Contrary to general public opinion, they claim that Bitcoin is not completely banned and is not contraband.
This new position changes the paradigm regarding how Bitcoin is perceived both inside and outside of China. Before the ban in 2021, China had a large Bitcoin mining hash rate. Before the United States and other major Bitcoin hubs took over, the market relied on liquidity from China.
The industry has long since adapted, but the reboot of Bitcoin sentiment and a possible resumption of trading could further complement BTC's growth prospects.
Discover Bitcoin ETF in Hong Kong
The spot launch of the Bitcoin ETF in Hong Kong could serve as an immediate refuge for Chinese investors in the meantime. Although there is a very delicate line here, comments from Chinese scientists could set a precedent that could usher in a new era of adoption.
Scientists already believe that Bitcoin is real estate and can be traded because it has economic value. Whether this position will be enough to change regulators' stance remains to be seen. However, the market is optimistic that the unfavorable Bitcoin ban in China will bring a massive change.
Bitcoin was on an uptrend today with the price rising 1.90% to $64,897.90, a trend that could strengthen once the market prices in this news.
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his extensive experience in various aspects of Web3, Godfrey's articles have been published on Blockchain.news, Cryptonews and Coingape, among others.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
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