🇨🇳 There are many misconceptions about China's crypto ban. In fact, crypto is not completely banned. Chinese courts have recognized that owning Bitcoin and crypto is legal and protected by property law.
To understand better:
🔹 History of bans
🗓️ 2013 — China bans banks and financial institutions from providing Bitcoin-related services.
🗓️ 2017 — China was then the world’s largest crypto market. The government completely banned ICOs and crypto trading. Exchanges were forced to leave China, and crypto payments were banned.
🗓️ 2021 — Bitcoin mining is banned, forcing many Miners to move to the US, Kazakhstan, Canada...
🔹 Present
- Crypto is not allowed to be traded publicly in the country.
- Mining activities have almost disappeared, but some places still mine secretly.
- People still find ways to access crypto through VPN, international exchanges or OTC.
- Chinese companies can still hold BTC and ETH through offshore companies or through Hong Kong.
👉 However, it is still completely legal for individuals to own BTC and crypto. You cannot trade directly in the country, but if you have BTC in your wallet, the law still recognizes it as your property.
🔹 Important court rulings
2019 – Hangzhou Internet Court recognizes Bitcoin as a virtual, valuable, scarce, and transferable property.
2020 – Shanghai court confirms that owning and transferring BTC between individuals is not illegal; what is prohibited is trading on exchanges.
2022 – Shanghai Higher People's Court declares Bitcoin is protected by Chinese property law, and ownership disputes can go to court.
Other cases — Some courts have ordered the return of Bitcoin in theft or fraud cases, treating it like other types of virtual property (e.g., in-game items).
