{"id":23666,"date":"2023-06-14T02:19:05","date_gmt":"2023-06-14T02:19:05","guid":{"rendered":"https:\/\/icoinmarket.com\/these-regulatory-changes-suggest-china-will-lift-its-crypto-ban\/"},"modified":"2023-06-14T02:19:05","modified_gmt":"2023-06-14T02:19:05","slug":"these-regulatory-changes-suggest-china-will-lift-its-crypto-ban","status":"publish","type":"post","link":"https:\/\/icoinmarket.com\/these-regulatory-changes-suggest-china-will-lift-its-crypto-ban\/","title":{"rendered":"These Regulatory Changes Suggest China Will Lift Its Crypto Ban"},"content":{"rendered":"
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In a surprising turn of events, China has begun sending signals that it might reconsider its crypto ban. Consequently, providing hope for a potentially lucrative crypto market in the future. <\/p>\n
The current regulatory developments in Hong Kong and technological advances in mainland China suggest that the crypto ban might finally be lifted.<\/p>\n
China\u2019s relationship with the cryptocurrency industry has been tumultuous since 2013, when the country first imposed strict restrictions. The first ban came in December of that year when the People\u2019s Bank of China (PBoC) and other financial watchdogs prohibited banks from handling transactions related to Bitcoin. <\/p>\n
Bitcoin was deemed a \u201cspecial virtual commodity.\u201d Regulators argued that it lacked the legal backing to function as a currency. Therefore, it was seen as a potential outlet for laundering cash\u200b\u200b.<\/p>\n