You are currently viewing Did China Ban Crypto? (No, No They Didn’t)

Happy Tuesday, Blockfolians

The Lede

Another day, another FUD. This time, it’s a Reuters headline about China banning crypto.

Except, the thing is, it didn’t. To get the real story, let’s look to Wolfie Zhao’s piece at The Block, with the far less clickbait-y title: “Three self-regulatory organizations reiterate China’s 2017 stance on crypto amid market volatility”

The statement was issued under the context of “continuing the execution of the PBoC’s notices on preventing the risks of bitcoin and initial coin offerings,” which were announced as a notable policy change in China towards the crypto space in 2017.

The 2017 notice prohibited any type of initial coin offering activities and banned Chinese crypto exchanges from offering centralized fiat-to-crypto order books. Since then, Chinese financial institutions have already suspended providing banking services for crypto exchanges as their fiat on- and off-ramp channels.

In fact, the 2017 ban already had the same requirement where the PBoC said financial institutions and non-banking payment organizations shall not directly or indirectly provide trading, settlement or insurance services for virtual currency businesses or crypto-based fundraising activities.

The Tuesday statement reiterated China’s stance towards crypto trading-related activities inside the country amid the recent market volatility

The key word here is: reiteration. Old news. Old FUD. Move on with your lives.

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