The legality of cryptocurrency in China has been a topic of debate in recent months. In a recent move, the Chinese government has clarified its stance on digital currencies, stating that they are not legal tender.
Despite this, the government has indicated that it will not prohibit or restrict the use of cryptocurrencies. This suggests that the use of digital currencies will be tolerated in China, as long as they are not used as a form of payment.
This clarification from the Chinese government is a positive sign for the cryptocurrency industry. It suggests that the government is not entirely opposed to digital currencies, and that they may eventually be recognised as a legal form of payment.
This would be a major development for the cryptocurrency industry, as China is a major market for digital currencies. If the Chinese government were to recognise cryptocurrencies as legal tender, it would be a major boost for the industry.
Cryptocurrencies are legal in China.
Despite initial reports that China was planning to ban all cryptocurrency trading, the country has clarified that only trading of bitcoin and other digital currencies against the yuan will be prohibited.