I recently observed something interesting — everyone says that China has banned cryptocurrencies, but the reality is much more complicated than it sounds.

Okay, facts: since 2021, China has indeed implemented a complete ban on trading and mining. Major exchange platforms are blocked, mining operations have been halted, and banks are prohibited from supporting anything related to cryptocurrencies. Sounds like a total shutdown, right?

But wait — that’s not the whole story. Owning Chinese cryptocurrencies and other digital assets is still legal. People still hold Bitcoin, Ethereum, and other coins. Trading has simply gone underground — P2P transactions, OTC brokers, VPNs, movements through Hong Kong. The market hasn't disappeared; it’s just changed channels.

And here’s the really interesting part: despite all the restrictions, in 2023 China recorded over $86 billion in cryptocurrency transactions. This shows how vibrant this community remains.

And in 2025, Chinese courts did something unexpected — they recognized cryptocurrencies as "legal property." No, this doesn’t mean a return to trading, but it signifies a shift in the narrative. Additionally, regulators in Shanghai are now examining regulations concerning stablecoins — suggesting that China might be preparing for a more controlled return to digital assets on its own terms.

In summary: cryptocurrencies may be officially banned, but the underground scene is thriving. The market is alive — just hidden. This shows that the fundamentals are strong, even when everything appears closed. Never underestimate what’s happening beneath the surface.