Do you understand the timeline of China's involvement with crypto?
In 2013, China restricted financial and payment institution's involvement with Bitcoin.
At this time, even tho institutions were restricted, China remained the dominant player in bitcoin volume.
In 2017 China famously banned initial coin offerings (ICOs) and also made clear that crypto exchanges were no longer welcome to openly operate there.
Bitcoin volume began to leave China mainland for good.
In 2021, China cracked down hard on domestic crypto mining. Also, passed legislation that Bitcoin is not legal tender (signed by 10 Chinese official bodies). As well as affirmed that crypto-related business activities are considered to be illegal financial activities.
Crypto was essentially dead in China (other than their centralized & permissioned CBDC testing).
Yet, a recent tweet by Tron founder, Justin Sun, has sparked a new rumor that China may lift it's ban on cryptocurrencies.
On August 18, Sun tweeted, “China unbans crypto. What’s the best meme for this?"
This tweet got people in the crypto talking, but there has been no official confirmation or reliable evidence to support it.
My opinion is that Justin Sun is just engagement farming for his new meme coin launcher, Sunpump on Tron, and wanted the attention. No shame in wanting engagement, we all do it, but China's government has put out no official confirmation. Although I suspect the government is secretly accumulating...
Let me know what YOU think. If you comment, I will respond (must be following). Let's get the conversation STARTED!