Is it currently possible to buy and sell Bitcoin in China?

Currently, Bitcoin cannot be bought or sold in China.

Currently, Bitcoin cannot be bought or sold in the country.

In September 2021, the People's Bank of China and ten other departments issued the "Notice on Further Preventing and Dealing with the Risks of Speculation in Virtual Currency Transactions" (hereinafter referred to as the "924 Notice"), which clearly stated:

• Virtual currency does not have the same legal status as legal tender.

• No organization or individual is allowed to issue, sell, or purchase virtual currency in China,

• Overseas virtual currency exchanges are not allowed to provide services to residents in China.

The notice also requires financial institutions and payment institutions not to provide account opening, transaction settlement, clearing and other services for virtual currency transactions.

The issuance of the “924 Notice” means that Bitcoin transactions in China are completely prohibited.

Therefore, any form of Bitcoin trading is illegal in the country, including:

• Trading through centralized exchanges

• Trading via decentralized exchanges

• Trading via OTC

• Trading via brokers

Investors participating in Bitcoin transactions may face the following risks:

• Legal risks: Investors may face legal penalties, such as fines, administrative detention, etc.

• Transaction risk: Investors may suffer fraud, such as funds being stolen, being unable to cash out, etc.

• Price risk: Bitcoin prices fluctuate violently, and investors may suffer significant losses.

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