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Can Bitcoin be bought and sold domestically?

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Mar 15, 2024 am 09:51 AM

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Bitcoin cannot be bought or sold in China.

Can Bitcoin be bought and sold domestically?

Bitcoin cannot be bought or sold in China.

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

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