Can I buy and sell Bitcoin in China?

Currently, direct buying and selling of Bitcoin is prohibited in China. In 2017, relevant departments issued an announcement explicitly banning domestic Bitcoin transactions and closing all domestic Bitcoin trading platforms. In 2021, the State Council clarified that virtual currency issuance and trading activities are illegal financial activities, and the purchase and sale of Bitcoin will be subject to legal sanctions.

Can I buy and sell Bitcoin in China?

Answer:

Currently, direct buying and selling of Bitcoin is prohibited in China.

Detailed explanation:

In September 2017, seven ministries and commissions including the People's Bank of China jointly issued the "Announcement on Preventing Token Issuance Financing Risks", which explicitly prohibited financial institutions from Participate in Bitcoin transactions with third-party payment institutions. In addition, the announcement also requires the closure of all domestic Bitcoin trading platforms.

Since then, the Chinese government has continued to strengthen its supervision of virtual currencies. In May 2021, the Financial Stability and Development Committee of the State Council clearly stated that virtual currency issuance and trading activities are illegal financial activities.

Therefore, within China, individuals and businesses cannot buy or sell Bitcoin through official channels. Any attempt to buy or sell Bitcoin is illegal and will be punished by law.

It is worth noting that although China prohibits the sale and purchase of Bitcoin, overseas Bitcoin transactions are not governed by Chinese law. Therefore, Chinese citizens can buy and sell Bitcoin through overseas trading platforms, but they need to bear certain risks.

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