Can you still buy crypto in China? In late September 2021, the People’s Bank of China (PBOC) banned all cryptocurrency transactions. The PBOC cited the role of cryptocurrencies in facilitating financial crime as well as posing a growing risk to China’s financial system owing to their highly speculative nature.
Is China still banning cryptocurrency? Last year, China’s government banned cryptocurrency trading and mining in one of the world’s most intense crackdowns. But China’s government is pursuing other uses of blockchain technology and non-fungible tokens (NFTs)—as long as the technology stays under its control.
Why is China against cryptocurrency? China first moved in 2013 to restrict its banks from using Bitcoin as currency, citing concerns its inherently speculative nature threatens the country’s financial stability. Over the years, the government has become even more wary.
What countries have banned crypto?
- Algeria. Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.