Chinese State-owned Newspaper Issues Cautionary Statement to Chinese Citizens About Crypto Investments
In a Sunday article, Chinese state-owned media outlet Economic Daily issued a warning about the risks associated with Bitcoin, given the recent surge in the cryptocurrency’s value, while highlighting China’s continued ban on crypto trading.
According to the article, published by Economic Daily, investors should exercise caution when dealing with Bitcoin and that it has not yet entered the mainstream.
While the US has allowed the listing of spot Bitcoin exchange-traded funds (ETFs), China maintains a ban on crypto trading, the article pointed out. It also cited Beijing-based lawyer Xiao Sa, who stated that this ban makes it illegal for overseas Bitcoin ETF dealers to sell such products to Chinese residents and for individuals in mainland China to directly purchase them.
This move to restrict crypto trading activities was announced in September 2021 by the People’s Bank of China, the Supreme People’s Court, and other central authorities.
