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Fake News: China has NOT lifted its Bitcoin ban

Despite recent news circulating, China will not be uplifting the ban it has on the cryptocurrency industry regarding trading and investing.

During the course of last week, the news was circulating that the Chinese government had lifted the blanket ban it has on Bitcoin and cryptocurrencies.

One story which gained attention and traction in the industry was entitled “China Lifts Bitcoin Ban; Individuals and Businesses Can Now Own Cryptocurrencies Legally.” However, the news was based on an outdated piece of information – from 25th October – and painted a picture which was inaccurate. The new was falsely connecting the court ruling of the Shenzhen Court of International Arbitration to the ban. As CNLedger described:

While the markets are struggling, any ‘good news’ comes as great news and will attract investors and cryptocurrency traders. However, it stimulates distrust in the industry when the news is fake and hype is unwarranted.

As it stands at present, the Chinese government is not allowing cryptocurrency payments and trading within the country. Initial coin offering projects (ICOs) are also considered illegal and there seems to be no intention to change the law regarding them.

As reported previously, the Chinese government has, in fact, been cracking down on cryptocurrency rather than allowing it. In August, the government set out to shut down all blockchain related events in the Chaoyang district of Beijing.