It's been a while since I outlined the state of cryptocurrency in China, but I should probably tell you guys why this is important first: Journalists will do anything to shill you their "news" so they can get their sponsor dollars. Crypto YouTubers who comment on the story without reading the original news story or transpiration of events in Chinese further distort this message. With that out of the way, let's dive in to free knowledge.
-Mining is just fine, so long as miners have all of their documents properly registered. The Chinese government thinks, "Whatever, sell this stuff to foreigners. We'll gladly let more USD flow in to our economy in exchange for thin air."
-Most Chinese-owned exchanges set up offices abroad, usually in Singapore. Some have dev teams in Malaysia / Taiwan.
-The Chinese government hasn't really out-right BANNED crypto ownership as far as I know, but they have certainly made it very difficult to own it. Which leads me to these two points:
-I tried sending an APK file for an android phone wallet app to an American buddy of mine and his Chinese-made phone with a specialized Chinese distro of android would not allow him to install it. He sent me a screenshot that showed his phone basically displayed, "Unable to install application." or something similar.
-I wouldn't be surprised to learn that Chinese-made distros of Windows, Linux, or Macintosh-specific operating systems do not allow users to install wallets to their desktops either - but I have not verified this.
-These last two points can be circumvented by buying phones and operating systems made for foreign countries on China's ebay equivalent, Taobao.
-There have been previous court-rulings where bitcoin was recognized as PROPERTY.-My view is that the CCP's attitude is, "Less crypto, less headache. Turn it in to USD and bring it in to China."
-I would not be surprised to learn that later down the road the CCP makes a list of present cryptocurrencies that may be bought and sold legally in China in the future. I would only be shocked if bitcoin were not on that list.
-It is commonplace for employees of exchanges to get paid in crypto in China. This is usually done with a stablecoin.
-I have an undergraduate degree in Chinese and previously worked for a Chinese-owned exchange. This is where my knowledge comes from.
Any questions? Fire away.
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