Is bitcoin legal in China?
Partly legal. ➖
While Bitcoin and cryptocurrency exchanges are banned from operating in China, people in China are still able to buy bitcoin through exchanges like LocalBitcoins that operate in other countries.
This applies whether you’re from Shanghai, Beijing, Chongqing, Tianjin, or whatever city in China.
On the other hand, initial coin offerings or ICOs are banned by seven Chinese central government regulators— the People’s Bank of China (PBOC), the Cyberspace Administration of China (CAC), the Ministry of Industry and Information Technology (MIIT), the State Administration for Industry and Commerce (SAIC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), and the China Insurance Regulatory Commission (CIRC).
Has bitcoin been banned in China in the past?
No ❌. While the Central Government of the People’s Republic of China has always been quite undecided when talking about bitcoin’s legality, there hasn’t been a total bitcoin ban in China despite all the past rumors.
Where can I buy or sell bitcoin in the China?
You can buy or sell bitcoin on free and reputable platforms such as LocalBitcoins using your preferred currency and preferred payment method.
Though LocalBitcoins is a great platform, always make sure to only transact people with high feedback scores, and with a good number confirmed number of trades.
Where can I trade cryptocurrencies in China?
If you’re planning on trading other cryptocurrencies besides bitcoin, like Ethereum (ETH), Ripple (XRP) and Litecoin (LTC), or whatever your favorite cryptocurrency is, you can do so through secure and reputable platforms like Binance.
Where do I store my bitcoin and cryptocurrencies?
If you only have small amounts of your money on bitcoin and cryptocurrencies, you can use mobile software wallets such as BRD or Coinomi.
On the other hand, if you have a good amount of your money invested in bitcoin and cryptocurrencies, we heavily suggest storing your funds on a good hardware wallet for your funds to be as secure as possible.
Please take the security of your funds seriously. For more information on bitcoin and cryptocurrency wallets in general and how secure or unsecure they are, please refer to CryptoSec’s definitive guide to bitcoin & cryptocurrency wallets.
Risks
Volatility
Take note that while you can make a lot of money by trading and investing in bitcoin or cryptocurrencies, you could also lose a lot of money. Bitcoin and cryptocurrencies are heavily volatile assets in terms of price so trade with caution.
Scams
There are a lot of scams in the bitcoin and the cryptocurrency space due to the pseudonymous nature of most if not all cryptocurrencies. Always think twice when sending in money, typing in your login credentials on websites, and when responding to unsolicited messages.
We heavily suggest learning about bitcoin & cryptocurrency scams to prevent yourself from falling for them.