Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Based Bachelor makes no representations or warranties as to the accuracy or timeliness of the information contained herein. If you’re already registered on the site, you can hit “Quick Sell” at the top of the main page. After selecting China and RMB, you can take a look at the listings below until you find a rate and a payment system you agree to.
- Crypto mining, exchanges, and buying crypto from overseas is banned.
- As of today, anyone who is interested in crypto purchases can buy Bitcoin in China in multiple ways, including full-featured cryptocurrency exchanges, instant exchanges, and so on.
- You should be aware that most exchanges view privacy as luxury and would increase fees for their services accordingly.
- China has always been an active player in the market of crypto assets.
- The wallet address is 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7, and currently, there are 93,947 BTC.
Also, they tend to keep their assets in centralized storage systems because they tend not to be confident enough in their own abilities to set up adequate storage of their own. This April, there were rumors about a possible ban on cryptocurrency mining in China. The National Development and Reform Commission passed a bill which defined mining as an “undesirable industry” and proposed banning it. According to the bill, cryptocurrency mining is an unsafe production connected with excessive use of resources which negatively affects the environment. The regulators haven’t made a clear decision yet, so mining is still in the grey area. “Blockchain’s future is here but we must remain rational,” warned the People’s Daily, the Chinese state paper.
What Options Do I Have When Buying Bitcoin in China?
But some of these are now distancing themselves from using crypto payments. Up until September 2017, China was at the forefront of the global Bitcoin market with countless citizens having established themselves as leading traders and miners. However, in late 2017, the communist government placed a strict ban on cryptocurrency trading and ICOs.
Our robust security measures protect your assets and personal information, providing you with peace of mind when using our platform. There is no logical reason why you should be locked out of this lucrative market that has got the world abuzz. The government of China is worried learn how to get started in penny stocks that cryptocurrencies could protect money launderers and create financial instability. However, the examples of Singapore and Japan show that cooperation between exchange companies and law enforcement agencies can successfully block of cybercrime and underhand deals.
Utilizing a Bitcoin Debit Card
As of today, anyone who is interested in crypto purchases can buy Bitcoin in China in multiple ways, including full-featured cryptocurrency exchanges, instant exchanges, and so on. After all local bitcoin exchanges were shutdown in China, cryptocurrency trading activities declined dramatically in China. However, people have found some other ways to buy bitcoins in China. In 2019, President Xi Jinping declared Beijing’s support for blockchain technology which it values separately from digital currency.
In the beginning of June 2017, China’s large bitcoin exchanges started to allow bitcoin withdraw again with some new restrictions on bitcoin withdraw amount. However, around September 2017, the government decided to completely ban cryptocurrency trading at local bitcoin exchanges. In early 2018, China blocked internet access to all major cryptocurrency exchanges that are operating outside of China. People in China had to rely on tools such as VPNs to visit the blocked exchanges.
These restrictions also apply to trading in other cryptocurrencies and initial coin offerings (ICOs) are now completely banned in China. The regulations present a major problem for China’s Bitcoin mining industry, which is the largest in the world. Due to the clamping down of the Chinese government on cryptocurrency related activities, buying Bitcoin within China is only possible on peer-to-peer basis. Once you have Bitcoin, you can trade it for altcoins on crypto-only exchanges such as Binance.
Is Crypto Regulated in China?
Of course, this raised a lot of concern among crypto enterprises, resulting in some cryptocurrency exchanges shutting down operations on Chinese territory and changing their jurisdiction. The best way to make a proper decision is to analyze your own situation first. What are the payment options available to you and how important is privacy in your eyes. With these two set aside, all you have to do is to find the cheapest and safe option in the market and trade.
What Payment Methods Can I Use to Buy Bitcoin in China?
Apart from privacy, there are no fees nor purchase limits holding you back but you should keep an eye on scams, as they are frequent at the site. Moreover, you will read many answers to questions that concern the buying of BTCs in our quick guide. It is compliant with all EU regulations and is extremily well trusted. Paymium is based in France and supports several payment methods, including SEPA transfers and credit card purchases. When it comes to buying Bitcoin in China, options have been limited due to regulatory restrictions imposed on cryptocurrency activities.
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Private individuals are technically allowed to trade, and miners are still permitted to operate––but for how long is anybody’s guess. As one of the first exchanges anywhere, KuCoin has grown into a very large operation, supporting hundreds of trading pairs along with derivatives and futures. The Ledger Nano X is great for traders who need to access their coins on the go. The on-board Bluetooth functionality allows you to access your coins on your mobile device. However, we’ve highlighted some Bitcoin wallets we think would be good for China users here.
With a VPN in place, you simply select a server to connect to and then turn it on. Once the secure connection to that remote server has been established, all of your internet traffic is protected. If the authorities inspect your internet traffic, they will only be able to see that you are communicating with one address, which is the server that you selected. As a result, using bitcoin to get money out of China is no longer easy.
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