![The Chinese government banned banks from handling bitcoin in 2013 and forced cryptocurrency exchanges to move offshore in 2017. In 2021, the country’s regulators reiterated the prohibition on all financial institutions from engaging in crypto-related activities. Photo: Shutterstock](https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/02/28/d441a7ea-ddba-4f01-886b-618fa9dde765_669e9950.jpg)
Chinese social media's strong interest in rising bitcoin prices reflects how a community of cryptocurrency enthusiasts on the continent continues to thrive, despite Beijing's rigid stance against all crypto-related activity.
Bitcoin Hits US$50,000 for First Time in 2 Years as ETF Approval Drives Demand
Bitcoin Hits US$50,000 for First Time in 2 Years as ETF Approval Drives Demand
Investing in cryptocurrencies has recently become more attractive to some people on the continent, as the country's stock market continues to fall due to its economic woes, according to a Reuters report published in January.
Cryptocurrency trading through a number of major exchanges also remained active in mainland China, with traders resorting to a range of workarounds to circumvent lightly enforced restrictions.
Yet the Chinese government has increased its scrutiny of all cryptocurrency-related activities over the years, citing risks to financial stability.
Chinese Cryptocurrency Traders Seem More Important Than Ever to Binance's Future
Chinese Cryptocurrency Traders Seem More Important Than Ever to Binance's Future
In research firm Chainalysis's ranking of cryptocurrency adoption in 20 major countries, mainland China took 11th place last year after ranking tenth in 2022.
As mainland China's ranking in terms of trading volume on centralized crypto exchanges fell to 10th place last year after ranking second in 2022, Chainalysis said the country ranked 13th in volume of peer-to-peer exchanges last year, compared to 144th in 2022.