Chinese users can now access cryptocurrencies through the Bybit exchange, a move that sparked controversy. Despite speculation that China may be shifting its stance on cryptocurrencies, Bybit clarified that this is not the case. The exchange stated that overseas Chinese individuals can register and trade digital assets on their platform, ensuring that they comply with all relevant regulations. Bybit also expressed its intention to expand its operations to Hong Kong, the United Arab Emirates, and the European Union.
It is important to note that cryptocurrency activities are prohibited in China, with reports of a Chinese student being arrested for launching a cryptocurrency. Additionally, Bitcoin mining, previously popular in China, is now banned, with the country once being a major center for crypto mining.
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