Why does China not allow virtual currency trading

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The pie hit $10,000 for the first time, eight years after its birth.

There is a very obvious phenomenon. In the past few years, there have been endless news about pyramid schemes about virtual currencies in China. It is not an exaggeration to describe the transaction of virtual currency as "beating drums and passing flowers".

Now it is basically covered by the news of Bitcoin plummeting.Even within a certain period of time, you can directly see the real-time price by searching for Bitcoin on the national app Douyin.

If you are aware of this change, you can feel the change in the direction of the above policy. At least virtual currency is no longer considered a scam. From total rejection to serial doubt, to grayscale acceptance, to gradual embrace.

As for the virtual currencies you mentioned are allowed to exist in China, why are trading platforms not allowed to exist?

It is also allowed. Currently, Hong Kong has fully embraced Web3.In the mainland, it is still in the comprehensive wait-and-see and pilot stage.

Although the trading of virtual currency is no longer considered a scam, the industry is accompanied by great uncertainty due to its decentralized and ultra-high-risk attributes. It will also have an impact on traditional financial markets. This was also before this, and most countries were cautious in accepting virtual currencies.

With the iterative development of the industry, supervision of user asset security and social stability is implemented. Some countries and large multinational companies have successively listed virtual currencies as legal tender payments. Even the world's top figure, Musk, has personally advocated for the cryptocurrency platform and announced that his car company Tesla has begun to accept cryptocurrency payments, and the company has also purchased Invest some Bitcoin as an asset hedge.

With the passing of the US SEC's announcement on spot Bitcoin on January 11, it marked that the cryptocurrency industry has officially entered the sea of ​​​​stars.

In China, Hong Kong is already at the forefront of the development of Web3. In the past two years, Hong Kong SAR officials have announced many times that they will build Hong Kong into an international Web3 central city. It has held many Web3 industry events, attracting Web3 practitioners from around the world to gather together to discuss the development of web3.

In Hong Kong, there are clear legal provisions on the virtual currency market. There is a strict regulatory system for cryptocurrency trading platforms. Only exchanges licensed by SAR agencies are allowed to participate in operations, and every effort is made to maintain the stable development of Hong Kong's web3 industry.

In addition, supporting services based on web3 in Hong Kong are also becoming more and more complete. U exchange shops, Hong Kong card services, cryptocurrency payment scenarios, etc. all over Hong Kong. It has been announced that Hong Kong is fully embracing Web3 and setting a pioneering pilot for the country.

Don't be impatient, take your time with the hug!

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