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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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Hundreds of millions of dollars in crypto sales from local governments in China
According to Reuters, local governments in China have started to sell the cryptocurrencies they confiscate to support the public budget with the slowdown in the economy. These sales are taking place despite the ongoing ban on cryptocurrency trading in mainland China.
Cryptocurrency trading and mining are banned in mainland China. However, local governments are collaborating with private companies to cash out cryptocurrencies confiscated as a result of illegal activities. According to Reuters, this raises concerns about the lack of transparency of processes and an increased risk of corruption.
Although the law prohibits individuals from trading cryptocurrencies, it considers the activities of companies that mediate the sale of government-owned assets legal. This situation has increased the interest of the private sector in this field. Since 2018, Shenzhen-based technology firm Jiafenxiang has sold cryptocurrencies worth 3 billion yuan (yaklaşık 408 million dolar) at the request of some cities in Jiangsu province. Sales proceeds are first collected in U.S. dollars, then converted into yuan through local banks.
China is the second-largest Bitcoin-owning country after the United States with approximately 190 thousand BTC. The U.S. holds 198,012 BTC.
How cryptocurrencies are handled legally has become an important agenda in the Chinese judicial system. In February, representatives of the Supreme People's Court and jurists from various universities held a seminar on this issue in Beijing. In December, the People's Bank of China (PBOC) announced that it had included crypto regulations in its annual financial stability report and was working to strengthen the regulatory framework at the international level.
Published: April 16, 2025 2:36 pm