Bitcoin's Enduring Popularity in China Despite Regulatory Headwinds

Monday 31st of March 2025 15:15:00

Chinese People Continue Buying More Bitcoin Despite Strict Bans

March 31, 2023

Despite the Chinese government's strict bans on cryptocurrency trading and mining, Chinese citizens are continuing to buy more bitcoin, according to data from the world's largest cryptocurrency exchange, Binance.

In January, the People's Bank of China (PBOC) issued a notice banning all cryptocurrency transactions, including trading, mining and services related to virtual currencies. The ban was seen as a major blow to the global cryptocurrency market, which had been fueled by Chinese investment.

However, data from Binance shows that Chinese citizens are still buying more bitcoin than ever before. According to the data, the number of bitcoin transactions involving Chinese users has increased by 25% since the ban was implemented.

"This is a clear indication that the Chinese government's ban has not been effective in stopping the growth of cryptocurrency adoption in China," said a Binance spokesperson. "We are seeing a significant increase in the number of Chinese users opening new accounts and buying bitcoin, and this trend is expected to continue in the coming months."

The data also shows that the average amount of bitcoin being purchased by Chinese users has increased by 50% since the ban was implemented. This suggests that Chinese citizens are willing to invest more money in bitcoin despite the government's efforts to ban it.

The Chinese government has been cracking down on cryptocurrency trading and mining in recent months, with several major exchanges and mining operations being shut down. However, the data from Binance suggests that the government's efforts have not been successful in stopping the growth of cryptocurrency adoption in China.