China’s Crypto Chaos: Ban, Seize, Repeat! 🚨💰

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In the land of the Great Wall, where dragons once roamed and now algorithms reign, seized cryptocurrencies are quietly filling the coffers of local governments. 🐉💸 Despite the nation’s stern ban on crypto trading, these digital treasures are being converted into cold, hard cash by private firms, as if the ban were merely a suggestion. Reuters, ever the vigilant scribe, has uncovered this curious dance of defiance and necessity.

Chen Shi, a sage from the Zhongnan University of Economics and Law, muses that this practice is a “makeshift solution” — a polite way of saying it’s a bit of a mess. 🎭 He suggests that better oversight is needed, as crypto crimes continue to rise like a phoenix from the ashes of regulation. Guo Zhihao, a legal eagle from Beijing Yingke Law Firm, chimes in, pointing out the glaring conflict between the crypto ban and the need to liquidate seized tokens. It’s as if the left hand doesn’t know what the right hand is doing. 🤷‍♂️

Guo believes the People’s Bank of China should step in, as it’s “better positioned to handle the cryptocurrencies.” Perhaps they could sell them overseas or build a crypto reserve, much like Trump’s rumored plans. 🏦💼 Meanwhile, Bit Jungle, a blockchain service provider, assures us that private companies can legitimately assist in this crypto disposal, provided they play by the rules. But let’s be honest, when has that ever stopped anyone? 😏

Sun Jun, a crypto-focused lawyer, calls it a “highly profitable business” that’s attracting more and more participants. He suggests the government should clarify the legal status of virtual currencies and establish a formal system for disposing of them. But until then, it’s the Wild West of crypto in the East. 🤠🌏

China closed its local cryptocurrency exchanges back in 2017, effectively putting a lid on the speculative market that once accounted for 90% of global Bitcoin trading. In September 2021, the government introduced a complete ban on all crypto trades. Yet, here we are, watching the crypto saga unfold like a soap opera. 🎬🍿

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2025-04-16 13:46