Someone asked me:
"Arent cryptos banned in china?"
they were banned yes. and just like the international internet and many other things that are banned, the Chinese are clever at getting around things and developing underground systems to access or procure things. Recent statistics show that more than 80,000,000 people in China own Bitcoin.
and over 300,000,000 people own altcoins.
"Cryptocurrency trading remains widespread in China despite the ban. Small investors in China are using an underground network of brokers and middlemen to circumvent the country's strict rules on cryptocurrency trading. China is officially one of the strictest cryptocurrency jurisdictions in the world."
and now Hong Kong has approved Bitcoin and Ethereum ETF.
Hong Kong is one of the world's leading business and financial hubs. Even though Britain ceded it to China in 1997, Hong Kong remains economically separate from China. In fact, Hong Kong is a special administrative region of China.
Mainland China will be next to approve Bitcoin and Ethereum ETF, but the ban on spot-traded cryptocurrencies will remain.
and the Chinese government still has around 200,000 bitcoins that it confiscated worth over $12 billion.