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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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China, Experiencing Tariff Tension with the USA, Took Refuge in Bitcoin! "Although there is a crypto ban...."
While U.S. President Donald Trump has suspended tariffs with most countries, tariff tensions between the U.S. and China are still unresolved.
This economic uncertainty is also leading to an economic slowdown in China, with China's local governments liquidating cryptocurrencies confiscated through offshore private companies.***
According to a report from Reuters, China's local governments, faced with a revenue crunch amid an economic slowdown, are liquidating cryptocurrencies they seize in violation of the country's trade ban through private companies.
Legal experts warn that this sales practice can lead to opaque processes and encourage corruption.
According to Reuters, since crypto trading is prohibited in China, local governments are using gray areas for cryptocurrency liquidation.
In the wake of these purges, legal experts, courts, and the financial sector have called for clearer rules to address cryptocurrencies.
At this point, calls for official recognition of cryptocurrencies as assets have increased.
Chen Shi***, a professor at Zhongnan University of Economics and Law, told Reuters that "these sales are a temporary solution that is not fully in line with China's current ban on cryptocurrency trading."
Reuters reported that local governments hold around 15,000 Bitcoin.
According to Bitbo, China holds 194,000 BTC worth around $16 billion, making it the second-largest Bitcoin-owning country after the United States.
As crimes and seizures related to cryptocurrencies increase, some experts have called on China's central government to take over the management of confiscated Bitcoins. This means the establishment of a potentially strategic crypto reserve for China.