China 🇨🇳 has embraced blockchain technology and has developed a government-backed digital fiat currency $BTC $NOT

However, the Chinese government banned initial coin offerings (ICOs) in 2017 and forced the closure of exchange platforms, including the world’s largest cryptocurrency exchange, Binance, which was founded in China

. Despite this ban, it is generally not illegal to hold cryptocurrency in China .

The Beijing Arbitration Commission has recognized cryptocurrency as a virtual commodity, but it is not considered legal tender.

The legal status of cryptocurrency in China is still evolving, and its regulatory environment is complex .