Can Bitcoin not be bought and sold domestically?

Yes, Bitcoin cannot be bought and sold in China.

Yes, Bitcoin cannot be bought and sold in China.

In September 2021, the People's Bank of China and ten other departments issued the "Notice on Further Preventing and Dealing with the Risks of Speculation in Virtual Currency Transactions", which clearly stated:

• Virtual currency does not have the same legal status as legal currency.

• No organization or individual is allowed to issue, sell, or purchase virtual currency in China.

• Overseas virtual currency exchanges are not allowed to provide services to residents in China.

The notice also requires financial institutions and payment institutions not to provide account opening, transaction settlement, clearing and other services for virtual currency transactions.

Therefore, residents in China cannot conduct Bitcoin transactions through centralized exchanges.

OTC transactions also involve certain legal risks. The Chinese government's attitude towards OTC trading is still unclear, and more stringent regulatory measures may be introduced in the future.

Therefore, investors should be cautious when participating in Bitcoin transactions and be prepared to bear legal risks.

The following are some risks of Bitcoin trading:

• Price Fluctuation Risk: Bitcoin prices fluctuate violently, and investors may suffer significant losses.

• Policy risk: The Chinese government may introduce stricter regulatory measures or even ban Bitcoin transactions.

• Technical risks: Bitcoin technology has certain risks, such as hacker attacks, wallet loss, etc.

• Legal Risk: Bitcoin trading is illegal in some countries and regions, and investors may face legal risks.

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