Recently, I heard that China banned holding cryptocurrency and cryptocurrency transactions, so does that mean that having cryptocurrency in China would be a criminal offense? Moreover, why create such a ban in the first place?
As far as I know, Cryptocurrencies are not totally banned in China but rather they only restrict the exchange that is related to crypto. Most of Bitcoin mining held in China hence this is the evidence that Cryptocurrencies are not banned in the said county. Besides, even if they did their people cannot be stopped from using because there are some ways such as VPN in order for them to access this type of currency. However, there are some places where this cryptocurrency is banned perhaps because they see it as a threat to the current monetary system and linked to illegal activities like drug trafficking and more.