If you have been that keen type of person that loves following crypto news, you would discover lately that the recent news that have been on the lips of everyone is “China Lifting its ban on Bitcoin and other cryptocurrencies”.
Sadly enough, that’s not true because if it is, there would have been at least a slight increase in the price of Bitcoin or generally, an increase in the total market cap. would have been observed within these few days that the rumor have been spread.
Connected to this same news, @iamjosephyoung took to Twitter a statement which confirms that China HAS NOT lifted its ban on Bitcoin. He further explained that the Chinese local court may have recognised Bitcoin as property but that has nothing to do with the ban of digital currencies that was initiated earlier this year because as it stands now, Chinese citizens are only allowed to send and receive Bitcoin and other cryptocurrencies but are not allowed to trade, neither are exchanges allowed to facilitate BTC trades. The young analyst and investor concluded by saying
Old news are being over hyped
China HAS NOT lifted its ban on Bitcoin.
Local court recognized Bitcoin as a property for quite some time already. People can send and receive BTC but it cannot be traded and exchanges are still not allowed to facilitate BTC trades.
Old news overhyped.https://t.co/jZE9B8bDBa
— Joseph Young (@iamjosephyoung) November 9, 2018