Track market-moving stories before they get noisy

Russian Experts Split on EU’s New Crypto Sanctions: Adapt or Isolate?

China Bitcoin Ban? Nope. That myopic, foolhardy era of Chinese economics is over. A Shanghai court has dropped a surprise verdict, declaring that owning cryptocurrency isn’t illegal under Chinese law, finally giving crypto holders some legal peace of mind.

Sun Jie, a Shanghai Songjiang People’s Court judge, broke it down in a statement on the Shanghai High People’s Court’s WeChat account. The takeaway? Citizens can legally hold crypto as personal property, but businesses can’t invest in or issue tokens without strict oversight.

Only 11 countries have a GDP higher than the value of Bitcoin. Soon there will be only 7. At the peak of this cycle, there will likely only be 2 countries whose economy is bigger than Bitcoin: China and the USA.

— FRANCIS – BULLBITCOIN.COM (@francispouliot_) November 21, 2024

The statement emerged from a case involving a spat over an initial coin offering—labeled as illicit financing under China’s hardline policies.

Beijing still views crypto as a financial grenade, banning related business activity outright to avoid economic chaos. While crypto might carry property rights for individuals, using it commercially or as payment for shady dealings remains off-limits.

Owning Crypto in China Isn’t Illegal, Says Judge Judge Sun Jie of the Shanghai Songjiang People’s Court provided the first legal clarity in years regarding cryptocurrency ownership. Writing on the official WeChat account of the Shanghai High People’s Court, Sun stated that individual ownership of cryptocurrencies does not violate Chinese law.

“It is not illegal for individuals to hold cryptocurrency,” Judge Sun emphasized, adding that the government primarily targets speculative trading activities and attempts to ensure financial stability.

(TradingView) This revelation surfaced during a lawsuit involving two companies over an initial coin offering (ICO), an activity China considers illegal. While cryptocurrency transactions and mining remain banned, this new perspective by a Shanghai court marks a subtle yet significant differentiation between owning digital assets and actively trading them.

China’s crackdown started in 2017 with ICO bans and exchange shutdowns, hitting warp speed in 2021 with mining bans and an all-out prohibition on crypto business.

Yet, reports suggest that individuals and institutions remain involved through subterranean channels, often utilizing foreign exchanges for transactions.

Remarkably, China still controls a majority of the global Bitcoin hash rate, a stark contradiction given the ban. Behind the scenes, investors and miners appear to be finding ways to circumvent restrictions without openly defying regulatory authorities.

DON’T MISS: Last Chance To Scoop Up Bitcoin With PayPal Before 100K BTC Price Explosion

The Bigger Picture After The China Bitcoin Ban China’s influence on the cryptocurrency market extends far beyond its borders. Despite its domestic trading ban, the country’s mining dominance contributes significantly to the Bitcoin ecosystem.

With Bitcoin currently reaching record-breaking highs globally, the growing demand for digital assets—even within China’s borders—is hard to ignore.

For investors and industry leaders, this nuanced clarification offers cautious optimism. While trading remains off-limits, the legal validation of ownership could inspire discussions about reevaluating China’s stringent policies in the wake of global adoption trends.

DISCOVER: 16+ Next Cryptocurrency to Explode in December 2024

Final Thought’s on China’s Bitcoin Reversal By distinguishing between holding and trading, China may signal a more pragmatic approach toward digital assets.

Though far from lifting its crypto ban, China might be edging closer to recognizing the undeniable impact of blockchain technology on the future economy.

For now, the global crypto community watches closely, aware that any shift in China’s policies could send significant ripples through the market.

EXPLORE: BONK Flips WIF Targets DOGE Crown: Some Traders Are Now Storing Profits In BONK Rather Than SOL

Join The 99Bitcoins News Discord Here For The Latest Market Updates

#Bitcoin News Today

Why you can trust 99Bitcoins

10+ Years

Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.

90hr+

Weekly Research

100k+

Monthly readers

50+

Expert contributors

2000+

Crypto Projects Reviewed

Follow 99Bitcoins on your Google News Feed

Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!

Subscribe now

Isaiah Mccall

99BTC Japan Correspondent

Isaiah McCall is an ultramarathon runner and Japan Correspondent for 99Bitcoins. He started at USAToday in 2019 and now has a Medium blog following of 30k+ and millions of views. Follow him at @AfroReporter Read More

Free Bitcoin Crash Course Enjoyed by over 100,000 students. One email a day, 7 days in a row. Short and educational, guaranteed!

Mon 01 Dec 2025 ▪ 5 min read ▪ by Mikaia A.

Summarize this article with:

The conclusions of recent analyses are thought-provoking: what seemed anecdotal a few years ago is now confirmed on a large scale. Behaviors labeled as “desperate” now trace a new path in the financial landscape. Once marginal, crypto is now established as a real escape route for generations excluded from the real estate dream. In the shadow of a crisis that does not name itself, tokens replace bricks. This shift, now documented, redraws the lines of a strained economy.

In brief Young people abandon classic savings, lacking hope to one day buy their own home. For many, crypto becomes a substitute for the American dream that has become out of reach. Traditional finance is seen as complicit in a system that favors speculative bubbles. Cryptos mainly attract those excluded from ownership but still solvent enough to take a chance. When traditional finance becomes a maze, cryptos take over Between soaring rents and frozen wages, the path to ownership resembles a desert crossing. For thousands of young people, classic saving leads nowhere anymore. According to a study, researchers identify a sharp turning point: as soon as the dream of buying fades, the desire to save fades too. Instead, some bet on cryptos, seen as a last lever.

Not out of blind faith in blockchain. But because one has to believe in something when anchors collapse.

Crypto becomes a disruption strategy. It offers the possibility, however slim, to take the social elevator in one transaction. This is summed up by this researchers’ formula: 

Crypto becomes a substitute for the American Dream

This shift is not only American. In South Korea and Japan, the scenario repeats. Young people excluded from the real estate market rush into the crypto market. A survival behavior more than a technophile craze. And this shift redraws the borders of personal finance.

The rise of crypto is also explained by the faults of institutional finance. Since 2008, monetary policies have continuously fueled bubbles: artificially low rates, quantitative easing, massive liquidity injections… Result: between 2020 and 2022, real estate prices jumped 40 to 70% in several American cities, as highlighted by Wolf Street.

And while some accumulated assets, others dug deeper into debt.

On X, journalist Ben Norton accuses: 

The US housing bubble popped in 2007-08, causing a massive financial crisis. So what did the US do after? It inflated another housing bubble, which is even bigger now. Because the US economy is a financialized house of cards built on asset price bubbles.

Several voices denounce a perverse dynamic: the rich prosper thanks to cycles of crashes. Others bear the losses.

And when the future closes in, professional engagement collapses. The report draws a direct connection between giving up ownership and the “quiet quitting” phenomenon. Young people stay at work, but without passion. The social contract is broken.

Last ticket for hope: cryptos, risks and temptations It’s no coincidence that those with assets between $50,000 and $300,000 are the most active in the crypto market. Too solvent to give up entirely, but too poor to access real estate. Trapped in this “no man’s land,” they seek escapes.

And they are not alone: anonymous voices resonate online. On X, a user sums up : 

Let it pop. So much suffering is coming from enabling cheaters be parasitic to eachother. Let the US house of cards self created fall, once and for all.

This silent rage fuels the attraction to cryptos. Not just Bitcoin. Ethereum, Solana, XRP, Dogecoin, Toncoin: all become bets on a better life. A fighting finance, for those whom traditional finance has forgotten.

5 figures and facts to keep in mind: +64%: increase in house prices in Austin (TX) between 2020 and 2022; +210%: price rise in Sarasota (FL) over 10 years; 24%: price drop observed in Austin since the peak; $2.25 trillion: assets held by the Fed at the end of 2008 (versus $950 billion in September); $50,000 to $300,000: asset bracket with the highest crypto participation. Because of the crisis, more and more young people seek to reshuffle the cards. They no longer dream of real estate, they dream of returns. Especially when it comes to preparing their retirement differently. And in this new game, crypto is no longer a wild card: it becomes a long-term strategy.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.