A recent tweet by Tron founder Justin Sun has sparked a new rumour that China might lift its ban on cryptocurrencies.
On August 18, Sun tweeted, “China unbans crypto. What’s the best meme for this?
While the tweet has gotten people in the crypto space talking, there has been no official confirmation or reliable evidence to back it up.
However, this is not the first time such a rumour has surfaced. In a tweet on July 14, Galaxy Digital CEO Mike Novogratz mentioned hearing reports that China could unban Bitcoin by late 2024.
“If this is true, and it’s the second time I’ve heard in weeks, it’s a huge deal,” Novogratz said, though this tweet has since been deleted, he admitted more information was needed.
His statement was also met with doubt, with an X user pointing out that China has banned and “unbanned” crypto multiple times without any lasting changes.
China’s Crackdown on Crypto
China has had a complicated relationship with cryptocurrencies for years. The government first banned crypto exchanges in 2017, followed by a broader ban in 2021 targeting crypto trading and mining.
Despite these bans, China continues to play a major role in Bitcoin mining and still influences the global crypto market.
Given this history, many in the crypto community view this new rumour with caution. One of the constant responses has been that the China government has “banned it multiple times before”.
This repeated cycle of speculation has made people less likely to take these rumours seriously. Some argue that even if China does change its stance, it will likely be a gradual shift, not a sudden reversal.