Mike Novogratz Reacts to Rumors about China Lifting Crypto Ban
Head of Galaxy Digital, Mike Novogratz, recently commented on rumors circulating about a possible lifting of the ban on crypto assets in China in the fourth quarter of 2024. In a tweet, he expressed his surprise and desire for more information, considering the significance of such a decision if true.
Jack Lee Shares Insights on Chinese Government’s Potential Motives
Founder and managing partner of HCM Capital, Jack Lee, responded to Novogratz’s tweet by sharing his views on possible motives behind the Chinese government’s actions. He mentioned the potential pilot market in Hong Kong for testing cryptocurrencies, particularly Bitcoin, but expressed reservations about opening up the mainland market at this time.
History of Cryptocurrency Restrictions in China
China’s history of cryptocurrency restrictions dates back to 2013 when financial institutions were banned from dealing with digital assets. Subsequent restrictions in 2017 on ICOs and domestic crypto exchanges followed, with a complete halt to mining activities in 2021. Despite these limitations, China remains a major player in the global Bitcoin network hashrate.
