Overview of Bitcoin in China
Bitcoin has become a popular investment option in China, with many people looking to buy and trade the cryptocurrency. However, the process of buying Bitcoin in China can be confusing for those who are new to the world of cryptocurrency. In this article, we will provide an overview of Bitcoin in China and the top exchanges where you can buy Bitcoin.
Bitcoin in China
China has a complicated relationship with Bitcoin. In 2013, the People’s Bank of China (PBOC) banned financial institutions from dealing with Bitcoin. However, this did not stop individuals from buying and trading Bitcoin. In fact, China was one of the largest markets for Bitcoin trading until the government cracked down on cryptocurrency exchanges in 2017.
Since then, the Chinese government has taken a more cautious approach to Bitcoin. While it is not illegal to own Bitcoin in China, the government has made it difficult for individuals to buy and trade the cryptocurrency. In 2019, the PBOC announced that it was developing its own digital currency, which could potentially replace Bitcoin and other cryptocurrencies in China.
Top Exchanges to Buy Bitcoin in China
Despite the government’s restrictions, there are still several exchanges where you can buy Bitcoin in China. Here are the top exchanges:
1. Huobi
Huobi is one of the largest cryptocurrency exchanges in the world and is based in Singapore. However, it was founded in China and still has a significant presence in the country. Huobi allows users to buy Bitcoin with Chinese yuan (CNY) and offers a variety of other cryptocurrencies for trading.
2. OKEx
OKEx is another popular cryptocurrency exchange that was founded in China. It is now based in Malta but still allows users to buy Bitcoin with CNY. OKEx also offers a wide range of other cryptocurrencies for trading.
3. Binance
Binance is a global cryptocurrency exchange that was founded in China but is now based in Malta. It is one of the largest exchanges in the world and offers a variety of cryptocurrencies for trading. While Binance does not allow users to buy Bitcoin with CNY, it does offer other fiat currencies such as USD and EUR.
4. Bitfinex
Bitfinex is a cryptocurrency exchange based in Hong Kong that allows users to buy Bitcoin with CNY. It also offers a variety of other cryptocurrencies for trading.
5. BitMEX
BitMEX is a cryptocurrency derivatives exchange that allows users to trade Bitcoin futures contracts. While it does not allow users to buy Bitcoin with CNY, it is still a popular option for traders in China.
Conclusion
Buying Bitcoin in China can be a complicated process, but there are still several exchanges where you can buy and trade the cryptocurrency. Huobi, OKEx, Binance, Bitfinex, and BitMEX are all popular options for buying Bitcoin in China. However, it is important to remember that the Chinese government has taken a cautious approach to Bitcoin and may continue to restrict its use in the future. As with any investment, it is important to do your research and understand the risks before buying Bitcoin in China.