As a reminder, the Chinese government's attitude towards cryptocurrencies is now once again clearly negative. Still, at the end of September, the country's authorities published a new ban on interaction with digital assets. Although such decisions have been published more than a dozen times before, this time the situation was more serious.


In particular, this was made clear by the reaction of large companies operating in the country. For example, cryptocurrency platform Binance announced that it will stop interacting with CNY on its OTC trading platform after December 31, 2021. And ASIC miner Bitmain has announced that it will no longer supply its hardware to mainland China addresses.

The fate of cryptocurrencies in China

A journalist from China, who wished to remain anonymous, noted in an interview with Cointelegraph that activity on many crypto news sites in the country has indeed dropped. This was especially noticeable in September amid a new round of government bans.

However, news portals still remain in active contact with their audiences in other communication channels – such as Twitter and Telegram. Here’s a quote from a resident of China sharing details of the situation in the country

They are trying to share information here on Twitter and Telegram while keeping low activity on their sites. All the information we need is on Twitter.

This means journalists have no plans to stop their activities, but they have shifted their focus to other platforms where it is more difficult for local authorities to regulate what is happening. This suggests that either Chinese sources are targeting residents in other regions, or that the country's citizens are still engaging with crypto-assets - albeit covertly.

8BTC’s Twitter account has been active for quite some time, but just recently started posting news here again

Some websites of news portals got blocked – but we are only talking about those based in Beijing. Platforms registered outside the city still work. They also include Jinse, Panews and 8btc, which are well known among the local population.

Anonymous summed up that the cryptocurrency industry should eventually become decentralised after all. Here is his next rejoinder.

There is always hope for the Chinese crypto industry. We still have sources of information, so we are getting more and more users, evangelists, developers and other Influencers. There’s nothing to worry about. Everything is working out for the best.

Accordingly, the representative of the country sees no reason to stop activities. This is even though many centralised cryptocurrency exchanges are preparing to shut down their operations in the country in the coming weeks.

Meanwhile, India, on the other hand, may come up with more liberal regulation of the cryptosphere. The day before, former Indian Finance Minister Subhash Garg said that news of the country introducing a complete ban on private cryptocurrencies could be fake, given the fact that the bill itself has yet to go through a full debate in the country’s parliament.

India’s former finance minister Subhash Garg

It may be recalled that Garg was a key figure in the 2019 law, which imposed a ban on cryptocurrency-related activities. It seems the former finance minister's opinion has now changed abruptly as he now believes that crypto could well be a "useful tool for humanity.

The proposed cryptocurrency bill already from 2021 also aims to create a Central Bank of India (CBDC) digital currency. Garg himself believes that the country does not yet have enough digital adoption in all its regions for the CBDC project to have a significant impact on the local economy.

Policing in India


We believe that the Chinese authorities are unlikely to engage in a complete crackdown on cryptocurrency activity in the country, as the main component here has already been fulfilled. In particular, the state has all but eliminated coin mining from its territory. On the scale of that, publishing news on social platforms seems completely unimportant and insignificant.