Despite the official ban on cryptocurrency activities, China recorded an estimated $86.4 billion in cryptocurrency transactions, surpassing Hong Kong's $64 billion.
China and Russia are speculated to be interested in buying Bitcoin, with reports suggesting that China is discussing incorporating Bitcoin into its strategic reserves.
While there are legal ambiguities regarding China's stance on cryptocurrency, a Shanghai court has mentioned that personal investing in cryptocurrency is not illegal under Chinese law.
Experts believe that there is a 50% chance of China lifting its crypto ban and revising its policies in the future.