- Topic
28k Popularity
12k Popularity
57k Popularity
2k Popularity
8k Popularity
5k Popularity
10k Popularity
46k Popularity
150k Popularity
- Pin
- GT Airdrop Is Live! 1.92M GT Burned in Q2, Worth Over $39M
🎁 Complete simple tasks, get up to 13.2 GT per user
📅 From July 8 to July 20
👉 Join now + trade futures to qualify: https://www.gate.com/campaigns/1431
- 📢 #Gate Square Writing Contest Phase 1# is now officially launched!
Share your unique insights on the CROSS project and stand a chance to win $500 worth of CROSS rewards!
💰 Rewards:
1st Prize (1 winner): $150 worth of CROSS
2nd Prize (3 winners): $50 worth of CROSS each
3rd Prize (10 winners): $20 worth of CROSS each
👉 How to Participate:
1. Publish your unique insights on the CROSS project in Gate Square.
2. Add the tag #Gate Square Writing Contest Phase 1# to your post (minimum of 300 words).
3. Share your article or insights on X with the tags: Gate Square & CROSS.
Essay Content Directio
- 🎉 #Gate xStocks Trading Share# Posting Event Is Ongoing!
📝 Share your trading experience on Gate Square to unlock $1,000 rewards!
🎁 5 top Square creators * $100 Futures Voucher
🎉 Share your post on X – Top 10 posts by views * extra $50
How to Participate:
1️⃣ Follow Gate_Square
2️⃣ Make an original post (at least 20 words) with #Gate xStocks Trading Share#
3️⃣ If you share on Twitter, submit post link here: https://www.gate.com/questionnaire/6854
Note: You may submit the form multiple times. More posts, higher chances to win!
📅 End at: July 9, 16:00 UTC
Show off your trading on Gate Squ
- 🚀 Calling all Gate Square content creators!
Join the Gate 2025 Mid-Year Gala to become a top creator
Win Gate x Red Bull merch, $1,000 Futures Vouchers, VIP+1, and fan-exclusive rewards!
Sign up now 👉 www.gate.com/activities/community-vote
#GateSquare#
Hundreds of millions of dollars in crypto sales from local governments in China
According to Reuters, local governments in China have started to sell the cryptocurrencies they confiscate to support the public budget with the slowdown in the economy. These sales are taking place despite the ongoing ban on cryptocurrency trading in mainland China.
Cryptocurrency trading and mining are banned in mainland China. However, local governments are collaborating with private companies to cash out cryptocurrencies confiscated as a result of illegal activities. According to Reuters, this raises concerns about the lack of transparency of processes and an increased risk of corruption.
Although the law prohibits individuals from trading cryptocurrencies, it considers the activities of companies that mediate the sale of government-owned assets legal. This situation has increased the interest of the private sector in this field. Since 2018, Shenzhen-based technology firm Jiafenxiang has sold cryptocurrencies worth 3 billion yuan (yaklaşık 408 million dolar) at the request of some cities in Jiangsu province. Sales proceeds are first collected in U.S. dollars, then converted into yuan through local banks.
China is the second-largest Bitcoin-owning country after the United States with approximately 190 thousand BTC. The U.S. holds 198,012 BTC.
How cryptocurrencies are handled legally has become an important agenda in the Chinese judicial system. In February, representatives of the Supreme People's Court and jurists from various universities held a seminar on this issue in Beijing. In December, the People's Bank of China (PBOC) announced that it had included crypto regulations in its annual financial stability report and was working to strengthen the regulatory framework at the international level.
Published: April 16, 2025 2:36 pm