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Im not sure if this should be in finance or here, but recently reports have come out that China has (or is aiming to) ban trading of cryptocurrencies. Colloquially as an America this means to me: Nobody can buy crypto Is this accurate?
Am I wrong in this interpretation? Is it, instead:
Nobody can register as a day trader (which in the US comes from trading a security multiple times a day and requires a certain balance), but buying and selling as regular investment is still allowed?
Recently semi-official Chinese spokespersons have underscored that they consider "investment" in cryptocurrencies unsafe, and that there would be no safety net for people who gamble their life savings away. But they seem to understand they cannot stop the people from trading online.
Now Hong Kong considers a licensing requirement for cryptocurrency exchanges based in Hong Kong and to require them to accept only institutional investors -- who are presumably presumed to be more aware of the risks.
That still doesn't stop Chinese citizens from trading online, but it gets harder.
