China Imposes Complete Ban on Personal Cryptocurrency Holdings Including Bitcoin

China announced a comprehensive ban on the personal ownership of cryptocurrencies, including Bitcoin, expanding its earlier restrictions on crypto trading and mining.

The move aims to centralize financial control and promote the adoption of the digital yuan, China's state-backed central bank digital currency.  Individuals can no longer legally hold digital assets, marking one of the world’s strictest crypto crackdowns.

The announcement led to immediate volatility in global cryptocurrency markets, with Bitcoin and altcoins experiencing sharp declines.  Experts say the ban may drive crypto users and businesses to shift operations to more crypto-friendly countries in Asia.