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JPMorgan BLOCKS Crypto - BITCOIN LEGAL in CHINA - ETHEREUM \Chinese laws and regulations do not prohibit private possession and legal circulation of Bitcoin. Bitcoin can be the object of delivery. Bitcoin is not legal. Cryptocurrency trading is subject to strict government-imposed restrictions in China since September , when trading platforms were shut down. Run used bank cards issued by small rural commercial banks to buy cryptocurrencies through grey-market dealers, and capped each transaction at 50, yuan ($6,) to escape scrutiny.