The People's Bank of China Publishes 2024 Report! Bitcoin and Altcoins Also Included!

As the year 2024, where important and critical decisions are made for Bitcoin and altcoins, is behind us, China, known for its strict bans, has released the 2024 Financial Stability Report.

The People's Bank of China also addressed the events in the cryptocurrency sector in its Financial Stability Report for 2024.

In this report, it is observed that China closely follows many global developments, while noting that Hong Kong has made progress in the process of harmonization regarding cryptocurrencies.

The report refers to Hong Kong's progress in many places, while noting that Hong Kong is actively researching the management of cryptocurrency asset licenses.

Despite the fact that 51 countries and regions worldwide, except Hong Kong, have imposed bans on cryptocurrencies, it is reported that some countries have eased or lifted their bans by 2024.

Rise and SEC's Bitcoin Approval!

The report, which indicates the attention drawn to the rise in Bitcoin and altcoins, stated that the rise started in 2023.

The report stated that despite official bans, Bitcoin and cryptocurrencies are closely monitored by many countries around the world in 2024.

The report, which specifically examines developments in the United States, stated that in 2024, the SEC took action against crypto asset issuers who violated the Securities Act in the United States.

According to this, the SEC rejected more than 20 spot Bitcoin ETF applications from 2018 to 2023. However, in January 2024, it approved the listing of spot Bitcoin ETFs.

SEC Bitcoin ETF approval created a big buzz, but the SEC Chairman said that it doesn't mean that SEC has approved or recognized Bitcoin products, and investors still need to be cautious about the risks associated with Bitcoin and related products.

In addition to developments in the US and Hong Kong, the report also covers the European Union's MiCA regulation, as well as regulatory efforts in the UK, Singapore, and Japan.

As it will be remembered, in 2021, China banned all activities related to Bitcoin and cryptocurrencies. However, it is claimed that China may lift the bans in the coming years.