China's laws do not explicitly prohibit bitcoin, but its transactions are not completely legal. There are bitcoins in China, so it is not illegal to simply hold bitcoins. However, China has restricted the trading of Bitcoin, which can only be traded and transferred between individuals, and it is not allowed to sell it to the public, because its investment management risk is relatively high. If consumers buy bitcoin, they must bear their own risks.

The characteristics of Bitcoin are as follows:

1, decentralization;

2. Global circulation;

3. exclusive ownership;

4. Low transaction cost;

5. Scarcity;

6. Cost transparency.

Bitcoin cannot be converted into RMB for the following reasons:

1. Financial institutions and payment institutions shall not price products or services with Bitcoin, and shall not buy or sell Bitcoin as a central counterparty;

2. Do not underwrite the insurance business related to Bitcoin or include Bitcoin in the scope of insurance liability, and do not directly or indirectly provide customers with other services related to Bitcoin.

In a word, in China, there is no law that it is legal to buy bitcoin, and there is no law that it is illegal to buy bitcoin. Therefore, according to the principle that freedom is not prohibited by law, bitcoin can be purchased through formal channels and platforms.

Legal basis: Article 3 of the Regulations on the Administration of RMB.

The legal tender of People's Republic of China (PRC) (China) is RMB. No unit or individual may refuse to pay all public and private debts of People's Republic of China (PRC) (China) in RMB.