Asia Tech Wire (May 7) -- A rumors surfaced at the end of April that China could reverse its bitcoin ban within three months.

Crypto mews outlet CoinPedia published an article titled "China Might Reverse Crypto Ban Within 3 Months, Predict Experts", which stated that China, known for its tough stance on cryptocurrencies, will soon reconsider its ban on Bitcoin.

Despite the reference to experts in the headline, the CoinPedia article does not specifically mention any individuals.

BitcoinLFG, a well-known crypto community, also wrote on social media platform X (formerly Twitter), "CHINA MAY LIKELY TO UNBAN BITCOIN IN UPCOMING MONTHS : EXPERTS."

Other than that, BitcoinLFG did not say anything more in its post.

The news comes at a time when Hong Kong approved the launch of its first spot bitcoin and ether ETFs, which are also the first such crypto ETF products in Asia.

On April 30, six crypto ETFs from ChinaAMC HK, Bosera International, and Harvest Global Investments (HGI) went public for trading in Hong Kong.

The approval of the spot bitcoin ETFs, means that Hong Kong has taken a major step forward in accepting Bitcoin. It is therefore not surprising that the rumor have emerged that China may revoke its ban on bitcoin.

Back in September 2017, China began its crackdown on cryptocurrencies by banning all crypto exchanges that allowed initial coin offerings (ICOs).

In 2021, China took the strictest regulatory measures against cryptocurrencies, banning all crypto trading and mining activities.

Ben Charoenwong, an academic at the National University of Singapore, noted in an article that despite the ban, some Chinese are still investing in Bitcoin using virtual private networks (VPNs) and offshore cryptocurrency exchanges.

The move may "not only hold the promise of higher returns but also open up the possibility of bypassing capital controls," Ben said.

According to the academic, the resilience and creativity of Chinese retail investors demonstrates the enduring appeal of cryptocurrencies.