I guess so. Mainland China's institutional environment is naturally incompatible with crypto ideology, and unless something drastic changes, it's going to be a long road ahead.
Run in to this news at X.
https://x.com/BitcoinMagazine/status/1800512708380672084
Good signal. And I tried to find source of this news and find a report published by ICBC(HK) instead of ICBC(China). This bank follows HK regulations and provide more business than the ICBC most chinese can access. Still a long way to go for China.
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