China has amassed a remarkable number of cryptocurrencies despite a nationwide ban on digital asset transactions. The country is reported to own 194,775 Bitcoin and 833,083 Ethereum, making it the second-largest holder of Bitcoin after the United States, which holds 198,109 BTC.

Furthermore, a recent South China Morning Post article indicates that North Korea is also hoarding Bitcoin, trailing only those countries.

In 2020, the Jiangsu Yancheng Intermediate People’s Court ruled on a major case involving the confiscation of Bitcoin, Ethereum, XRP, and other cryptocurrencies totaling over $20.77 billion. The assets stemmed primarily from the PlusToken scam.

JUST IN: An ETF provider in Hong Kong has confirmed that China is working on a transition into Bitcoin and cryptocurrency.

_— Altcoin Daily (@AltcoinDailyio) March 24, 2025

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Key Takeaways

• China’s substantial accumulation from the 2019 PlusToken scam currently stands at an estimated value of $20.77 billion.
• Despite its restrictions on cryptocurrencies, China prioritizes blockchain technology, supported by statements from President Xi Jinping.

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