Good to understand China’s history with banning crypto when reading and reacting to crypto news and analysis. While recent changes in regulations are some of the most heavy-handed and restrictive, it’s not completely surprising. The writing has been on the wall.
Fall 2013
- China bans banks from handling bitcoin transactions, calling it a “virtual good” and not legal tender.
- BTC China, the country’s largest bitcoin exchange, stops taking deposits in yuan under pressure from payment processors and the government.
Winter 2017
- Amid a crypto boom, China says it is investigating market manipulation and money laundering through bitcoin.
Fall 2017
- China bans initial coin offerings (ICOs).
- Crypto exchanges are banned in China. Citizens largely get around the ban by using offshore exchanges and peer-to-peer trading.
Fall 2019
- China considers eliminating crypto mining but eventually declines to act.
Spring 2021
- China cracks down on crypto mining, as mining activities start to threaten the country’s environmental goals.
- The government bans financial institutions and payment companies from providing crypto-related services.
