When did China put a ban on cryptocurrency?

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7 months ago

I’m trying to put together a timeline of significant events in the history of cryptocurrency and I’ve come across numerous references to a ban on cryptocurrency activity by China. However, I’m having trouble finding reliable information regarding the exact timing and scope of these bans. Some sources suggest that China has progressively tightened restrictions on cryptocurrency, while others imply that there was a singular, comprehensive ban.

Can someone clarify when China first implemented a ban on cryptocurrency? Was it a gradual process or was there a definitive legislative action taken at a specific point in time? Did the ban cover all aspects of cryptocurrency activity, such as mining and trading, or were certain operations still allowed? Any specifics regarding the nature and extent of the bans would be greatly helpful.

Answers:

1 Votes
7 months ago

China’s relationship with cryptocurrency can be broadly categorized into two phases. The first phase commenced in 2013 when the Chinese government issued a warning about the risks involved with Bitcoin and declared it was not a currency. The more definitive action came in 2017 when China outright banned Initial Coin Offerings (ICOs) and later the same year, ordered domestic Bitcoin exchanges to shut down. This effectively stalled cryptocurrency trading but did not address mining. In 2019, China threatened to ban cryptocurrency mining but this hasn’t yet been fully implemented. These restrictions were put in place as a gradual process rather than a singular event, reflecting the government’s cautious stance towards cryptos.

How are you going to present this timeline? Perhaps you could segment it based on different types of crypto regulations globally? Also, have you had a look into how other countries like India and Russia have tackled the crypto subject? Their actions might provide an interesting contrast.

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