As one of the world’s largest economies, China’s stance on cryptos has always had a profound impact on the crypto market. Still, China’s historical relationship with cryptos is quite complex. It requires an understanding of the reasons behind its notorious bans and an examination of the potential implications of lifting China’s crypto ban.
With recent signs suggesting a possible shift in policy, the future of cryptos in China hangs in the balance, promising significant repercussions for the industry worldwide.
China’s History of Banning Crypto
China has a long history of imposing restrictions on cryptos, with the first attempt taking place in 2013 when the People’s Bank of China (PBC) issued rules that prohibited financial institutions from transacting in virtual currencies like Bitcoin.
However, this did not make it illegal for Chinese citizens to buy, store, or send cryptos. It simply made accessing cryptos from exchanges more challenging.
This first ban was aimed at slowing down Bitcoin trading, as it had become so widespread that many businesses, including the country’s largest search engine Baidu, began accepting it as payment.
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Author: Bary Rahma
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