🇨🇳China's stance on cryptocurrencies: a history of prohibitions.

China has maintained a hostile stance towards cryptocurrencies, implementing a series of strict prohibitions that have impacted the global market. From the crackdown on exchanges to the drastic ban on Bitcoin mining in 2021, the government has forced a massive relocation of the industry. Although trading and holding cryptoassets persist through alternative methods, the official stance is clear.

This approach sharply contrasts with the active development of the digital yuan, the central bank's digital currency, highlighting China's preference for centralized and controlled financial systems.