🚫🇨🇳 How many times has China banned cryptocurrencies?$
Answer: 5 times so far!
Here is the timeline of the major restrictions and bans from China against cryptocurrencies:
1️⃣ 2013
📌 The People's Bank of China prohibits financial institutions from dealing in Bitcoin for the first time.
2️⃣ 2017
🚫 Complete ban on Initial Coin Offerings (ICOs)
📉 Closure of local trading platforms such as BTCC and OKCoin.
3️⃣ 2019
⚠️ Government warning against mining, considering it an undesirable activity.
💻 However, mining continued unofficially in the following years.
4️⃣ 2021
🔨 The big blow:
▪️ May: A widespread campaign to shut down mining farms.
▪️ June: Official ban on all mining activities.
▪️ September: The central bank announces that all cryptocurrency transactions are "illegal."
5⃣ 2025
🚷 The result? Major companies leaving China and moving to other countries like Kazakhstan and the United States.
💡 But despite all this, China continues to monitor and develop the digital yuan (CBDC) as a central digital currency!
Do you think China will ever return to embrace crypto? 🤔💭