🛑 China's 2013 Bitcoin Ban: The First Crackdown

In December 2013, China’s central bank — the People’s Bank of China (PBoC) — issued its first official ban on Bitcoin, prohibiting financial institutions from handling BTC transactions. This was the first major state-level crackdown on cryptocurrency globally.

📰 The announcement caused Bitcoin’s price to crash from around $1,150 to under $500 in just a few days, sparking panic across international markets.

🔍 Despite the ban, Chinese crypto activity didn’t stop — it simply went underground or moved offshore. In the years that followed, China remained one of the largest mining and trading hubs.

📜 This 2013 decision set the tone for a decade of back-and-forth policies from China, with repeated bans on exchanges, ICOs, and mining — culminating in the 2021 full mining ban.

💬 The lesson? Bitcoin doesn’t die — it adapts, reroutes, and often grows stronger through resistance.

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