Is bitcoin banned in China?

Bitcoin dives as China cracks down on crypto Trading crypto-currency has officially been banned in China since 2019, but has continued online through foreign exchanges. However, there has been a significant crackdown this year.

Did China embrace cryptocurrencies before the crypto bans?

Before the crypto bans, cryptocurrencies, specifically Bitcoin, were largely embraced in China. It’s without a doubt that China was among the earliest countries to embrace cryptocurrencies starting in the early days of Bitcoin.

Is China a crypto skeptic?

China has long been crypto-skeptical. In 2013, the nation banned Chinese banks from handling Bitcoin. In 2017, China banned initial coin offerings -- the crypto version of an initial public offering -- wherein a cryptocurrency startup sells coins or tokens to raise funds for the venture.

How serious is the Chinese government's fight against cryptocurrencies?

In fact, China has burned cryptos 18 times in the last 13 years, showing just how serious the Chinese government is fighting cryptocurrencies. Despite the numerous crypto bans affected by the Chinese government, the country’s crypto industry has managed to thrive, maybe because the legal prohibitions are never conclusive.