As Bitcoin witnessed skyrocketing demand in the last years , China became a central hub for Bitcoin mining . The country ’ s decision to suppress mining stations and potentially ban cryptocurrencies seems to cause issues in the global crypto scene . Here are the key dates to note from the status of crypto in China .

December 2013

People ’ s Bank of China and the IT ministry orders banks not to be a part of Bitcoin transactions . But , interestingly enough , people could still be a part of Bitcoin trading .

September 2017

China demands the closure of local exchanges , citing cryptocurrencies in money laundering , drug trafficking , and smuggling . As a result , traders move towards overseas exchanges via VPNs .

14 September 2021