China Never Banned Crypto: What Happened Instead
The 2021 Crypto Crackdown in China
China's most powerful regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining hitting. The crackdown in China pits the unlimited power of an authoritarian government against a key selling point of cryptocurrencies that the decentralised networks of computers that run digital.
Despite the Crackdown, Crypto Trade Is Still Alive
Despite government crackdowns and widespread reports that crypto is outlawed in China crypto trade is still very much alive. The 2021 crypto crackdown in China was the most severe yet and reiterates a number of the nations previous bans.
In September 2021, the People's Bank of China (PBOC) issued a statement reiterating its ban on all cryptocurrency transactions. The PBOC also ordered all crypto exchanges to cease operations in China. In addition, the Chinese government has also banned crypto mining, which is the process of verifying and adding new blocks to the blockchain.
Despite these bans, crypto trade is still thriving in China. There are a number of ways that people in China are able to buy and sell cryptocurrencies.
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