China Cryptocurrency Ban Date

China's Crackdown on Cryptocurrencies

China's Hostile Stance on Crypto

China's hostility toward cryptocurrencies can be traced back to December 5, 2013, when the People's Bank of China (PBoC) and the Ministry of Industry and Information Technology (MIIT) jointly issued a notice prohibiting financial institutions from engaging in Bitcoin transactions.

The Latest Ban

In late September 2021, the PBoC issued a blanket ban on all cryptocurrency transactions. The central bank cited the "risks to financial stability, consumer protection, and social order" posed by digital assets.

Continued Trading

Despite the ban, cryptocurrency trading continued online through foreign exchanges. However, this activity became increasingly difficult as Chinese authorities stepped up their crackdown on exchanges and payment platforms.

Blanket Ban

On September 24, 2021, China's most powerful regulators, including the central bank, the securities regulator, and the banking regulator, issued a joint statement reiterating the ban on all cryptocurrency-related activities, including trading, lending, and fundraising.

Conclusion

China's relentless crackdown on cryptocurrencies has created a hostile environment for digital asset enthusiasts in the country. The blanket bans and regulatory actions have effectively cut off access to foreign exchanges and made it almost impossible to trade cryptocurrencies within China. This crackdown serves as a stark reminder of the potential risks associated with investing in unregulated markets and highlights the importance of clear regulatory frameworks for digital assets.