How many times has China banned the Bitcoin?

Fermín Díaz
5 min read
Chinese prohibitions to Bitcoin

N or is a secret that China has been banning cryptomones for a long time. The relationship between the Asian giant and the Bitcoin has always been very tense, even though the crypt activity was partially allowed. But everything seems to indicate that the relationship has concluded.

As reported on yesterday, The Chinese Popular Bank shave thoroughly carry out operations with Bitcoin and any other cryptomon. In this way, that any Chinese citizen who disobey will be considered as a criminal and would be severely sanctioned according to the laws.

Reviewing the History, China has banned Bitcoin at least 7 times. But the prohibitions will continue causing great impact on the free use of cryptomoneds and their operating markets. Therefore, we are going to present you the ways in which the Chinese government has tried to prohibit Bitcoin over the years.

Banks support Bitcoin's ban.

The first Bitcoin Prohibition was taken at the beginning of the year 2013, when Bitcoin was in diapers and there was no other cryptomon. The attack went to banks so that they did not allow users to perform operations with cryptomoned, such as buying BTC with some transfer in the bank.

Banks prohibit Bitcoin

In June of this year, The government repeated the attack by prohibiting banks to do operations that involve Bitcoin's purchase. Such action provoked a great commitment from the banks to be able to do so. For May this year, institutions and payment applications were pressed so that they do not facilitate any action that allows the use of cryptocontes. They were based on the volatile that the cryptomones are to justify the attack.

In addition, have been carried out accusations of money laundering with cryptomones causing the disarmament of 380 groups and the apprehension of thousands of suspects in July 2021. It was alleged that cryiptomoned funds related to cases of fraud.

Bitcoin Exchange is veined in the Asian country

Bitcoin has been forbidden through shops and businesses that use cryptocontes, or who are considered a point of entry of services that link users with the cryptoconnects. For example, in 2017 exchange houses Huobi and Binance fled from China and moved in other places where they could operate freely.

However, the persecution did not end there, because the entrance to the binance website was blocked so that users resident in China could not access it.

Bitcoin marketing prohibitions in China

Any activity related to cryptomones is prohibited, which includes commercial and advertising events that promote products or services. There can be no public presentations or hotels or in shopping centers. Something similar happened with the ICO (offer starts of cryptomones) that were vetoed in 2017 and in February this year was reaffirmed such a ban.

Bitcoin mining and cryptomones are prohibited

The final blow occurred in May of this year when was banned mining in China. In fact, in several regions of the country they were asked for citizens to report any presence of mining in the area immediately. It is true that it was previously only alerted as to centralizing Bitcoin's mining in the area, but now it has been banned in eight Chinese provinces.

This brought as a consequence that all miners have had to flee to other parts of the world where mining is not prohibited, such is the case of the USA and Kazakhstan. The excuse that the Chinese government took was the waste of energy generated by mining activity.

Prohibited Bitcoin mining

Now many miners have been working mining freely in places like Texas (USA) and Paraguay. According to several experts, China attacks Bitcoin because he wants to end the cryptocurrency, but it has already been evidenced that such decrees of the Chinese government have not harmed the cryptomoned with its original decentralized protocol.

It is true that the price of BTC suffers corrections due to such prohibitions, but in reality the Asian country is also harmed and its citizens as it is not part of the economic revolutionary power that envelops bitcoin And its great potential for the future.

Effects of the Chinese attack towards Bitcoin

Being sincere, all the efforts of the Asian country to end Bitcoin rather have had a positive effect on cryptomones. It may sound contradictory, but with the attacks, the Chinese government is increasingly disconnected from the cryptomoneds. This is very positive, because previously 60% of bitcoin was located in the Asian country and this was a headache for the Bitcoiners, as it threatened the decentralization of the currency.

Then, thanks to the great mining exodus in China and that headache does not exist. It is believed that 40% of those miners were established in the US, which has favored the increase of mining farms in North America(including Canada). Now all the volume of Bitcoin that existed in China and that it was constantly attacked by the government, there is free of threats in other countries that allow its operations freely and contribute to the development of the enormous potential of thecryptomoneda.

At present, countries such as El Salvador, Cuba, Ukraine and Laos are taking steps to Bitcoin becomes a legal payment method.

Therefore, if you have worried about the drop in the Bitcoin price due to the Chinese prohibitions, do not panic, since it is not the first time it happens It will not be the last one. Bitcoin will not collapse up to zero by such ads coming from the Asian giant.

Today people have learned to ignore Chinese attacks on Bitcoin, and the reason is that China no longer has the influence I had in the past about Bitcoin. Surely we can tell you that China is losing the battle against Bitcoin.

China continues attacking Bitcoin.


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