Chinas Crypto Crackdown Intensifies

A Decade of Hostility

China's hostile stance towards cryptocurrency can be traced back to December 5, 2013, when the People's Bank of China (PBOC) issued a notice prohibiting financial institutions from engaging in Bitcoin transactions.

PBOC's Blanket Ban

In September 2021, the PBOC escalated its crackdown by declaring all cryptocurrency transactions illegal. This move banned both domestic and overseas exchanges from operating in China.

Targeting Overseas Exchanges

The PBOC's crackdown specifically targeted overseas cryptocurrency exchanges that were facilitating transactions involving Chinese citizens. The government aimed to limit the flow of cryptocurrency into the country.

Intensified Clampdown

On September 24, 2022, China's most powerful regulators intensified the crackdown, declaring all financial transactions involving cryptocurrency illegal. This comprehensive ban signaled a hardening of the government's stance towards the industry.