Bitcoin has Recovered from Nearly 18 Bans from China in 12 Years

Bitcoin has Recovered from Nearly 18 Bans from China in 12 Years

Since 2009, China and Hong Kong have "banned" or otherwise caused FUDs in the cryptocurrency space 18 times, in various ways. Read on for more information.

Since 2009, China and Hong Kong have "banned" or otherwise caused FUDs in the cryptocurrency space 18 times, in various ways. Read on for more information.

The price of Bitcoin fell 8% today following a "breaking news" news that the People's Bank of China, PBoC, had declared all cryptocurrency transactions illegal.

With that said, let's take a nostalgic look at the past 12 years of China-sparked FUD, and see if we can spot any patterns.

Some of the bans Bitcoin faced

Chinese regulators weren't exactly proponents of cryptocurrencies before the ICO boom of 2017. When cryptocurrencies were still in their early stages, that is, in 2009, the Ministry of Culture and the Ministry of Commerce of China banned the use of "digital currencies" for the purchase of real world goods. Although not specifically targeting Bitcoin (BTC), the move appeared to set the precedent for more than a decade of anti-cryptocurrency regulations.

The price of Bitcoin fell 8% today following a "breaking news" news that the People's Bank of China, PBoC, had declared all cryptocurrency transactions illegal.

In 2013, the PBoC prevented Chinese financial institutions from handling BTC transactions and called the cryptocurrency a currency with no "real meaning." The news sent the price of BTC plummeting below $ 1,000 at a time when BTC China, or BTCC, was the largest cryptocurrency exchange by trade volume.

In March, a fake news story posted on the Sina Weibo website claimed that the Central Bank of China was planning to stop all Bitcoin transactions in the country from one month on. Although the news turned out to be meaningless, it did not stop the price of Bitcoin from plummeting.

In March, a fake news story posted on the Sina Weibo website claimed that the Central Bank of China was planning to stop all Bitcoin transactions

Around the same time, the Chinese exchange, FXBTC, said it would close its doors amid threats from regulators to ban exchanges. A combination of both incidents may have been responsible for Bitcoin's drop from $709 to $346.

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