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China versus Bitcoin: An odd Culture War

 


The People's Republic of China is not a big admirer of bitcoin. The idea of ​​a decentralized currency contradicts the power striving of the communist central party. Accordingly, there have been strict requirements and ultimately even bans against the most important cryptocurrency in recent months and years. We give an overview of the history between China and Bitcoin.

China initially friendly to Bitcoin

The negative attitude towards Bitcoin was not to be found in China in the first years of the cryptocurrency. The first ban on digital currencies took place in China as early as 2009. However, this ban concerned older digital currencies and not cryptocurrencies. When it came to Bitcoin, the Chinese government reacted wait-and-see in the early 2010s.

China therefore quickly developed into a popular contact point for the crypto industry. In 2011, the first Chinese bitcoin exchange, BTCChina, was founded. Two years later, the Huobi and Bitmain exchanges followed. Even the Chinese search engine company Baidu started accepting bitcoin payments.

First Bitcoin ban in China in 2013

The first ban was not long in coming after the spread of Bitcoin in China. The Chinese monetary authorities announced in 2013 that Chinese financial houses are no longer allowed to use Bitcoin. They also declared Bitcoin to be an illegal means of payment. However, private individuals were excluded from this ban. 

At the same time, China became more and more a Mecca for crypto miners during this time. As early as August 2015, four Chinese Bitcoin mining companies accounted for 50% of the total Bitcoin hashrate. A year later, the first additional cryptocurrencies were created in China through initial coin offerings. 

Strict bans from 2017

However, the first bans began in 2017. The ICOs that were named were the first to be affected. Ongoing IPOs had to be reversed. After that, things got worse: China began banning crypto exchanges in their own country. In 2018, access to foreign exchanges and ICO sites was banned.

Later on, China began to take action against the widespread mining of Bitcoin. The first restrictions already took place in 2019. Then, in the spring of 2021, the far-reaching ban on Bitcoin mining followed in most Chinese provinces. In the autumn, the final step was to ban Chinese citizens from carrying out transactions on crypto exchanges.

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