Reasons Why China's Crypto Ban

Could the Chinese government reconsider its stance against cryptocurrencies? The country's National Development and Reform Commission (NDRC) recently published a report seeking public opinion on the matter. China has dictated multiple bans on Bitcoin over the past 8 years. However, the government may have the motivation to not altogether reject its adoption. China Consults the Public Earlier today, the commission published its report to its website under the "Soliciting Opinions" (translated) category. It states that central departments have revised one…

The testy Sino-crypto relationship may have taken a turn for the worst following the country's latest decree on them. China has openly voiced its uneasiness with privately issued digital assets. For instance, in 2013, it banned Bitcoin(BTC) as a medium of exchange despite recognizing it as virtual property. The country then declared Initial Coin Offerings (ICOs) illegal. Now it has placed a ban on all crypto mining activities in the country. As expected, the crypto world experienced shocks following the…