Speculations and possibilities aside, China’s crypto crackdown in 2021 has been rather uncompromising. Despite being considered a running joke by experts, which is to fade out in time, the tough approach hasn’t been all that pleasant for the traders. With the latest announcement coming in with disparate figures, exchanges like
CoinSwitch Kuber
reported an almost 30 per cent fall in weekend transactions immediately after the ban was reported.
But then, as disconcerting as this might sound, the crypto market is expected to continue its bullish breadth, and almost every player, including Bitcoin, Ethereum, and more, is expected to come out unscathed. Despite the ban surfacing at least three weeks before this discussion, Bitcoin is comfortably placed at over $68000, as we speak, gearing up for the next up move.
Let’s trace China’s crypto takedown timeline
As a robust economy, China started instituting restrictions on crypto transactions that date back to 2013, when the PBOC (People’s Bank of China) restricted banks from sanctioning and even participating in Bitcoin transactions.
Four years later, payment gateways allowing crypto transactions were banned, and even speculative trading was brought under the prying scanner. However, 2021, till now, seems to be the most restrictive year for crypto in China, with the country banning crypto mining in June, sending out ominous signs in July, and eventually subjecting the entire space to something on the lines of a wholesale ban, restricting every activity, within or even outside its borders, provided they cater to the Chinese populace.
It’s November already, and while the global crypto space seems to be revelling in the glory of the $3 trillion market cap, China-based crypto exchanges are getting their digital assets wiped…
