Cryptocurrency will recover from China’s latest ban. This is according to a report on CoinTelegraph that chronicled the last 12 years of China’s clampdown on cryptocurrency.
The report said, “Chinese regulators have never exactly been crypto advocates. When blockchain-based digital currencies were still in their infancy, i.e. 2009, China’s Ministry of Culture and Ministry of Commerce barred the use of virtual currency for trading real world goods. “Though not specifically targeting Bitcoin, the move did seemingly set the precedent for a decade of anti-crypto regulations.”
According to the report, in 2013, the People’s Bank of China prevented Chinese financial institutions from handling BTC transactions in 2013.
This caused the price of BTC to drop under $1,000 at the time. In 2014, fake reports from the PBoC caused the BTC price to cascade.
In September 2017, China banned exchanges from offering services to users within the country. BTC would eventually rise from $4,000 to $20,000 within a three months’ period after this ban.
In April 2019, a draft from China’s National Development and Reform Commission revealed that the country…