Is crypto banned in china

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With the announcement to ban crypto-currency exchange, stated it would gradually close Mainland China accounts Chinese government to crack down the driving effect on industrial miners, and exchanges based in mining activities in their areas.

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Binance, the world's largest crypto exchange, was supposed to leave China behind when the country made cryptocurrency trading illegal in Cryptocurrency trading is subject to strict government-imposed restrictions in China since September , when trading platforms were shut down. China's bitcoin mining ban devastated bitcoin. It's been two years now - and Bitcoin and the hash power built on securing it is stronger.

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It is possible that authorities want to keep the door slightly open to crypto itself, just in case. Related Terms. In May , the State Council announced further crackdowns on bitcoin mining in China. How to Mine, Buy, and Use It Bitcoin BTC is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments. They can lower transaction processing costs and enable seamless transfer across borders.