China FUD History

sinazhr Updated   
June 2009
China bans the use of digital currencies to buy real-world goods and services to curtail video-game currencies subverting the yuan.

December 2013
Banks banned from Bitcoin

People’s Bank of China and the IT ministry orders banks not to be a part of Bitcoin transactions. But, interestingly enough, people could still be a part of Bitcoin trading.

March 2014
False Report of Bitcoin Ban in China

A false report circulates of an outright ban on all Bitcoin transactions in China. BTC price drops.

September 2017
Closure of Local Exchanges

China demands the closure of local exchanges, citing cryptocurrencies in money laundering, drug trafficking, and smuggling. As a result, traders move towards overseas exchanges via VPNs.

April 2019
Warning to Miners

A draft published by the National Development and Reform Commission (NDRC) in April 2019 sought the public's opinion on a list of industries it wanted to promote or restrict. Among those it wanted to phase out: Bitcoin mining, which it said was among the sectors that did not adhere to relevant laws and regulations, were unsafe, or polluted the environment.

Yet half a year later, when the final plan was published, Bitcoin mining had been removed from the list.

October 23, 2020
China bans people selling Crypto

The world’s second-largest economy, China just recently published a draft law that seems to ban entities from issuing digital cryptos.

DEC 01, 2020
Authorities shut off electricity to Bitcoin miners in China’s Yunnan province

Local media reports indicate electricity producers in Yunnan, China’s fourth-largest province by Bitcoin hash rate, have been ordered not to provide power to crypto mines.

May 2021
Payment gateways banned

The authorities ban financial institutions and payment gateways from offering services related to crypto. The authorities also warned against speculative cryptocurrency trading.

June 2021
Mining crackdown

The government seeks the end of Bitcoin mining hardware in the Sichuan province and Inner Mongolia, citing environmental pollution and excessive resource consumption as reasons.

July 2021
CCB gets heavy

China’s central bank shuts down a company that allegedly provided software services for virtual currency transactions. It also tightens the warnings for institutions.

May 2021
State Own Bank In China Bans Bitcoin Transactions

CITIC Bank has issued a statement prohibiting their clients to use their accounts for Bitcoin transactions. Per a Wu Blockchain report, the state-owned bank seeks to “maintain the legal currency status” of their national currency the Yuan (RMB).

Jun 2021
State Council of China Reiterates Ban on Bitcoin Mining and Trading: BTC Price Drops Below $37K

Chinese Search Engines Block Binance, Huobi and OKEx
Various sources report that all search engine platforms in China have blocked results for major crypto exchanges

China’s Xinjiang and Qinghai regions ban cryptocurrency mining
Xinjiang and Qinghai regions in China are now banning cryptocurrency mining after Inner Mongolia tightened its crypto mining ban last month.

Chinese central bank orders lenders to cut cryptos’ financial lifelines
The People’s Bank of China has told the country’s big banks and other finance sector heavyweights to cut off financing sources for cryptocurrency transactions.

China shuts down website and social media of high-profile blockchain center

September 2021
China's Central Bank Says All Crypto-Related Transactions Are Illegal, Bitcoin Plunges 5 Percent

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