China is likely to unban #bitcoin in the near future 🇨🇳 

The country has a spotted past of anti-bitcoin policy. Recent court filings have suggested a shift in tone.

Lets dive deeper and highlight the country’s bitcoin policy decisions from past to present:

-June, 2009 (#BTC value $0.0001): Six months after Bitcoin was invented, China announces it will prohibit virtual currencies, primarily out of a desire to prevent gamers from using in-game money to purchase real-world goods. (Bitcoin isn’t mentioned.)

-December, 2013 (#BTC value $900): The People’s Bank of China (PBOC) prohibits Chinese banks from engaging in Bitcoin-related business, although individuals can still trade. Prices drop 13% after tech giant Baidu stops accepting BTC and crypto exchange BTCChina is temporarily unable to accept yuan deposits.

-January, 2014 (#BTC value $850): Prices fall again after e-commerce behemoth Alibaba follows Baidu’s lead, proactively banning bitcoin transactions and sales of mining equipment. (This week, the company published a reminder about this policy.)
September, 2017 (BTC value $4,000): The Wall Street Journal reports on Chinese authorities’ plan to shutter all Bitcoin exchanges: “the government’s attack on Bitcoin comes amid a focus on preventing capital from fleeing to digital currencies.” 

-May, 2021 (#BTC value $37,000): Despite previous bans, China remains the global hub for bitcoin mining, with about 46% of the average hashrate as of April, according to a Cambridge University estimate. After government officials begin a widespread mining crackdown, miners begin to halt Chinese operations and migrate abroad — especially to North America. Mining power has steadily recovered since.

-September, 2021 (#BTC value $43,000): As the PBOC reiterates existing restrictions on trading and mining, and moves to close a loophole around offshore crypto accounts, some vestiges of crypto activity (including over-the-counter trading) begin to shut down. Notably, the possession of crypto still appears to be legal — and many longtime local traders took advantage of low prices to add to their holdings. “These policies are not new to us, so we view them as a buy signal,” one Shanghai-based crypto investor told Bloomberg. 

-September, 2024 (#BTC Value $65,000): The Shanghai No.2 Intermediate People’s Court acknowledged Bitcoin as a legal digital currency for the first time. The courts described Bitcoin as “non-replicable” and highlighted its scarcity and ease of use as a currency. 

The recent court acknowledgments have signaled  that the that the country may change its course on anti-bitcoin policy, although there has been no official announcement from the PBOC. As for bitcoin’s fate in China, time will tell. 


#NOSTR #Bitcoin #BTC #China https://image.nostr.build/61913f587859af08fd6cb7e5cc3111b4fec4f455a835ddfcb1b90008efa81e19.jpg