China, the world’s second-largest economy, has considerable influence over financial markets, technology, and the crypto market. To know China’s history with Bitcoin (BTC), you must go back a decade. Once called the world’s Bitcoin trading and mining capital, the country banned non-government-approved cryptocurrencies in September last year.
China, which was one of the earliest nations to embrace cryptocurrencies enthusiastically, saw the first cryptocurrency exchange, BTC China, back in 2011. Chinese people were at one time so crazy about cryptocurrencies that as soon as they typed China News in the Google search engine, the news about cryptocurrencies used to appear at the top. China News mostly used to talk about what was happening in the crypto market and the performance of different cryptocurrencies.
In 2021, after Beijing banned Bitcoin and other digital assets, the “China crypto ban” started making headlines and trending on social media platforms. Though the decision was a setback, China is still a leading player in the crypto industry mainly for two reasons- most of the hashing power of the Bitcoin network is being done in China due to low electricity charges, and the Chinese government is developing its own digital currency that will be pegged to its currency, the Renminbi.
For those following China news to get cryptocurrency-related updates, Coingape is the perfect platform for them to track the latest developments happening in the industry. Coingape, the Crypto News and Market Analysis platform, brings all the significant developments in the crypto industry to its viewers and followers in a time-bound manner. The platform is a trusted aggregator of crypto news from across the world, including China.
