A brief summary of China’s three important regulations on Bitcoin:

For the first time, at the end of 2013, the government established the non-monetary nature of Bitcoin. The market responded quickly and the price of the currency fell. The impact was far-reaching and it took three years before signs of recovery showed.

In the autumn of 2017, the following year, the policy was implemented again, prohibiting financial institutions from providing clearing services for Bitcoin transactions, which directly led to the withdrawal of domestic trading platforms from the stage, and the currency price suffered another setback. However, after this adjustment, Bitcoin only took a short break before climbing to new highs again.

The first two controls respectively restricted the circulation and exchangeability of Bitcoin and weakened its influence in the real economy.

By the summer of 2021, the focus turned to mining activities and a ban was implemented. This move seems to be damaged from the perspective of maintaining the security of the blockchain, but in fact it has limited long-term impact on the security of Bitcoin’s global network and mainly affects market confidence. However, it is worth noting that since then, the computing power of the entire Bitcoin network has increased instead of falling, reaching a new high.

After this series of controls, domestic Bitcoin trading volume decreased significantly, and China’s influence on global Bitcoin prices gradually weakened. Cryptocurrency has significant transnational attributes, and the policy regulation of a single country has increasingly limited impact on its global environment.

Countries have different national conditions and policy adjustments are naturally different. This is normal. Therefore, wherever you are, complying with local laws and regulations is your first responsibility.

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