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Author: Admin | 2025-04-27
And the People’s Bank of China told China Bitcoin exchanges to cease trading with Bitcoin by January 1st, 2014. The following graph shows just how much the price of Bitcoin has risen since China banned Bitcoin exchanges.These two significant restrictions, imposed in 2013 and 2017, respectively, are reportedly now being reiterated. As such, China’s ban on crypto ICOs and China Bitcoin exchanges is now once again being categorized as that China is banning Bitcoin. Until something changes, however, this news appears to be nothing more than another case of crypto FUD.Why Did China Shut Down Bitcoin Mining?It is worth mentioning that, even though the most recent news of China banning Bitcoin are largely overblown, there have been relatively recent developments in the Chinese cryptocurrency world. Specifically, China has reportedly begun to more actively deter Bitcoin mining in the nation’s Inner Mongolia region. Earlier this month, a Fortune report detailed how the provincial government in China’s Autonomous Region of Inner Mongolia put a Bitcoin mining ban in place in March. According to the report, the Bitcoin mining ban displaced roughly 8% of the global Bitcoin hashrate. At the time, the provincial government cited heavy pollution as the reason for the ban. Inner Mongolia is China’s greatest coal producer and was the only Chinese region set for energy reduction in 2019 to surpass its energy quota. As such, it is possible that the Inner Mongolia Bitcoin mining ban was an isolated event.According to Da Hongfei, the founder of the China-based blockchain platform
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