Arpit Apoorva
Arpit Apoorva 1 minutes reading from Bitcoin

China's Crypto Ban Paves the Way for Official Digital Currency

China vs Bitcoin 🤓

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China was among the earliest countries to enthusiastically embrace cryptocurrencies. In 2011, its first cryptocurrency exchange, BTC China, began trading.

In addition, Baidu, China’s search engine giant, began accepting Bitcoin as payment for website security services in 2013. Large-scale cryptocurrency mining operations began setting up shortly thereafter.

However, in November 2021, the U.S. Library of Congress officially recognized an absolute cryptocurrency ban in China in its November cryptocurrency update.

China's complete ban of cryptocurrency hasn't spelled its end in the country—instead, the ban has opened the door for an official digital currency backed and recognized by the government.

This post is based on this twitter thread.

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