China would not be China if there weren't ways to circumvent strict regulations. Ownership of crypto is still legal and legally protected. In , China banned initial coin offerings -- the crypto version of an initial public offering -- wherein a cryptocurrency startup sells coins. China announced a ban on cryptocurrency transactions, the latest in a series of crackdowns on virtual money that comes as countries around. SOCIALLY RESPONSIBLE INVESTING BANK OF AMERICA

The number of countries and jurisdictions that have banned crypto either completely or implicitly has more than doubled since , when the organization first published a report on the subject. Some governments that have banned crypto have said that cryptocurrencies are being used to funnel money to illegal sources and argued that the rise of crypto could destabilize their financial systems.

Although not all governments are moving to ban crypto, many are looking into how to regulate digital currency, including the U. Gensler hired a senior adviser specializing in cryptocurrency last week. When it banned crypto last year, China did so in different phases. First the country prohibited financial institutions from engaging in any crypto transactions in May.

China announced a ban on cryptocurrency transactions, the latest in a series of crackdowns on virtual money that comes as countries around the world are considering tougher regulations of their own. And it really hasn't been regulated. That's appealing to many Chinese citizens.

But China's leaders have spent years trying to crack down on crypto. Winston Ma teaches securities law at NYU. And he says Friday's announcement is an escalation. GURA: As cryptocurrencies get bigger and they become more mainstream in many countries, China is going against trend.

In the world's second-largest economy, you're no longer able to buy them or sell them. Banks aren't allowed to process transactions. And there's been a crackdown on the infrastructure that supports crypto. Ma says this is a government-wide effort. MA: When you have 10 ministries involved - right?

And China is developing a digital version of its own currency. Prasad says lawmakers and regulators around the world will pay close attention to the rules China has put in place.

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MA: When you have 10 ministries involved - right? And China is developing a digital version of its own currency. Prasad says lawmakers and regulators around the world will pay close attention to the rules China has put in place. PRASAD: Because of concerns about domestic financial stability, as well as illicit capital flows across international borders.

GURA: This week, the Treasury Department sanctioned a site where cryptocurrency can be bought and sold because of its role in ransomware attacks. Crypto appeals to investors, to iconoclasts and to international criminal syndicates. In the U. And I fear that if we don't address the issues, I worry a lot of people will be hurt.

Now, that may sound like a lot, but that kind of volatility is very common. Some U. And they're using it to make the case to steer clear of more rules. As they see it, a huge player has been taken out of the global crypto economy. And that's an opportunity for the U. All rights reserved. The Chinese government is developing a digital currency that will be pegged to its currency, the Renminbi.

However, once it was realized that Bitcoin had an equivalent fiat currency value, it caught on over the next few years as the cryptocurrency gathered attention and value. Early cryptocurrency investors began to see digital returns, and popularity began to spread. China was among the earliest countries to enthusiastically embrace cryptocurrencies. In , its first cryptocurrency exchange, BTC China, began trading.

Large-scale cryptocurrency mining operations began setting up shortly thereafter. Large-scale mining operations were centralized in China because of the relatively cheap electricity, attractive to miners due to the large amounts of energy required. By , the emerging industry in China welcomed Bitmain, one of the first cryptocurrency mining equipment manufacturers and mining pool operators. At one time, it was responsible for most of the Bitcoin mining operations globally and ran the largest mining pool.

Bitmain also became a leading manufacturer of application-specific integrated circuit ASIC mining equipment. Cryptocurrency mining, as an industry, continued to grow throughout and Digital currency grew in popularity as people's interest in anonymity and value growth increased. The Chinese government began addressing growing concerns about cryptocurrencies replacing its fiat currency by banning initial coin offerings ICOs in In May , the State Council announced further crackdowns on bitcoin mining in China.

It continued a steady decline until June , when all mining stopped in China. China's ban on initial coin offerings stems from the government's belief that they are generally an illegal method of raising public funds for criminal activities. Following the complete ban on cryptocurrency, the operators of cryptocurrency exchange Huobi Global closed its doors to new users in mainland China in September It also began retiring all existing accounts through December Library of Congress officially recognized an absolute cryptocurrency ban in China in its November cryptocurrency update.

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