The Chinese government hasn’t been too kind to cryptocurrencies in the past years. First, initial coin offerings (ICO) were banned in China in September 2017. Then, following the crackdown on ICOs, exchange platforms that traded cryptocurrencies or provided facilitation services were also ordered to be closed. This made the task of purchasing bitcoin almost impossible for investors in China. However, this was not merely a blanket ban. It was a preparation for things to come. To understand the harsh attitude of the Chinese government toward cryptocurrencies, we have to look at the big picture of China’s economy and financial market. While central banks worldwide grapple with the rise of bitcoin and their inability to control it the way they do fiat currencies, China is working toward becoming … [Read More...]