China and Bitcoins: A Complicated Relationship

China and Bitcoins: A Complicated Relationship

Cryptocurrency, a form of digital currency using cryptography, is on the rise due to its two main characteristics: anonymity and independence from central regulation. For Chinese governing authorities, however, those two elements are to be avoided at all costs. Despite the rapid proliferation of bitcoin mining and exchanges in China, it should come as no surprise that the government is beginning to crack down on this exchange method. On September 4th, 2017, The People’s Bank of China (PBoC) released a statement dismissing the validity of digital currency and demanding the termination of all ICOs (initial coin offerings) or fund-raising […]