China has not had the steadiest relationship with Bitcoin. Once, it was the center of the cryptocurrency universe, until it got too big for its boots and starting drawing attention from the controlling government.
The bans came, first for ICOs then for exchanges, yet, this only slowed rather than stopped the growth of Bitcoin in general, and cryptocurrencies as a whole, in the People’s Republic. The idea was to stamp out Bitcoin and its affiliates as the Chinese government took exception to this freedom of money and the movement of it over the borders. However, even though these bans were unprecedented and harsh, they never really laid the killing blow.
The idea is now that the Chinese government will shut the last door on crypto activity in the state with this ban on trading with a foreign platform through a massive firewall. This move comes only because the regulators had to admit that their previous bans were ineffective.
This is another step towards Bitcoin…