What was China’s official place main up to the ban?China has long been crypto-skeptical. In 2013, the nation banned Chinese language banks from handling Bitcoin. In 2017, China banned preliminary coin offerings — the crypto model of an preliminary public offering — wherein a cryptocurrency startup sells coins or tokens to lift funds for the venture. The People’s Financial institution of China, which is the country’s central bank, designated them an unlawful type of fundraising.

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The media gobbles this up as a result of people are fascinated by these items. Tales of people discovering 5000 BTC in an old arduous drive that they bought for $25 in 2009, a man throwing away 7500 BTC by accident and scouring a landfill to try and find it, a man buying pizzas for 10,000 BTC – It’s the sizzle to the steak, and it sells.