Chinas banhammer keeps hammering. With China excluding itself more from economic freedom and technological progress by banning services such as CoinGecko and CoinMarketCap, I believe that many great and profitable risk-reward moments will be created in the crypto space.
Let’s take a quick look on the other times that China has been cracking down on crypto.
2013 December
Financial institutions are banned from making, facilitating, or handling Bitcoin transactions.
2014 April
Commercial banks and payment processing companies are mandated to shut down existing Bitcoin trading accounts.
2017 February
Cryptocurrency exchanges are required to comply in full with anti-money laundering regulations.
2017 September
Chinese domestic crypto-exchanges are hit by the banhammer. Almost 200 trading platforms shut their doors or move overseas to other countries. Crypto ICOs are banned in China.
2019 April
A partial ban on the crypto-mining industry is established.
2021 May
Several Chinese provinces individually start banning cryptocurrency mining as an industry and starts banning mining equipment. Financial institutions are now banned from dealing with cryptocurrencies, not only Bitcoin.
2021 June
A complete country-spanning ban on cryptocurrency mining and mining equipment.
And now, this month, the banhammer hits on cryptocurrency trading by individuals, even using foreign cryptocurrency exchanges.
In the long term, I see this only making crypto stronger, no matter what the Chinese government does. This banning might create some short-term risks in the crypto market, but it also create a lot of opportunities. I think that the rewards will heavily outweigh the risks. When the dip comes, the dip will be bought.
