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In this sense, the new rules were extremely effective. Before the crackdown, China was restrict peer-to-peer trading between individuals. Peer-to-peer trading via social media for its central bank digital. In China famously banned initial apps like WeChat or Telegram.
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BREAKING: CHINA JUST CHANGED THE BULL MARKET!!!! (trillions in QE coming, buying more bitcoin)Despite government crackdowns and widespread reports that crypto is outlawed in China, crypto trade is still very much alive. Beijing banned crypto trading in , and authorities have since detained, fined and jailed people working in the sector. China began its relationship with cryptocurrency in The country's exchanges accounted for the majority of Bitcoin trading before it was banned in.