China’s crypto crackdown is shaking markets, but it’s been trying to rein in the sector for years. Here’s a timeline of Beijing’s regulatory sweep.

China’s crypto crackdown is shaking markets, but it’s been trying to rein in the sector for years. Here’s a timeline of Beijing’s regulatory sweep.

S de It was deja vu all over again for some cryptocurrency investors on Friday after The People's Bank of China said in a that virtual currencies "are not legal and should not and cannot be used as currency in the market." Bitcoin fell as much as 8% on Friday following the news, while several other crypto coins like ether, litecoin, and Solana fell nearly 10%. But China's hostile stance to bitcoin has been well known, as the country implemented its first "ban" in 2013. Since then, China has been attempting to rein in the booming digital asset sector with various restrictions targeting different areas of the market. Today's moves were the most forceful so far against cryptocurrencies. Still, despite all of the bans, Beijing has stopped short of making it illegal for Chinese citizens to hold onto their digital cryptocurrencies. Here's a timeline of all the regulatory actions China has imposed on cryptocurrencies since 2013, many of which occurred amid a volatile rally in bitcoin and other altcoins. The People's Bank of China said that bitcoins are a "virtual good" that has no legal status and shouldn't be used as a currency. This was effectively the first ban towards