Why was crypto banned in China?

This involvement underscores the country's commitment to shaping the future of the digital asset industry and mitigating risks associated with its growth.

In light of these concerns, China has considered developing its own Central Bank Digital Currency (CBDC) as a potential solution to address the challenges posed by cryptocurrencies.

The CBDC initiative aims to leverage digital technology while maintaining control over the monetary system, ensuring stability and promoting financial inclusion.

China's stance on cryptocurrencies is notably strict, a reflection of the government's concerns about their potential impact on the stability of the national currency.

Parallel to these efforts, China is also actively participating in global regulatory developments related to cryptocurrencies.