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China's strict stance on cryptocurrencies began in 2013, when the government banned financial institutions from conducting Bitcoin transactions. This initial ban marked the beginning of a series of regulations aimed at curbing the growth of the crypto market within its borders.

In 2017, China banned initial coin offerings (ICOs) and closed domestic cryptocurrency exchanges. In 2021, the repression continued, with a ban on cryptocurrency mining and all cryptocurrency-related transactions.

Despite the ban, demand for cryptocurrencies in China remains high. Many Chinese cryptocurrency users have sought alternative ways to acquire and trade cryptocurrencies, often turning to overseas exchanges and underground markets.

If China lifts its cryptocurrency ban, the impact on the global cryptocurrency market could be huge. The return of China, as one of the world's largest economies, to the crypto market could increase trading volumes and raise prices for digital currencies.