What we know about China’s cryptocurrency crackdown

Illustration by Alex Castro / The Verge

This week, Bitcoin dipped below $30,000 for the first time since January. That’s half what it was worth just three months ago, and it’s coming amid fears that China, the world’s biggest Bitcoin mining country, is trying to ban cryptocurrencies outright. Is it? Here’s what we know as of today.

While we haven’t seen any reports of China flat-out outlawing cryptocurrencies, the government started issuing warnings about trading and mining cryptocurrencies in May, and told the country’s financial giants they would have to stop dealing in crypto. Since then, we’ve seen the top three mining regions in the country start making moves against miners, and the government reportedly met with major banks again just this week to reiterate that banks…

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