Of course, not all countries are going to ban crypto. However, more and more countries are considering the decision. For example, the U.S. Gary Gensler, the chairman of the Securities and Exchange Commission has called cryptocurrencies “the Wild West” and said he wants to impose more regulation on digital currencies. In fact, Gensler hired a senior adviser specializing in cryptocurrency.
Meanwhile, the ban in China passed through different phases. Before completely banning digital assets and all related material, the Asian country prohibited financial institutions from crypto transactions in May. Following the decision, China started banning crypto mining in June. Finally, they banned all cryptocurrencies and anything related to them in September.
Before this, China was the second-largest mining pool in the world. As it led to the crackdown on cryptos, the digital assets plummeted sharply in price before they recovered following Facebook’s announcement of rebranding to Meta Inc.
