China has a complex and turbulent history with cryptocurrencies. In 2013, the Chinese government banned financial institutions from handling transactions related to Bitcoin, citing concerns about security and financial stability. Subsequently, in 2017, China further tightened the regulations, banning ICOs (Initial Coin Offering) and shutting down cryptocurrency exchange platforms, in an attempt to reduce the risks associated with speculative bubbles and illicit activities. Finally, in 2021, the People’s Bank of China declared illegal all cryptocurrency transactions, thus consolidating one of the strictest bans in the world. However, despite these strict bans, China has continued to play a fundamental role in the cryptocurrency ecosystem. The country has indeed been a leader in the Bitcoin mining sector for a long time, thanks to low energy costs and the presence of advanced technologies.