But trading cryptocurrencies was officially outlawed in 2019 in China as the government sought to crack down on crypto.
China’s announcement caused prices of bitcoin (the world’s largest cryptocurrency) to fall below $34,000 (£24,030).
Prices weren’t the only aspect of the market affected by the crackdown, with the mining landscape also shifting dramatically.
In September 2019, China’s mining of bitcoin accounted for 75.5 percent of the market, but this fell to zero percent by August 2021 according to Statista.
This is because in September 2021 China enforced an even tougher crackdown on cryptocurrencies by declaring that all cryptocurrency transactions would be illegal.
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