March 26, 2023

When did bitcoin first come out?

Because there’s been some confusion, here’s a quick run down of where Bitcoin sits today as far as regulation.

Following the November 2013 Silk Road bust that exposed the widespread usage of Bitcoin in the black market, the People’s Bank of China prohibited financial institutions from using Bitcoin. (At this point, Chinese access was down to only a few criminal operations).

In September 2017, the People’s Bank of China reversed its stance and began allowing financial institutions to use Bitcoin again, but it was clear that Bitcoin wasn’t in favor of the central authorities. The price of Bitcoin dropped nearly 90% in response.

Today, the People’s Bank of China is still officially banning Chinese users from purchasing virtual currencies, including Bitcoin. Even so, the reality is that as long as any of the major Chinese exchanges are still operating, there are millions of Chinese users who can participate in the Bitcoin trading market.

El Salvador passed a law in June of 2017 that officially declared Bitcoin legal in the Central American country. Because of this, Bitcoin became the first crypto currency to be used in El Salvador as a legal tender. The law said Bitcoin should have the same value as the USD, and also formally recognized blockchain technology.

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