China is the first country who wages war against Cryptocurrency. They banned Cryptocurrency exchange and all form of ICO. Even they do not like Cryptocurrency mining. It is rumored that they did not allow cryptocurrency experts to travel abroad. No matter what China is thinking or doing Cryptocurrency or Blockchain technology is going ahead.
Still, China does not recognize Bitcoin as a form of payment. At a press conference, Governor of the Peoples Bank of China said that Still, Bitcoin is not a legitimate payment method. Governor again said that they will prevent irreparable damages to the domestic economy.
They must prevent substantial and irreparable damages to the domestic economy
It is clear that China is concerned for the aggression of Cryptocurrency and technology behind it. From the very beginning they categorically said that they will not allow Bitcoin as a legitimate payment method. After the initial ban on Cryptocurrency last year, Bitcoin price falls for few weeks but recoverd quickly and reached a all time high of $20k
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