Let us quickly recall the history of individual Chinese bans on cryptocurrencies. In 2013, in response to the culminating bitcoin bullmarket, the People’s Bank of China and the Chinese Ministry of Informatics officially banned Chinese commercial banks from handling bitcoin-related transactions in any way. In a country with heavily controlled capital flows, this was probably a necessary and probably quite rational decision. For the others, it was often not so clear. China’s first attempt to regulate bitcoin is more or less correlated in time with the beginning of the next bear market, which is being misused by market manipulators at…