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(Bloomberg) -- This September marks the one-year anniversary of China declaring that crypto transactions were effectively illegal. At the time, the decision triggered sharp declines in crypto markets, even though it wasn’t entirely unexpected. It wasn’t the first time that China had sought to crack down on crypto -- that’s been happening in one form or another in the country since at least 2013. 

Still, the 2021 declaration prompted some pretty swift and significant changes. Among the biggest of these changes was the effect on Bitcoin miners, who left China in droves. Many of them set up shop in the US, in states like Texas. 

To better understand China’s crypto crackdown, this episode features Bloomberg reporters Yueqi Yang and David Pan, as well as Winston Ma, a Managing Partner & Co-Founder at CloudTree Ventures, who’s also an NYU Adjunct Professor in the global digital economy.

Follow us on Twitter @crypto, and subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

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