On January 6, 2017, the day after bitcoin hit an all-time high trading volume of $11 billion in one day and crossed the $1000-a-coin mark for the second time in its life, the People’s Bank of China (PBoC) announced it was investigating bitcoin trading on Chinese exchanges.9 Shortly after, the PBoC issued new regulations for the trading of bitcoin on exchanges within the country, including curtailing margin trading, requiring trading fees, and demanding stronger anti–money laundering and know-your-customer protocols. All of these requirements were understandable and have helped to legitimize
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