On October 13, 2015, the Cyberspace Administration of China (CAC) recognized that the blockchain technology could contribute to the evolution of more stable electronic money. In November 2016, China's Ministry of Industry and Information Technology published the country's first official guiding document on the blockchain technology and its applications in the country.
In September 2017 ICOs were banned. An official state announcement was published on September 4; it was prepared by the so-called "seven bodies", including the People's Bank of China, the China Securities Regulatory Commission, the China Banking Regulatory Commission, the China Insurance Regulatory Commission, the Cyberspace Administration of China, the Ministry of Industry and Information Technology of China, and State Administration for Industry and Commerce. The next step was the actual ban on exchanging cryptocurrencies. There is no explicit ban at the legislative level, however, it is implicitly implemented by local municipal administrations. Several largest exchanges closed its operations. On January 2, 2018, the Office of the Special Rectification Work Leadership Team for Internet Financial Risks published a statement prescribing local authorities in Chinese provinces to urge Bitcoin miners to gradually exit their businesses. The document contains no direct ban, but proposes to tighten measures to control energy consumption, land use, tax payment, and environmental protection.
On the other hand, the interest of the Chinese government structures in blockchain technologies led China to their official recognition as a possible basis for the economy of China and the whole world in the future. The blockchain technology is being integrated into many areas of life in China (social insurance system, public transportation, payment system, taxation, etc.), and this happens in the context of close cooperation between the state and commercial sectors.