Of course they're effective. I always see people say that governments can't touch Bitcoin, and while that's essentially true, they can still severely affect user base. Take note that China hasn't even enforced a complete ban and it's been enough to decimate their market. It's hard to imagine that things could get worse, but a complete ban could certainly make that happen.

I'd also like to note that such tactics are only effective while Bitcoin is being used solely as an investment asset. People won't care if they can't convert to fiat if everyone else already accepts Bitcoin anyway. It all boils down to people actually using Bitcoin for its utility.


No, but it's pretty clear that China isn't too concerned about the subject. They're still evidently very competitive when it comes to mining though, which isn't at all surprising because it brings money in.