{
  "schema_version": "1.0",
  "title": "Policy routes diverge and reverse",
  "description": "The timeline pairs firsts with later qualifications so a policy announcement is not mistaken for a permanent national state.",
  "type": "timeline",
  "items": [
    {
      "date": "2013-03-18",
      "label": "United States classifies intermediaries",
      "detail": "FinCEN applies money-transmission rules to administrators and exchangers while excluding ordinary users acting only on their own behalf.",
      "sourceIds": [
        "policy-fincen-2013"
      ]
    },
    {
      "date": "2017-04-01",
      "label": "Japan opens a registered-market route",
      "detail": "Exchange providers enter a registration and customer-protection regime; bitcoin does not become legal tender.",
      "sourceIds": [
        "policy-japan-fsa"
      ]
    },
    {
      "date": "2021-09-07",
      "label": "El Salvador's original regime takes effect",
      "detail": "Legal tender, mandatory acceptance, tax-payment authority, and state conversion support begin together.",
      "sourceIds": [
        "policy-el-salvador-2021"
      ]
    },
    {
      "date": "2021-09-24",
      "label": "China intensifies financial restrictions",
      "detail": "A multi-agency notice treats virtual-currency-related business as illegal financial activity.",
      "sourceIds": [
        "policy-pboc-2021"
      ]
    },
    {
      "date": "2022-04-22",
      "label": "Central African Republic enacts crypto legal tender",
      "detail": "Law 22.004 introduces legal-tender and guaranteed-convertibility provisions.",
      "sourceIds": [
        "policy-car-imf"
      ]
    },
    {
      "date": "2023-04-06",
      "label": "Central African Republic reverses the tender provisions",
      "detail": "Law 23.005 removes legal-tender status and guaranteed convertibility.",
      "sourceIds": [
        "policy-car-imf"
      ]
    },
    {
      "date": "2024-01-10",
      "label": "U.S. spot bitcoin ETP listings approved",
      "detail": "Exchange-traded trust shares gain regulated market access without becoming direct bitcoin or sovereign money.",
      "sourceIds": [
        "policy-sec-etp"
      ]
    },
    {
      "date": "2025-03-06",
      "label": "United States creates a forfeiture-capitalized reserve",
      "detail": "Finally forfeited federal BTC initially capitalizes the reserve; additional acquisition must be budget-neutral.",
      "sourceIds": [
        "policy-us-reserve"
      ]
    },
    {
      "date": "2025-04-30",
      "label": "El Salvador's amended regime becomes effective",
      "detail": "Legal-tender wording remains, but acceptance becomes voluntary and the mandatory public mechanisms are removed.",
      "sourceIds": [
        "policy-el-salvador-2025"
      ]
    },
    {
      "date": "2025-11-13",
      "label": "Czech central bank starts a capped pilot",
      "detail": "A $1 million mixed digital-asset portfolio is created outside international reserves.",
      "sourceIds": [
        "policy-cnb-pilot"
      ]
    }
  ],
  "source_ids": [
    "policy-fincen-2013",
    "policy-japan-fsa",
    "policy-el-salvador-2021",
    "policy-pboc-2021",
    "policy-car-imf",
    "policy-sec-etp",
    "policy-us-reserve",
    "policy-el-salvador-2025",
    "policy-cnb-pilot"
  ],
  "sources": [
    {
      "id": "policy-fincen-2013",
      "title": "Application of FinCEN regulations to virtual currency",
      "publisher": "Financial Crimes Enforcement Network",
      "type": "primary regulatory guidance",
      "url": "https://www.fincen.gov/resources/statutes-regulations/guidance/application-fincens-regulations-persons-administering",
      "supports": "The 2013 distinction among users, administrators, exchangers, and money transmitters."
    },
    {
      "id": "policy-japan-fsa",
      "title": "Japan crypto-asset regulatory framework",
      "publisher": "Financial Services Agency of Japan",
      "type": "official regulatory explanation",
      "url": "https://www.fsa.go.jp/en/newsletter/accessfsa2020/201.pdf",
      "supports": "The April 2017 registration framework and the distinction between crypto-assets and legal tender."
    },
    {
      "id": "policy-el-salvador-2021",
      "title": "Original Bitcoin Law record",
      "publisher": "Legislative Assembly of El Salvador",
      "type": "primary legislative record",
      "url": "https://www.asamblea.gob.sv/node/11282",
      "supports": "Decree 57's date and original legal-tender, acceptance, tax-payment, and conversion provisions."
    },
    {
      "id": "policy-pboc-2021",
      "title": "Notice on virtual-currency transaction speculation risks",
      "publisher": "People's Bank of China and nine other authorities",
      "type": "primary multi-agency notice",
      "url": "https://www.pbc.gov.cn/tiaofasi/144941/3581332/4348658/index.html",
      "supports": "The 24 September 2021 characterization of virtual-currency-related business and its legal-status statement."
    },
    {
      "id": "policy-car-imf",
      "title": "Central African Republic first ECF review",
      "publisher": "International Monetary Fund",
      "type": "official report reproducing authorities' policy memorandum",
      "url": "https://www.elibrary.imf.org/view/journals/002/2023/362/article-A001-en.xml",
      "supports": "The dates and legal-tender/convertibility effects of Laws 22.004 and 23.005."
    },
    {
      "id": "policy-sec-etp",
      "title": "Statement on spot bitcoin ETP approvals",
      "publisher": "U.S. Securities and Exchange Commission",
      "type": "primary regulator statement",
      "url": "https://www.sec.gov/newsroom/speeches-statements/gensler-statement-spot-bitcoin-011023",
      "supports": "The 10 January 2024 approval and its limited regulatory scope."
    },
    {
      "id": "policy-us-reserve",
      "title": "Strategic Bitcoin Reserve executive order",
      "publisher": "The White House",
      "type": "primary executive order",
      "url": "https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserve-and-united-states-digital-asset-stockpile/",
      "supports": "The reserve’s initial capitalization with finally forfeited federal BTC, no-sale direction, agency accounting, and budget-neutral condition for additional acquisition strategies."
    },
    {
      "id": "policy-el-salvador-2025",
      "title": "Decree 199 reforms to the Bitcoin Law",
      "publisher": "Legislative Assembly of El Salvador",
      "type": "primary legislation",
      "url": "https://www.asamblea.gob.sv/sites/default/files/documents/decretos/FC2C7E66-490B-4420-B8B5-221C2F2A4C28.pdf",
      "supports": "The retained legal-tender wording, voluntary acceptance, and removal of mandatory state and tax-payment provisions."
    },
    {
      "id": "policy-cnb-pilot",
      "title": "CNB creates a test portfolio of digital assets",
      "publisher": "Czech National Bank",
      "type": "primary central-bank announcement",
      "url": "https://www.cnb.cz/en/cnb-news/press-releases/The-CNB-creates-a-test-portfolio-of-digital-assets/",
      "supports": "The date, $1 million total, mixed asset composition, capped scope, and exclusion from international reserves."
    }
  ]
}