Date: 8 months ago   Category: Economy

The Chinese cryptotraders use Tether and VPN to bypass the ban


The Chinese cryptoforex traders have found numerous ways to bypass the national ban on trade in digital currencies. According to experts of branch if transactions remain uniform and decentralized, regulators won't be able to block them completely.

Referring to the source familiar with the matter, South China Morning Post reports that many retail investors, except use of the illegal cryptocurrency exchanges, convert the fiatny means in stable, tied to US dollar, a coin of Tether and carry out exchange directly between cryptocurrency purses. All online actions are carried out through virtual private network (VPN) to protect anonymity of the trader and to bypass restrictions.

the Government still hasn't taken a measure for VPN blocking though the source close to this question has told that: The Chinese regulators certainly have technical capabilities for shutdown of VPN networks. [...] However traditionally it demands a numerous talk with various interested parties for reaching consensus on control of a firewall that extends process. Some companies, such as Tencent, have confirmed officially that they block transactions and ban the accounts connected with trade in cryptocurrencies. However, how exactly they reveal such accounts or transactions, didn't reveal yet.

Despite a restrictive position of China concerning all actions connected with cryptocurrencies, the local exchanges were especially persistent. As it is reported, the competition between them increases when they move the servers out of borders of the country and the legal entities in offshores register.

in reply has passed China to blocking of access to 124 offshore exchanges that has led to reduction of volume of the combined auction by 33 percent at seven popular exchanges. It too according to South China Morning Post.

Nevertheless, players of branch remain positively adjusted because if transactions remain decentralized and uniform, regulators won't be able to block their access completely. Terence Tsang, the executive operating officer of the Hong Kong centralized cryptocurrency exchange TideBit, has told: Final warning and potentially strengthened monitoring of foreign platforms are focused on group of the smaller exchanges which have stated that they are the foreign organizations, but actually work in China, claiming that they have given the services to the Chinese company.

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