Date: 9 months ago   Category: Economy

The Chinese traders continue to invest in bitcoin, bypassing the bans

The forbidden fruit is always sweet. The more rigidly the Chinese government tries to limit use and distribution of cryptocurrency assets in the country, the Chinese traders become more inventive.

the Forbidden fruit is always sweet. The more rigidly the Chinese government tries to limit use and distribution of cryptocurrency assets in the country, the Chinese traders become more inventive.

the Organized and powerful impact of the Chinese regulators of all levels on the cryptoforeign exchange market begins to yield the first results, but not such as the government would like.

According to the latest data the total amount of cryptocurrency transactions in the country was reduced by 33 percent. But it doesn't mean at all that the number of the Chinese cryptoinvestors was reduced. Ways of investment into cryptocurrency have just changed. Now, to secure the cryptoassets, traders use purses of cold storage, avoiding to keep cryptocurrency at the exchanges. And all actions have moved to private virtual networks (Virtual Private Networks). The Chinese cryptotraders use P2P-trade to bypass the enciphering ban. Under protection of virtual private networks investors convert money into Tether (USDT) and send them as payment in exchange for cryptoassets, especially Bitcoin (BTC). One more way to avoid control over cryptocurrency transactions, this use of peer-to-peer trading, through exchange of cryptoassets directly between purses, without participation of intermediaries, such as exchanges.

don't lag behind in ingenuity and cryptoplatforms. One of the methods used by the exchanges consists in switching of domain names and locations to avoid detection, and still it faultlessly functioned.

Besides, cryptotrading platforms which illegally worked across all China move the servers out of borders of the country now that makes almost impossible for the Chinese authorities identification and control of their activity.

China claims that the ban on cryptocurrency transactions successfully works in the country, but the Chinese cryptotraders continue to invest in bitcoin (BTC) as they use any possible method to bypass the set restrictions.

Blocking of cryptodiscussions on online forums, the ban of thematic events, restriction of 124 foreign cryptoplatforms, blocking of access to cryptonews to WeChat, prohibition of accounts of Alipay which have been suspected of carrying out cryptooperations - all this hasn't stopped true cryptoenthusiasts.

the Only thing that could complicate really direct cryptocurrency transactions, is VPN ban.

So far the government hasn't blocked these tools and traders successfully them yet use.



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