Traders of China Keep On Investing in BTC
September 10, 2018
Although the authorities of the People’s Republic of China declared a ban on all operations with digital currencies, crypto traders seem to have found a bypass and deal in these assets freely despite all state prohibitions. Trade crypto platforms also find legal loopholes and thus allow for China’s traders acquire and sell their digital assets.
At the end of the last month South China Morning Post noted that the government has moved into active phase as long as illegal platforms were concerned and closed over 120 offshore ones.
Those offshore platforms have found quite a work-around to skirt these restrictions: they just altered their domains. What is more, they move servers across the China border as it is getting more complicated for the country’s authorities to trace and constrain the platforms there.
Mid-summer the country’s State Central Bank has published a paper the indicated the results of the ban on crypto activities being rather successful.
This report released, the regulators found and closed some large trade platforms and ICO-startups which has drastically influenced both trade volume and the number of those interested in the China crypto market.