The Chinese government’s strict cryptocurrency bans were not enough to stop the public’s activities in this field.
Chinese 2021 crypto trading in banned and to individuals or institutions providing services in this field up to imprisonment decided to impose harsh sanctions. But Wall StreetJournal A recent report by China found that these bans failed to stop cryptocurrency trading in China and that the public Transaction volumes worth billions of dollars by breaking the bans with different methods revealed that he had achieved it.
The presented report stated that Chinese individuals circumvented these prohibitions in many different ways. Among these methods, Telegram And WeChat through applications such as OTC (over-the-counter) to trade, trading face to face by meeting at cafes or other designated locations And VPN from technologies There were different options such as taking advantage of it.
As a result of increasing pressures in the past period Bybit, KuCoin And gate.io And Binance Many leading cryptocurrency exchanges, including China, ended their activities in China and moved their headquarters to other countries. But despite all this, Blockchain analysis company Chainalysis Cryptocurrency volume in China according to the report dated October 2023 to billions of dollars reached.
It is almost impossible to prevent cryptocurrency trading
Data, July 2022 to June 2023 from cryptocurrency activities of Chinese users net cash of 86 billion dollars revealed that he did. On the other hand, last year in a single monththe world’s largest crypto exchange on Binance Approximate transaction volume 90 billion dollars It was predicted that part of it was made by Chinese users.
Founder of the cryptocurrency storage service Ballet, who made a statement on the subject Bobby Leecryptocurrency activities It will be very difficult to prevent and stated that China provides a clear example in this regard:
It is almost impossible to prevent cryptocurrency trading. It is very difficult to follow these transactions. There are one billion people in China. How do you know what they’re buying?
is an assistant professor of finance at the National University of Singapore who offers a similar approach to the subject. I’m Charoenwongpeople if necessary USB memories through He emphasized that they buy and sell cryptocurrencies, but they carry out these transactions in one way or another:
It used to be that you would meet someone in a back alley and give the vendor a bag of money in exchange for whatever you wanted. Now, with crypto you can go to a coffee shop and give them a flash drive or exchange wallet information. This is much easier than handing over bags of cash.