Among the world’s largest economies Chinese, Bitcoin and is known for its bans on cryptocurrencies.
The Chinese government has announced that since 2021 cryptocurrency Despite the strict ban on currency trading and mining, the trend towards cryptocurrencies is rapidly increasing in the country.
For According to Reuters news, As the Chinese economy and traditional markets face challenges, Chinese investors like Dylan Run are turning to cryptocurrencies as a safer haven.
In the news, Chinese investors OKX And Binance It was stated that they circumvented government bans by trading cryptocurrencies through local debit cards and gray market brokers, as well as Hong Kong-based crypto exchanges, and avoided regulatory scrutiny by keeping their transactions secret.
It was stated that Chinese investors also made cryptocurrency purchases and sales transactions using OTC channels.
According to Reuters news, China between July 2022 and June 2023 cryptocurrency He wrote that the market recorded a record trading volume of $86.4 billion, eclipsing Hong Kong’s crypto trading volume of $64 billion in the same period.
It is worth noting that Chinese investors choosing this path emerged as a response to the decline of the country’s domestic economy and the troubles of a local stock market.
*This is not investment advice.
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