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China’s furtive bitcoin trade heats up again, worrying regulators

China‘s furtive bitcoin trade heats up again, worrying regulators



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5 Comments

  1. Sadly China’s censorship on crypto will bar many new investors like us from ever joining. If China uplift their ban on crypto, I seriously can see a huge growth in the market given that their population is almost 1.4 billion people with a 14.34 trillion US GDP in 2019

  2. tldr; Bitcoin’s 300% price surge since October has revived China’s grey market in cryptocurrency trading, putting regulators on alert over financial risks and capital outflows as volatility spikes. China shut down its local cryptocurrency exchanges in 2017, smothering a speculative market that had accounted for 90% of global bitcoin trading. Onshore investors now trade bitcoin on platforms owned by Chinese exchanges that have relocated overseas.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. I think for China it’s a matter of control. It always comes down to control with the communist party. Pre-Bitcoin, the amount of “dark” capital outflow from China was staggering. Rich Chinese, many of whom were corrupt officials, were engaging in overseas wealth transfer at absolutely crazy levels. Crypto made that kind of outflow even crazier. Absolutely bonkers.

    In short, I think crypto is never coming back to China. And doing business on a Chinese owned crypto exchange is a risky long-term proposition. Just my opinion.

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