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Home » China Logs Massive $86.4 Billion Crypto Transactions Amid Ban

China Logs Massive $86.4 Billion Crypto Transactions Amid Ban

Hania by Hania
January 26, 2024
in Bitcoin News, General News
Reading Time: 2 mins read
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China Logs Massive $86.4 Billion Crypto Transactions Amid Ban
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In a surprising twist, Chinese investors are flocking to the crypto market, turning away from conventional investments like stocks despite the government’s strict ban on digital assets. This underground movement has given rise to a clandestine crypto industry, with investors utilizing unconventional methods to navigate the restrictions.

The Rise of Underground Crypto Transactions

Chinese investors are creatively circumventing the ban on cryptocurrencies, employing tactics like utilizing cards issued by small rural banks to procure digital assets from “grey-market dealers.” This unconventional approach has fueled a burgeoning underground crypto market, witnessing billions of dollars in transaction volumes.

Impressive Transaction Figures

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A recent Reuters report dated January 25 reveals that, in defiance of the ban, the Chinese crypto market has experienced an astonishing $86.4 billion in raw transaction volume within a year. Notably, this surpasses Hong Kong’s crypto trading volume of $64 billion during the same period, highlighting the resilience of the Chinese crypto community.

Underground Operations and Involvement of Exchanges

Most of this clandestine activity occurs through over-the-counter crypto shops and informal “grey-market peer-to-peer businesses.” Interestingly, the report suggests that major exchanges, including OKX and Binance, are still providing trading services to Chinese investors. These exchanges reportedly guide investors on using fintech platforms like Ant Group’s Alipay and Tencent’s WeChat Pay, enabling them to convert local yuan into stablecoins or trade cryptocurrencies.

Also Read: China Official Faces Life Imprisonment After Engaging In Illegal Bitcoin Mining

China Logs Massive $86.4 Billion Crypto Transactions Amid Ban
Source: Intermediate People’s Court of Hangzhou City

The Economic Transition Catalyst

Analysts attribute the thriving underground crypto market to a “crucial” economic transition. With limited opportunities and poor performance in traditional fields, Chinese investors are seeking refuge in the crypto space. The economic shift, coupled with the struggles of Chinese stocks and other assets, has led to a significant uptick in crypto activity.

Challenges in Traditional Investments

The Chinese stock market benchmark, the CSI 300 Index, has witnessed a substantial decline, losing half its value since early 2021. This downturn in traditional investments has further fueled the interest in cryptocurrencies, as investors explore alternative avenues amid economic uncertainties.

Regulatory Defiance and Economic Realities

The resilience of the underground crypto market in China showcases a bold defiance of regulatory measures, as investors adapt to the evolving economic landscape. As traditional investments face challenges, digital assets emerge as a viable option for those navigating the shifting financial terrain.

Conclusion: The Unlikely Crypto Haven

Despite regulatory hurdles and economic transitions, the Chinese underground crypto market stands as a testament to the adaptability of investors. As traditional markets struggle, the allure of cryptocurrencies continues to grow, ushering in a new era of financial exploration in defiance of governmental bans.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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