#News from China🇨🇳: Underground Crypto Market Thrives

#News from China🇨🇳: Underground Crypto Market Thrives

While the stock market is falling, more and more Chinese entrepreneurs are investing in crypto, managing to stay in the "gray" zone. Despite the complete ban on mining and trading of cryptocurrencies since 2021, investors manage to trade on exchanges (including OKX and Binance) and through off-exchange channels, as well as open accounts to buy crypto in foreign banks. One way is to use cards issued by small rural commercial banks and limit each transaction to 50,000 yuan ($6,978) to avoid inspections. 🔥

🔣 Lifehack: After Hong Kong🇭🇰 openly approved digital assets last year, Chinese citizens are using their annual quotas of $50,000 USD to purchase currency and transfer the money to Hong Kong for crypto exchange.

🔣 Meanwhile, Hong Kong branches of Bank of China, China Asset Management (ChinaAMC), and Harvest Fund Management Co are exploring opportunities for digital asset-related business development in the country.

🔣 According to Chainalysis' charts, cryptocurrency activity in China has sharply increased, and its global ranking in peer-to-peer trading volume has jumped from 144th in 2022 to 13th place in 2023. Just so you understand, the transaction volume on the Chinese crypto market was approximately $86.4 billion in a year, surpassing the same indicator in Hong Kong, where the volume was $64 billion. And the share of large retail transactions (from $10,000 to $1 million) is almost twice the global average at 3.6%. 💸

#crypto #China