Chinese traders are not worried about cracking government cryptocurrencies

China banned crypto trading in 2017, citing concerns about fraud and financial crimes. However, crypto traders are not worried. In that day, traders have long used over-the-counter (OTC) trading desks accessible through technology's unique features such as VPNs. This eliminates the broker and provides cryptocurrency access to those located in mainland China despite the government's trade ban. Here's How China's Crypto FUD Will Be Released. Such transactions take place in two separate steps. First, an OTC platform allows a trader to bid and bid. When a buyer and seller agree, the buyer uses a separate platform to send payments to the seller. After all, the cryptocurrency is sent directly to the recipient, leaving the Chinese regulators in the dark when it comes to restricting the transactions themselves. Many continued to use these channels even amidst the recent wave of bearish news. The wider crypto market has had a massive collapse in recent weeks, and compared to China, much of this has been announced by three major Chinese payment institutions that publicly support the government's stance on crypto. "Recently, cryptocurrency prices have skyrocketed and dropped, and speculative cryptocurrency trading has recovered, seriously violating the security of people's properties and disrupting the normal economic and financial order," the group said in a statement earlier this month. The three bodies were China National Internet Finance Association, China Banking Association and China Payment and Clearing Association. "It's not the first time we've seen negative news from China about this newly emerging space, but I don't expect much change when the dust settles," Charles Storry, Phuture's head of growth, told Decrypt. . "It looks better suited to Bitcoin miners. When it comes to day traders and enthusiasts, it shouldn't change anything," he added.

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