The Chinese people continue to buy more bitcoin, despite the strict ban

Bitcoin “Banned” in China In 2021 – How is there still a request for bitcoin in China these days? How does these markets affect Bitcoin on bitcoin prices?

The “Gray Zone” market for the Chinese mainland

There is a continuous demand for bitcoin from the Chinese mainland (Chinese people outside Hong Kong and Macau). To understand this more deeply, you must understand the nature of the ban on bitcoin trading in China the mainland.

While Hong Kong offers futures and instant bitcoin manufacturing, the main mainland forbidden From investing in these tools – part of the general trend towards banning exchange and prohibiting the general CNY -BTC pair that makes it difficult to follow exactly how much bitcoin is treated.

However, trade without a prescription (“OTC”) allows people to coordinate these restrictions. Sometimes, OTC offices and services are more like private banks – others are groups of traders who are ready for the legal risk of selling the rope and bitcoin to the yuan.

Chainanalysis has previous relationships with some large OTC offices. Through these data, Increased demand for trading Bitcoin was observed from the depths of 2021 when the ban was into effect, so far, as the demand has almost decreased on a quarterly basis. “OTC services provide sales without a prescription for people inside China and across the region. Although some OTCs work on the distinguished infrastructure on the series, many of the business overlapping in other larger exchanges, where they can benefit from the current infrastructure and liquidity to support the commercial activity of its customers.

The use of OTC channels in China reflects one of two things – first, the ban is loosely imposed, or how difficult it is completely banning encryption activity. “

There are also large offices circulating in Tether, which is supported by the US dollar – which is used by the Chinese people in large quantities. While there are rumors that the OTC trade includes a counterpart trade to a material counterpart, most people use exchanges, especially those who have the roots of China. There, anything allows to place an outside of the main land (such as the Hong Kong address) to use OTC services for people to buy Bitco/Tether for local Yuan wires.

There are also active signs of cryptocurrency trading throughout the Internet, including Western Internet, for example, with the active x rooms in mandarin discusses the trade of different symbols. Bitcoin Asia 2024 A large group of Chinese attendees mentioned the main land.

In an interview with Nino Feng, a former exchanging executive from China, she reported that most of the people who knew Bitcoin were of services that do not need a prescription working with the main stock exchanges as a kind of informal merchants who paid the guarantee fees to be included in a large exchange of Bitcoin and the number when spreading.

They will ask that money be taken into local Chinese bank accounts (it is usually registered with a relatively unknown country bank) – and there were many offices that sold the rope instead of Bitcoin (since the deployment of USDT/RMB is less than BTC/RMB). Nino also pointed out that many people take their rope and trades in second -class exchanges with more encryption pairs, which were strangely confirmed by listening to X rooms full of Chinese merchants who broadcast their activity.

Government buy/mining bitcoin

The external possibility is to participate in the Chinese government in buying and/or bitcoin mining – although this is unlikely to happen systematically. but, Chinese officials and professors It warned against China’s ban on encrypted currencies as an universal decision, as well as the prohibition of mining.

Although the Chinese government is unlikely to adopt Bitcoin’s currency instead of its charm as “Blockchain”, it seems doubtful that it will restrict Bitcoin more than it is already on the mainland – as Chinese courts are constantly holding it as property. This may also be the case From huge seizures.

Future – E -CNY, USDT, and Bitcoin in Hong Kong

with E-CNYThe Chinese Central Bank of the Central Bank, progress in the experimental stage, but it stops when it comes to momentum (especially among ordinary Chinese users – who still prefer to maintain the salaries of WeChat and Alipay significantly, and the future of Bitcoin and China seems to be an important bridge to explore – it will save an insight into the future of Bitcoin as it is good.

With the presence of people Tether trade was arrested And the demand for Altcoin trading, the story is mixed with Bitcoin’s adoption. However, this need may continue to pay money outside China despite a short -term rest period. Tether is also an interesting geopolitical direction maker – the Minister of Commerce, who is responsible for developing a Trump tariff strategy, is a Tether’s main treasury dealer. Every Chinese person who buys USDT mainly helps support the cabinet reserves – even if the Chinese government itself is trying to stay away from the cabinet debts.

like Bitcoin in Hong Kong It becomes more organized and the trading offices that do not need a prescription become the default method for most people to trade, and Hong Kong can serve as a bridge between China and Bitcoin. However, it is clear that Hong Kong is trying to place itself as the Web3 Center – and although these steps were something, the central authorities will come out and do not allow the transfer of the veto if it is really concerned that the Hong Kong and the main mainland with the prohibitions of the mainland investors does not allow the easy conclusion that Hong Kong is the experimental background in China. For Bitcoin.

However, outside Hong Kong, Bitcoin’s future is still linked to China. Chinese companies manufacture mining chips that are shipped to the United States, which have been discovered in import restrictions. Chinese people continue to buy bitcoin and dance despite the ban, which leads to exciting geopolitical consequences – and a hidden and continuous demand factor on Bitcoin.