Strict Bans Did Not Stop Chinese Investors! Bitcoin and Cryptocurrency Transactions Broke a Record!

China, one of the largest economies in the world, is known for its bans on Bitcoin and cryptocurrencies.

Despite the Chinese government’s strict ban on cryptocurrency trading and mining since 2021, the trend towards cryptocurrencies is rapidly increasing in the country.

According to Reuters, while the Chinese economy and traditional markets face difficulties, Chinese investors such as Dylan Run are turning to cryptocurrencies as a safer haven.

The news stated that Chinese investors bypassed government bans by trading cryptocurrencies through local debit cards and gray market brokers, as well as Hong Kong-based crypto exchanges such as OKX and Binance, and avoided regulatory scrutiny by keeping their transactions secret.

It was stated that Chinese investors also made cryptocurrency purchases and sales transactions using OTC channels.

Reuters wrote in its news that in the period July 2022 – June 2023, the Chinese cryptocurrency market recorded a record transaction volume of $ 86.4 billion, overshadowing Hong Kong’s crypto transaction volume of $ 64 billion in the same period.

It is worth noting that Chinese investors choosing this path emerged as a response to the decline of the country’s domestic economy and the troubles of a local stock market.

*This is not investment advice.