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23 September 2019

Crypto Facilitates Money Transfer for Restricted China - Bitcoin News

Crypto Facilitates Money Transfer for Restricted China - Bitcoin News


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The long and short of it is that crypto is not illegal, per se, but is viewed as property under Chinese law.

Basically, any transaction directly connecting government fiat like the yuan, and cryptocurrencies, is off-limits.

In spite of all this, the legal gray area of OTC trading is still alive and well, facilitated largely via offshore exchanges, VPNs, and stablecoins like Tether’s USDT.

Some large, since-relocated exchanges like Huobi, continue to make trading possible by functioning as OTC fronts, with messaging and payment apps like Wechat being used to facilitate settlement after traders are connected via the Huobi platform.

Overseas exchanges can still be accessed using VPNs, and though the Chinese government is cracking down in this area as well, use continues.

Chinese residents can also use a VPN to access peer-to-peer, OTC trading sites like Local.Bitcoin.com and exercise economic autonomy freely, buying and selling BCH and fiat currencies via a large array of diverse payment channels.

Trade volume on sites like localbitcoins.com remains steady as well, proving that regardless of government restriction, crypto, like nature, will find a way.

Stablecoin Tether (USDT), with a market cap that just recently surpassed $4 billion, is the dominant crypto tool utilized these days by major Chinese traders.

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