How Chinese Traders Bypass Crypto Bans
Despite China's strict bans on cryptocurrency, many Chinese traders and miners continue to find ways to operate using innovative strategies. They engage in peer-to-peer (P2P) trading on platforms like OKX and Binance, often accessing these platforms through VPNs. While crypto transactions occupy a legal gray area, they aren't completely illegal, allowing some level of participation.
Mining also continues, with China still accounting for over 20% of the global Bitcoin hashrate, even after the 2021 ban. Airdrop farming has become increasingly popular, with traders earning substantial amounts by using bots and other techniques.
Rumors of China reversing its crypto ban are baseless, as the government remains focused on promoting its central bank digital currency, the digital yuan. This indicates that the ban is likely to stay in place for the foreseeable future.
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