How Chinese Traders Bypass Crypto Bans?
Despite China's stringent bans on cryptocurrency, Chinese traders and miners continue to operate using creative methods. They utilize peer-to-peer (P2P) trading on platforms like OKX and Binance, often accessing these through VPNs. While crypto transactions exist in a legal gray area, they are not outright illegal, allowing some level of participation.
Mining persists as well, with China still contributing over 20% of the global Bitcoin hashrate, despite the 2021 ban. Airdrop farming has also become widespread, with traders earning significant sums by using bots and other tactics.
Rumors of China reversing its crypto ban are unfounded, as the government focuses on promoting its central bank digital currency, the digital yuan. This suggests that the ban will remain in place for the foreseeable future.
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