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Will the Chinese government change its policy with respect to cryptocurrencies?

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November 6, 2017 | 

Joanna Newman |  0 Comments| 

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Will the Chinese government change its policy with respect to cryptocurrencies?


The Chinese government is following closely what is happening in the digital currency market.

For example, a report commissioned by the government shows that 680 million Yuan (about $ 103 million) has been traded on foreign platforms over the last two weeks, due to the closure of local platforms since September.

Chinese citizens have circumvented the ban by turning to platforms outside the country.

To use these platforms, they used different means of payment, such as bank transfer, remittance, payment to third parties and even gift cards.

They used live chat such as QQ, Wechat, Telegram and Slack.

Thus the money moves via foreign platforms, the main ones being: Localbitcoin, Paxful, Coincola or Bitcoinworld, which saw their market share increase from 5% to around 20%.

The report of the Chinese government concluded:

"With the deepening of bitcoin development, OTC trading has been increasingly active. Opponents of OTCs use both anonymity and transaction payment channels, and there may be risks of fraud, "adding that" the national technology platform for financial risk analysis will continue to monitor ".

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