China’s Crypto Trading Surges to $86.4 bn
China recorded $86.4 billion in crypto volume between July 2022 and June 2023, surpassing Hong Kong’s $64 billion according to a report by Chainalysis.
This has sparked speculation that the Chinese government may be warming to cryptocurrency and Hong Kong may serve as a testing ground.
The US SEC’s recent approval of the Bitcoin Spot ETF could lead to a softening stance on crypto bans and the development of a regulatory framework. Chinese citizens are using bank cards issued by small-scale commercial banks to buy crypto through grey-market dealers, believing it is safer than investing in stock and property markets.
Chinese investors use OTC arrangements, online exchanges, and overseas bank accounts. Large exchanges like OKX and Binance offer trading services for Chinese investors.
(With inputs From Shikha Singh)
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