Published on augustus 12, 2024, 12:24 am
Image source: Fox News
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Chinese investors are displaying remarkable ingenuity to engage with the digital assets markets and capitalize on some of the year’s most lucrative trends despite Beijing’s prohibition on cryptocurrency trading. The government has imposed various bans on cryptocurrencies, including those in 2013, 2017, and 2021. However, access to cryptocurrencies in China remains feasible, as shared by pseudonymous investor Lowell. Lowell describes herself as a full-time cryptocurrency trader who opted for this path due to the substantial profits it offers compared to traditional employment.
While China’s regulations against crypto trading and businesses are stringent, avenues exist for investors to participate in the global market. Local traders resort to peer-to-peer trading through centralized exchanges such as OKX and Binance. By utilizing VPNs to circumvent China’s Great Firewall restrictions, investors can access necessary websites and applications. Moreover, Chinese investors are exploring opportunities in decentralized finance (DeFi), utilizing strategies like employing bots or engaging students for airdrop farming.
Amidst these endeavors, it’s essential to note that holding and exchanging crypto tokens are not explicitly illegal according to law professor Robin Hui Huang from the Chinese University of Hong Kong; however, such actions lack legal protection. Speculation surrounding a potential reversal of China’s crypto ban persists but is deemed unlikely by experts due to recent developments relating to China’s central bank digital currency – the digital yuan.
Additionally, rumors inaccurately portrayed China’s Bitcoin mining ban as harsher than intended. This misinformation may explain why mining activities persist in the country despite the ban. Estimates suggest that China still contributes significantly to the global cryptocurrency hashrate.
Chinese crypto traders navigate these challenges creatively by leveraging P2P trading channels available on social media platforms or exchanges like OKX and Binance. Despite certain limitations imposed by internet restrictions within China, individuals adeptly utilize VPNs for access. However, executing transactions through VPNs presents challenges for some protocols due to concerns over regulatory retribution.
Moreover, airdrop farming has emerged as a notable avenue for Chinese investors like Lowell to profit from various campaigns substantially. Despite risks associated with crypto businesses in China such as sudden shutdown notices and money laundering concerns related to P2P trades, individuals like Lowell continue their endeavors cautiously while adapting strategies like collaborating with acquaintances for transactions.
In conclusion, Chinese investors demonstrate resilience and resourcefulness in navigating regulatory hurdles that restrict cryptocurrency activities within the country while striving towards profitability through innovative approaches like DeFi involvement and airdrop farming practices.
Original article posted by Fox News
