Chinese investors can still trade now!
They trade through the Internet! Trading is also very simple and quick!
There are no technical restrictions, perhaps because government officials are on holiday.
Perhaps limit trading is a fake news that doesn't exist!
Topic: How Chinese Bitcoin Buyers Are Getting Around Government Ban (Read 285 times)
People will eventually find ways to get around bans, restrictions and laws in general in ways that fulfill the same purpose without being illegal and that's what we call finding an ambiguity or inadequacy to circumvent the purpose that the particular law was made for .
Such practices can be used into several fields and could lead to beat government at their own game .
I remember when our country prohibited the import of a certain chemical component so compagnies just imported the two needed components to obtain it and just mixed them on our soil and thus acquired what they needed without violating any law .
Even if the Chinese government imposes new restrictions i'm sure that people will find a way , with such volumes of bitcoins and altcoins created , such people won't be slowed down by some stupid attempts against fulfilling the purpose of Satoshi Nakamoto and making cryptos a way to exchange and store values without the intervention of third parties and thus avoiding centralization .
The Chinese government does not completely ban Bitcoin. They simply think that the risks of bitcoin and other cryptocurrencies are too high, and people are not encouraged to participate. If you still want to join, you can get through many ways, such as going to Hong Kong is a good example. Of course, I think the Chinese government will soon introduce corresponding policies.
Restrictive measures do not solve such issues. No technical and technological means of control over crypto-currencies.
Surprisingly they were just continuing to buy bitcoins and the only difference is that they were now using counter sales to buy and sell bitcoins.
I don't think the impact on Chinese bitcoin buyers is huge.
Now China's exchanges have moved abroad.
Chinese buyers only need to go to exchanges in other countries.
It's not, the China situation is only temporary. People in China should be able to trade with a VPN on their computer. Now China's exchanges have moved abroad.
Chinese buyers only need to go to exchanges in other countries.
https://cointelegraph.com/news/how-chinese-bitcoin-buyers-are-getting-around-government-ban
Quote
Chinese citizens are still investing in Bitcoin and the cryptocurrency market despite the government’s heavy crackdown.
In September 2017, Chinese cryptocurrency exchanges BTCC China, Huobi and OKCoin were ordered by the government to shut down their businesses. At one point, executives of the three cryptocurrency exchanges were prevented from leaving the country, due to a government investigation into local cryptocurrency exchanges.
Three months later, in December of 2017, China’s three largest cryptocurrency exchanges relocated their businesses to Hong Kong. BTCC China, Huobi and OKCoin rebranded to BTCC, Huobi Pro and OKEx, respectively. They intended to address the rapidly growing demand from Hong Kong-based investors.
Shortly after their move, the three trading platforms started to see daily volumes from Chinese investors grow exponentially. Somehow, Chinese investors were managing to circumvent Chinese trading restrictions by using Hong Kong-based exchanges. How is this possible?
In Hong Kong, it is relatively easy for investors to set up businesses. With less than $1,000, businesses can be legally created, which allows the opening of business bank accounts at Hong Kong-based financial institutions. Beginning in December 2017, many Chinese investors moved their funds from their Chinese bank accounts to Hong Kong bank accounts and started to trade cryptocurrencies more actively, effectively bypassing China’s restrictions.
But, unlike China, Hong Kong has a substantially lower supply to meet the growing demand. While China is home to major miners like Bitmain, Hong Kong does not produce much Bitcoin and other cryptocurrencies. As such, premiums in the Hong Kong cryptocurrency market increased, surpassing even that of the South Korean market. On January 18, when the global average price of Bitcoin was around $11,500, Bitcoin was being traded at above $13,000 on Huobi Pro.
Krystal Hu, a Hong Kong-based finance journalist, noted that traders outside of China have also started to take advantage of the arbitrage opportunity presented by the Hong Kong market. For instance, on January 18, the price of Bitcoin on Coinbase was $11,800. Purchasing Bitcoin from Coinbase and selling it on any Hong Kong-based market would have generated $1,200 in profit.
In September 2017, Chinese cryptocurrency exchanges BTCC China, Huobi and OKCoin were ordered by the government to shut down their businesses. At one point, executives of the three cryptocurrency exchanges were prevented from leaving the country, due to a government investigation into local cryptocurrency exchanges.
Three months later, in December of 2017, China’s three largest cryptocurrency exchanges relocated their businesses to Hong Kong. BTCC China, Huobi and OKCoin rebranded to BTCC, Huobi Pro and OKEx, respectively. They intended to address the rapidly growing demand from Hong Kong-based investors.
Shortly after their move, the three trading platforms started to see daily volumes from Chinese investors grow exponentially. Somehow, Chinese investors were managing to circumvent Chinese trading restrictions by using Hong Kong-based exchanges. How is this possible?
In Hong Kong, it is relatively easy for investors to set up businesses. With less than $1,000, businesses can be legally created, which allows the opening of business bank accounts at Hong Kong-based financial institutions. Beginning in December 2017, many Chinese investors moved their funds from their Chinese bank accounts to Hong Kong bank accounts and started to trade cryptocurrencies more actively, effectively bypassing China’s restrictions.
But, unlike China, Hong Kong has a substantially lower supply to meet the growing demand. While China is home to major miners like Bitmain, Hong Kong does not produce much Bitcoin and other cryptocurrencies. As such, premiums in the Hong Kong cryptocurrency market increased, surpassing even that of the South Korean market. On January 18, when the global average price of Bitcoin was around $11,500, Bitcoin was being traded at above $13,000 on Huobi Pro.
Krystal Hu, a Hong Kong-based finance journalist, noted that traders outside of China have also started to take advantage of the arbitrage opportunity presented by the Hong Kong market. For instance, on January 18, the price of Bitcoin on Coinbase was $11,800. Purchasing Bitcoin from Coinbase and selling it on any Hong Kong-based market would have generated $1,200 in profit.
Only stupid government officials can try to prohibit the use of crypto currency.
The task is not feasible at this level of technology development.
People will always find a way to get around these restrictions, simply from the principle.
I don't think the impact on Chinese bitcoin buyers is huge.
Now China's exchanges have moved abroad.
Chinese buyers only need to go to exchanges in other countries.
Now China's exchanges have moved abroad.
Chinese buyers only need to go to exchanges in other countries.
Crypto currencies have spread to epidemic proportions no country can truly ban it. Exchanges on the other hand can but as this shows they can just set up exchanges elsewhere.
The sooner the Chinese government realize that they can't ban Bitcoin, that better. What happened after they banned the crypto-exchanges in mainland China? The users just shifted to exchanges which are based in South Korea and Hong Kong. The main losers are local authorities in China, which are losing valuable tax revenue.
Another way chinese buyers get around the government ban is by trading OTC themselves on websites (zb.com).There are hundreds of brokers working in wechat group seeling all sorts of coins.For example, if you live in Beijing and want to buy some bitcoins you can login to zb.com where you can find sellers across the whole china willing to accept RMB via wechat pay or alipay as a payment method.
Once your payment is verified by the exchange, the bitcoins will be transferred to you.So this is one way to buy bitcoin in China without complicated account opening and money transfer.
Another method is the traditional exchange method such as buying from exchanges like Coinbase,Bitfinex.However,to find such overseas account with fiat currency,you will be restricted with the USD $50,000 per year limit for cross-border exchanges.
Once your payment is verified by the exchange, the bitcoins will be transferred to you.So this is one way to buy bitcoin in China without complicated account opening and money transfer.
Another method is the traditional exchange method such as buying from exchanges like Coinbase,Bitfinex.However,to find such overseas account with fiat currency,you will be restricted with the USD $50,000 per year limit for cross-border exchanges.
I think the impact on Chinese bitcoin buyers is very small.
They are still free to buy and sell bitcoins.
Because exchanges are no longer in China.
Moving overseas, Chinese buyers can still go to these exchanges.
They are still free to buy and sell bitcoins.
Because exchanges are no longer in China.
Moving overseas, Chinese buyers can still go to these exchanges.
I keep wandering way is this ban in almost the majority Of the countries like Mine also , I know that because of lack of regulation , but is not better to get a part of the cake rather then banning in better ? weird weird
Not saying that they are doing this, but I would get a contact in another country and transfer the bitcoins to that person to sell or even relocate a family member or a whole family to another country to do this for me.
Some are rumoured to use Localbitcoin for person to person trading. ^smile^
Some are rumoured to use Localbitcoin for person to person trading. ^smile^
I remember seeing a chart from localbitcoins.com showing an increased volume coming from China the same day the news from Chinese government regarding exchange regulations came out and in a short time it reached a lot higher! specially since price started rising right after this news.
so yeah, people will always find a way of doing what they want when it comes to peer to peer stuff. look at how pirating has been alive and strong for many years even with all the raids and that is a real illegal thing that everyone agrees about. but there is nothing wrong with bitcoin...
Maybe with VPN or virtual machine. You just need to be silent and careful and it'll be okay. And you always have one more way - to move from country.
Binance seems to be doing quite well. I noticed that when I was in Shanghai earlier this month I couldn't connect to most websites having to do with "bitcoin." I wonder where the majority of Binance customers are located.
They are located in my country.... Lol
At present the "fire coin net" this trading platform can continue to use!
Currently, due to the application of alipay and WeChat payment, the RMB is converted into usd!
So the transaction is still going on, I wonder if the government will restrict the bank card, alipay, WeChat and other applications!
Currently, due to the application of alipay and WeChat payment, the RMB is converted into usd!
So the transaction is still going on, I wonder if the government will restrict the bank card, alipay, WeChat and other applications!
Not saying that they are doing this, but I would get a contact in another country and transfer the bitcoins to that person to sell or even relocate a family member or a whole family to another country to do this for me.
Some are rumoured to use Localbitcoin for person to person trading. ^smile^
Some are rumoured to use Localbitcoin for person to person trading. ^smile^
While the Chinese government didn’t really ban its citizens from using bitcoins, it only banned the exchanges to close down and they were wise to move to Hong Kong where the Chinese government had no jurisdiction there so now they are not breaking the law there at all and Chinese nationals are not breaking the law since Bitcoins is not illegal there.
Well, the Chinese government doesn't exactly 'have no jurisdiction' in Hong Kong. They have complete jurisdiction, after all, it is indeed a part of China. They just generally allow their own citizens and foreigners a little more temporary 'slack' in Hong Kong (and also Macau, the other SAR, for that matter). But there is a time limit, and anyone who does business in those areas know that the Chinese are slowing molding and squeezing those zones into exactly what they want them to be. It's like Arthur C. Clarke's "Childhood's End.' They are giving the regions 50 years (counting from 1999 for Macau and 1997 for Hong Kong) for play time, because look, in the blink of an eye, 20 years have passed, and soon 50 will as well, and after 50 years, everyone who used to know freedom or however it was like before will either be old or dead.
That said, as for the Chinese people themselves, they view the entire world as China, since China is something that is inside a person, not just on a flag or passport, and they have long mastered going all over the planet and thriving wherever, so moving digital currencies around the globe is child's play.
After china's government shutting down the three bitcoin exchanges there, still Chinese
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