Chinese Crypto Traders Find Ways Around Trading Ban Using Cafes, Laundromats and Social Media
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Crypto users in China meet in public places like cafes and laundromats to get around the country's crypto ban and trade wallet addresses or arrange transactions.
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They also use social media apps like WeChat and Telegram that have dedicated crypto trading groups to directly connect buyers and sellers without an exchange.
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Inland areas with less enforcement see more physical crypto trading since local governments are more preoccupied than coastal regions.
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Despite China's 2021 ban, the country still saw $86.4 billion in over-the-counter (OTC) crypto trading volume in 2023 per Chainalysis.
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If crypto trading persists in an authoritarian country like China, it may indicate other jurisdictions will struggle to strictly police cryptocurrencies.