China's Crypto Ban Challenged: Underground Market Thrives Despite Regulations
January 21, 2024An underground market for cryptocurrency trading continues to prosper in China despite the country's ban.
Chinese traders are circumventing the regulations using VPNs, social media platforms, and physical meetups.
Foreign crypto exchanges are accessed through VPNs while platforms like WeChat and Telegram are used for peer-to-peer trading.
Traders are also meeting in public to exchange wallet addresses and drives containing cryptocurrencies.
The persistent flourishing of cryptocurrency activities in China questions the effectiveness of enforcement.
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