Almost two years following China’s crypto ban, evidence shows that the citizens of the world’s most populous country have found ways to maneuver the system as they have kept dealing with cryptocurrency and other digital assets.
Despite China’s ban on cryptocurrency operations, the demand for these assets in the region seems to be unaffected, as reported by Bloomberg.
While the average monthly value of crypto flowing into China did drop by half in the year following Beijing’s ban, Bloomberg reports that this figure still stands at a whopping $17 billion based on data from crypto intelligence firm, Chainalysis.
Evidence for this continuous Chinese demand for digital tokens originates from various sources, including the FTX’s creditor profile and personal statements from Chinese citizens who trade on crypto platforms.
Moreover, there have also been demonstrations by industry players on strategies to bypass the crypto ban.
Chinese Crypto Ban Not Effective, Faces Compliance Issues
Total Crypto Market Cap valued at $1.155 Trillion | Source: TOTAL chart on Tradingview.com
The collapse of the FTX exchange stands as one of the biggest crypto events of last year, plunging the market into a downward spiral which resulted in a total value loss of
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Author: Semilore Faleti
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