China has been cracking down on cryptocurrency for years. From banning Bitcoin mining to outlawing crypto exchanges, Beijing has tried to wipe out digital belongings from its monetary system. But, regardless of these restrictions, underground crypto buying and selling in China is booming — working within the shadows, rising stronger, and changing into extra subtle.
Experiences recommend that China nonetheless performs a serious position in international crypto exercise, with illicit brokers facilitating billions of {dollars} in transactions behind closed doorways. However how is that this underground market thriving? Who’re the gamers concerned? And what does it imply for the way forward for crypto? Let’s dive in.
China’s relationship with cryptocurrency has been sophisticated. Right here’s a fast timeline of main occasions: