Chinese Traders are Challenging the State and Actively Switching to Over-the-Counter Trading Platforms
OREANDA-NEWS. Chinese traders are challenging the state and actively switching to over-the-counter trading platforms. The move of traders to OTC reflects the situation at the end of 2017 — even despite the tough measures, Chinese traders still account for the majority of global digital asset trading.
Due to the fact that all transactions are peer-to-peer, and OTC platforms use third-party payment services, it will be extremely difficult for the authorities to enforce a mass ban, no matter how much they want it.
China has stepped up pressure on traders after a frenzied rise in the price of Bitcoin and a number of tokens over the past six months reinforced long-standing Communist Party concerns about potential fraud, money laundering and trading losses of investors.This may come as a relief to global crypto enthusiasts after concerns about China's falling purchasing power contributed to the near-sale of nearly $1 trillion worth of digital assets in mid-May.