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The Silicon Review Asia

Chinese Crypto players unfazed by the latest crackdown

Chinese Crypto players unfazed by the latest crackdown

China's latest crackdown on Crypto-related activities is not bothering the crypt traders or miners. Although after the announcement of the ban, the prices of the crypto coins plunged, and about the US $1 trillion of capitalization moved out from the crypto market.

But in the longer term, the crypto investors are not leaving the industry. There are multiple ways in which investors can still buy cryptocurrencies and not get tracked by the banks. The crackdown could further mean that China wants to stop retail investors from investing in crypto assets in large amounts. However, individual investors trading in small quantities have been using peer-to-peer transactions to stay unidentified and not using the banks for direct buying or selling of cryptocurrencies.

Also, China has previously done significant crackdowns and implemented new laws to prohibit cryptocurrency in 2013 and 2017. But even then, crypto enthusiasts have found a way to buy and trade crypto coins on overseas exchanges. Also, the DeFi exchanges have made the holding and trading of crypto assets unidentifiable, which is further encouraging news for the users invested in the Crypto Markets.

Mining is big business in China, which accounts for as much as 70 percent of the world's crypto supply, according to some estimates, although the proportion has come down in recent years. "The Chinese government does crack down from time to time, but currently, it is not overly challenging to convert mined coins to RMB for Chinese miners," said Thomas Heller, the chief business officer of Compass Mining.

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