According to a recent news from a local source ‘South China Morning Post’ (SCMP) , referencing reports from Beijing-affiliated Shanghai Securities Times, traders have begun investing in stablecoin Tether ‘USDT’ as a way of getting into and exiting the digital currency markets.
Using VPN service, traders are currently using the crypto exchange platforms notionally registering themselves outside China to swap cryptocurrency for the fiat local currency and vice-versa.
The publication report further mentioned that:
“People who have completed a ‘know-your-customer’ procedure with crypto exchange can swap ‘fiat’ currencies to tether. The exchange plays the role of a supervisor of such trades, and stands ready to adjudicate in cases of failing trades, or transactions that don’t seem to be honoured.”
A Beijing district stepped up the general ban on digital currency exchanges last month, seeking a ban on more than 120 websites trying to serve would-be domestic consumers.
The CEO of Taiwan exchange TideBit ‘Terence Tsang’ told SCMP that its “targeting at a batch of smaller exchanges that had claimed to be foreign entities, however are indeed operation in China only claiming they have outsourced their operations to a Chinese company.”
The publication even stated that there’s presently no prospering plan to block the VPN’s, permitting smarter traders to maintain access for proscribed on-line resources.
Chinese traders have pursued various crypto trading means after the regulatory authorities began cracking down on crypto trading in the country.
Currently, These have taken the shape of using Hong Kong as a home from home for platforms themselves, whereas traders have resorted to peer-to-peer choices, one thing the Chinese government has additionally sought to shut down.