According to a recent news from a local source ‘South China Morning Post’ (SCMP), referencing reports from Beijing-affiliated Shanghai Securities Times, traders have beguninvestingin stablecoin Tether ‘USDT’ asa wayofgetting intoand exiting the digital currency markets.
Using VPN service, traders are currentlyusing the crypto exchange platforms notionally registering themselves outside China to swap cryptocurrency forthe fiat localcurrency andvice-versa.
The publication report further mentioned that:
“Peoplewho have completed a ‘know-your-customer’ procedure withcryptoexchange can swap ‘fiat’ currencies to tether. The exchange plays the role of asupervisorof such trades, and standsready toadjudicate in cases offailingtrades, or transactions thatdon’t seem to behonoured.”
ABeijingdistrict stepped upthegeneral ban on digital currency exchanges last month, seeking a ban on more than 120 websites tryingto serve would-be domesticconsumers.
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,howeverare indeed operationin China only claimingthey haveoutsourced their operations to a Chinese company.”
The publication even stated thatthere’spresentlynoprosperingplan toblock theVPN’s,permitting smarter tradersto maintainaccess forproscribedon-lineresources.
Chinese traders have pursuedvarious crypto trading means after the regulatory authorities began cracking down on crypto trading in the country.
Currently, These have takenthe shapeofusing Hong Kong as a home from home for platforms themselves,whereastraders have resorted to peer-to-peerchoices,one thingthe Chinese government hasadditionally sought to shut down.