Really worth a read on current developments in Bitcoin in China:

bloomberg.com/news/articles/20

"Once both sides agree on a price, the buyer will use a separate payments platform -- operated by their bank or a fintech company like Ant Group Co. -- to send yuan to the seller. The digital coins, usually held in escrow by the OTC platform until the yuan payment clears, are then transferred to the buyer. Chinese regulators often have no way to connect one step of the transaction to the other."

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Also:

"Police in Beijing have distributed printed warnings about potential risks associated with cryptocurrencies."

"One investor said local authorities required him to sell his holdings. Another said police asked him to delete the trading app from his phone."

A detail that makes sense if you know recent Chinese history:

"Chinese officials see their success cleaning up the peer-to-peer lending industry two years ago as a model for its cryptocurrency crackdown"

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