Although Beijing’s crackdown on the crypto industry continues to increase, there are still signs in the People’s Republic of China regarding the Bitcoin network and over-the-counter transactions.
China stepped up its crackdown on cryptocurrencies last week to curb any remaining activities related to digital assets in its territory.The system specifically targets crypto transactions, but as Cointelegraph researched, this action has There have been at least 19 similar crackdowns in the past ten years or so.
Despite the latest measures, according to data from China, there are still 135 Bitcoin nodes in operation in China. Bittersweet It measures nodes by geographic location. However, this only accounts for 1.21% of the total number of 11,262 Bitcoin nodes worldwide.If they operate behind a virtual private network (VPN) and/or use onion routing with Tor to shield locations, there may be more
A Bitcoin node is software that runs a protocol and contains a complete ledger or part of it that contains transaction data history. Distributed and decentralized systems are specifically designed to be difficult to shut down completely, so the regime may have difficulty eliminating these last few hangups or those running through Tor.
Although it is difficult to count transaction volume due to its opacity, according to various accounts, over-the-counter (OTC) transactions are also gaining a foothold in China. report Same as local currency pairs.
Local media Wu Blockchain reported that the RMB/USD pairs still offered by major exchanges such as OKEx and Huobi have been trading at a premium. He pointed out that last week’s panic selling had subsided.
OKEx currently offers RMB 6.35 per US dollar. According to data from XE.com, the actual exchange rate for US dollar is 6.47.
Over-the-counter trading is done peer-to-peer, which bypasses the use of the spot market in banks or centralized exchanges-although many exchanges do have related over-the-counter trading desks.according to coincideSince the beginning of 2020, China’s transaction volume has been relatively stable. The weekly transaction volume on the P2P platform Localbitcoins is about 7 million yuan (about 1 million US dollars).
The former CEO of China’s first cryptocurrency exchange BTCC, Bobby Lee, Believes that Beijing will target over-the-counter trading desks in the next crackdown. Earlier this week, he said that over-the-counter trading platforms operated by large exchanges would be shut down or forced to exclude Chinese users. On September 29, Li was interviewed by Bloomberg News Add to:
“They really don’t want any loopholes that allow people to use digital currency as a tool to transfer assets abroad.”
He went on to predict BTC market will usher in another FOMO rebound This may push the price up to $200,000.