Chinese Trader: “Bitcoin Ban in China Is Different From What You Think”

Cryptocurrency phenomenon and blockchain enthusiast Michael Gu interviewed the chief trader of Genesis Block, the Hong Kong-based company that pioneered the OTC (over the counter) market in Bitcoin, and focused on China and the Far East market.

Starting to speak when Michael asked about the influence of China in the Bitcoin OTC market, Yang said, “The demand from mainland China has a significant impact on the main money flows that make us strong.” He stated that in the cryptocurrency market still plays an active role.

They Invest with Accounts in Hong Kong and Overseas

Chinese investors, after the ban in China, with many different methods, Hong Kong Stating that they play an active role in OTC trade by using their bank accounts in and overseas countries, Yang added that the Bitcoin ban in China is not as strong and stringent as it is reflected in the western media. While stating that the ban on social media and news channels related to the transactions and the sanctions on crypto money activities are real, he added that China is one of the strongest countries in the liquidity provided in the over-the-counter market of Bitcoin.

The State Knows, But He Doesn’t Touch

Indicating that the Chinese Government is aware of what is going on and can close this market if it wishes, Yang adds that for now, the country refrains from imposing sanctions on this market.

Referring to the ban on crypto in the media, Yang announced in an interview that cryptocurrencies have become a taboo in the country, and the market is still standing under secret conditions, although it is forbidden to talk about them.

Speakers who agree that the West exaggerates the ban in China, They added that OTC trade has grown so much that the West is not aware of it.

In China, ICO initiatives and cryptocurrency exchanges are operating in 2017. The bans in this country, which was banned by the laws that entered into force and which is the main source of Bitcoin mining, brought many question marks in the market.

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