Chinese Investors Continue to Obtain Bitcoin Using Thriving OTC Platforms

[jamie.redman1]

A year ago today China’s central banks temporarily scared the cryptocurrency community when they stopped bitcoin exchanges from operating. Since then the top mainland-based digital asset exchanges moved abroad to more friendlier regions, but Chinese citizens are still acquiring bitcoin whether the People’s Bank of China likes it or not.

Last year the People’s Bank of China stopped domestic cryptocurrency exchanges from dealing with trades tied to the country’s legal tender, the renminbi. Following the month of uncertainty, Chinese traders took to the streets and acquired bitcoin through over-the-counter OTC dealers. The first week of February shows a small jump in volume according to Localbitcoins statistics but the following week trade volume quadrupled. Following this spike, week after week all year long China has seen consistent Localbitcoins trade volumes and all-time highs. Additionally, many of the mainland exchanges moved to areas like Singapore, Hong Kong, and South Korea offering OTC services.

read more here>>> https://news.bitcoin.com/chinese-invest ... platforms/