China’s cryptocurrency trading and mining ban hasn’t deterred local investors from flocking to the crypto market. In defiance of the ban, these investors turn to digital assets to escape the economic downturn plaguing traditional investments, such as stocks and real estate.
According to a Reuters report, Chinese individuals are finding “creative” ways to participate in the crypto market, leveraging grey-market dealers, overseas bank accounts, and Hong Kong’s endorsement of digital assets.
Chinese Investors Defy Regulations
A perfect example of the new ways Chinese investors invest in crypto is Dylan Run, an executive in the financial sector based in Shanghai, who began to diversify his investments into cryptocurrencies at the beginning of 2023.
Recognizing the declining Chinese economy and stock market, Run perceived the largest cryptocurrency by trading volume, Bitcoin (BTC), as a safe haven, similar to gold.
According to Reuters, Run now holds approximately 1 million
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