Chinese Find Ways to Avoid Crypto Trading Ban with Tether, VPNs
Cryptovest
Published Sep 11, 2018 01:35AM ET
Updated Sep 11, 2018 02:41AM ET
Chinese Find Ways to Avoid Crypto Trading Ban with Tether, VPNs
The Chinese government may have banned cryptocurrency trading and initial coin offerings (ICOs), but those did not stop hardcore digital currency investors in the country to buy and sell cryptos.
A report by the South China Morning Post claims that Chinese cryptocurrency investors are using Tether (USDT) and virtual private networks (VPNs) to bypass the tight government regulations on digital currency trading, including a ban on more than 120 foreign exchanges.
The report cited data from the Shanghai Securities News, a newspaper linked with the country’s financial regulators, stating that Chinese traders convert their yuan to USDT to leverage what insiders describe as “client-to-client” trades, which are similar to peer-to-peer transactions of fiat for Tether that usually transpire on specialized online platforms with bank transactions.
The scheme allows...
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