Cryptocurrency thrives in China against odds, report says

According to recent reports, despite the Chinese government's ban on cryptocurrency trading and mining since 2021, the use of cryptocurrencies in China has increased. The blockchain industry in China still ranks #1 in the number of blockchain projects in the world, accounting for 75% of the equipment required to earn new units of digital money.

The lack of a centralized authority regulating domestic cryptocurrency platforms and cross-border transactions, as well as the volatility of cryptocurrency prices and anonymous nature of cryptocurrency transactions, are some of the challenges faced by the Chinese government. However, the Chinese government has been pushing for stronger inter-departmental coordination in cracking down on crypto activity in the country. While cryptocurrency is illegal in China, people are still able to trade tokens such as bitcoin on crypto exchanges such as OKX and Binance, or through other over-the-counter channels. Mainland investors can also open overseas bank accounts to buy crypto assets.