China's encrypted P2P transaction amount rushed to $ 86.4 billion! Market recovery?

Since China promulgated the cryptocurrency ban in 2021, China's domestic exchanges, currency merchants and miners have been severely impacted. A large amount of funds have taken into account the withdrawal of policy risks. At that time, the cryptocurrency market declined. The transaction has gradually moved to undergroundization, becoming a gray area that walks on the edge of the law.

Interestingly, according to data from CHAINALYSIS of the cryptocurrency data platform, China's P2P global transaction volume in 2023 ranked from 144 in 2022 and jumped to 13th place in one breath.

From July 2022 to June 2023, the P2P transaction amount of the cryptocurrency market in China is estimated to be as high as 86.4 billion US dollars, exceeding Hong Kong's local $ 64 billion, and large transactions of retail investors ($ 10,000 to $ 1 million ) The proportion is twice the global average (3.6%).

Buying Bitcoin is safer than buying stocks and real estate

Such an exaggerated transaction volume rebounded that China's tough encryption ban did not seem to have a significant role. According to a foreign media "Reuters" report, there will be such a situation. All sluggish market conditions.

Judging from the data surveyed by Reuters, China ’s crackdown on the real estate industry in the past three years has led to a decline in housing prices. Half a half, it can be said that the stock market and the housing market have been severely frustrated.

When buying stocks and buying a house loses money, and even when there was no money as Henan Village Bank, many Chinese people have begun to pay attention to the possibility of the economic collapse, and secretly turn their attention to being prohibited from buying and selling, mining, mining. Bitcoin, for many Chinese investors, holding cryptocurrency assets such as Bitcoin is safer than investing in domestic stock markets and real estate.

Underground transactions prevail

Although the government banned cryptocurrencies' transactions and mining activities as early as 2021, and closely monitored the flow of cross -border funds, it was the so -called policy. As the economic and stock markets continued, more and more and more and more and more and more and more and more and more and more and more and more and more and more and more were. Chinese investors shuttle on exchanges such as OKX and Binance, or as gray pipelines such as offline transactions, holding cryptocurrency assets such as Bitcoin.

Regardless of the sanctions, when the media access to whether the Chinese register is open, most of the exchanges give a negative answer, but so far, many cryptocurrency exchanges can be seen. In other ways, instructing Chinese investors how to open overseas bank accounts through overseas bank accounts, and even use third -party payment methods such as Pao Bao and WeChat payment to bypass Chinese supervision and exchange RMB into stablecoins.

More and more Chinese investors shuttles on exchanges such as OKX, Binance, or gray pipelines such as offline transactions to hold cryptocurrency assets such as Bitcoin.

Hong Kong Chengcheng cryptocurrency trading airport

Interestingly, the people who are required to ban the use of cryptocurrencies from the Chinese government seem to be alert to the economic crisis. A high -rise of a cryptocurrency exchange headquartered in Hong Kong broke the news. Many senior officials and people have begun to use $ 50,000 per year. The foreign exchange purchase quota is transferred to the cryptocurrency account of Hong Kong to Hong Kong.

In addition to personal investment, the senior management has also seen many Chinese brokers and financial institutions, including Bank of China, Huaxia Fund and Carnival Fund Management Company. .

And he also pointed out that for the Chinese government, the revocation of cryptocurrency ban is equivalent to negating past decisions. At present, it is impossible. However, the rapid development of the cryptocurrency market in the past two years has made the government aware of Bitcoin The potential and subversiveness, which is why it is necessary to support cryptocurrency transactions in Hong Kong.

Many senior officials and people have begun to use the US $ 50,000 foreign exchange purchase quota each year to transfer funds to the cryptocurrency account in Hong Kong.

As a special administrative region, China may hope that through a test site such as Hong Kong, the foothold is standing in the world trends that follow up in financial centers such as Singapore and New York. The development of the cryptocurrency market seems to have become Chinese investors. Focus with the government.

Authorized reproduction of this article from: encrypted city

Editor in the nuclear manuscript: Gao Jingyuan

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