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The rules should be broken?
For many in the cryptic community, intense government intervention or regulation is not a problem, as most nations around the world are somehow open to the use and propagation of cryptographic resources. However, as repeatedly reported by Ethereum World News in recent weeks, Chinese regulators have done their best to suppress the development, use and trade of cryptocurrencies within the country's borders.
Some of the measures taken by the government include: hiding the crypted discussion on online forums, banning cryptocurrency events, restricting 124 exchanges of foreign cryptography, blocking access to eight cryptocentric information points on WeChat and also prohibit Alipay accounts suspected of facilitating encryption.
But as the old proverb says, "the rules are meant to be broken". The companies and operators of cryptocurrency within the country have evidently taken this saying to heart, doing their best to circumvent the bans by introducing ingenious solutions and alternative solutions. [19659003] According to a recent report by the South China Morning Post, despite Beijing's attempt to block local exchanges, executives and employees within these companies have tried to avoid the ban by using a series of domains to obtain their exchanges to the public by alternative means, even if not in an ideal way.
By moving their servers and their legal operations outside the Chinese borders, these companies can essentially bypass most of the legal risks of sustaining an exchange in China, which at that point become classified currency exchanges. Speaking on the topic, Terence Tsang, chief operating officer of TideBit, who maintains a series of cryptographic exchanges in Hong Kong and Taiwan, said:
The last warning and the potential increase in the monitoring of foreign platforms are aimed at a group of smaller exchanges that had claimed to be foreign entities, but actually operate in China claiming to have outsourced their operations to a Chinese company … Those exchanges whose landing pages of the website are in Chinese have attracted particular attention from the regulators.
However, despite these updated "website landing pages" exchanges that draw substantial controls from regulators, industry leaders have stated that as long as the server of an exchange remains outside China, it would be a "big challenge" for government agencies to eliminate all cryptocurrency transactions and transactions.
China's Alternative Mode for Encryption
The South China Morning Post went on to explain how Chinese cryptor investors negotiated following the ban. The first potential traders will have to find a way to buy Tether token tokens, which can be done via exchange sites that offer Tether-to-yuan trading after the two sides of the trade meet the appropriate KYC requirements. The "exchange" oversees operations, ensuring that both parties agree on what they asked for.
Sources have told the SCMP that the money will be transferred from one bank to another, or via third-party payment networks, such as AliPay or WeChat. Once the Tether appears in the trader's portfolio, he / she / they can exchange these tokens on foreign exchange through the use of VPNs and similar programs.
Photo of 郑 无忌 on Unsplash
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