March 28, 2023

China Maintains Position as Top Crypto Trading Hub in East Asia Despite Crypto Ban

This is a suspicion that seems to be supported by the Russian federal governments announcement back in June this year that they were dealing with a law to reduce cryptocurrency trading and transactions.

According to the 2022 GCG report, an anonymous expert is priced estimate as saying that they believe that a great deal of the development in current months could be connected to Russian-China cross-border payments being carried out in crypto to counteract the worldwide sanctions and deal difficulties faced by Russia due to the Russian War against Ukraine..

Just two weeks ago China split down on 13 underground crypto trading apps, 23 cryptocurrency media websites and the individual websites of around 440 crypto bloggers..

This report suggests that in between Jun 2021– July 2022, Chinas total adoption really grew from the exact same duration between 2020– 2021. China is now ranked 10th in international cryptocurrency adoption from its previous rank of 13..

Some Other Possibilities Accounting for Chinas High Ranking.

While China only outlawed crypto mining in January this year, there were currently secret mining swimming pools back in 2016. That is a lot of time for savvy miners to find out how to hide their activities from the government.

What makes this all the more impressive is that Chinese authorities have not slackened in their efforts to curb the populations usage of cryptocurrency..

There has actually been an exodus of miners, wallet service providers and cryptocurrency exchanges, and other cryptocurrency-related endeavors given that September last year.

Despite the Chinese governments best shots to suppress the Chinese populations involvement with cryptocurrency, the usage and trading of crypto in China still dominates that of other nations in East Asia, according to Chainanalys 2022 Global Crypto Location Report..

A side point is that the population of China is 1.14 billion in 2021, according to The World Bank. Especially considering that their total trading volume was only a little ahead of South Korea which just has a population of 51.8 million people, as can be seen from this chart taken from the 2022 CGC report:.

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