Chinese citizens don’t care about bans and legislation, they continue investing in bitcoin and cryptocurrencies.
How do they manage to deal with the ban, that the Chinese government has imposed on cryptocurrency?
In September previous year, three main crypto-exchanges in the country, BTCC China, Huobi and OKCoin, were forced to close their activities. After three months, these exchanges moved their business to Hong Kong. After that, they saw that investments from Chinese citizens started growing.
How it is possible?
Starting a business in Hong Kong is relatively easy. If you have 1,000 USD, you just register your business, doesn’t matter from what country you are. As a business owner, you can open an account in any bank, or even several accounts. So, Chinese investors simply moved their businesses to Hong Kong.
Chinese government is quite worried about the situation. It means that China loses huge sums of money.