China shut down its local cryptocurrency exchanges in 2017, smothering a speculative market that had accounted for 90% of global bitcoin trading. Onshore investors now trade bitcoin on platforms owned by Chinese exchanges that have relocated overseas, including Huobi and OKEx. Huang Mengqi, a lawyer at Beijing DHH Law Firm, said regulators' inability to govern offshore cryptocurrency exchanges could blind them to potential risks. "You cannot stop people from trading bitcoin, because Chinese law recognises the value of virtual assets. Changhao Jiang, co-founder and CTO of Cobo, a Chinese cryptocurrency custodian and digital wallet provider, saw a jumpin business this year.

Source: The Hindu March 01, 2021 12:21 UTC