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SHANGHAI/HONG KONG: Dylan Run, a Shanghai-based finance sector executive, started moving a bit of his money into cryptocurrencies in early 2023, when he realized that the
Chinese investors are turning to cryptocurrencies as a safe haven amid the country's economic downturn and crumbling stock and property markets. Despite a ban on cryptocurrency trading and mining, Chinese investors are finding ways to trade through grey-market dealers and crypto exchanges in Hong Kong. Chinese brokers and financial institutions are also exploring crypto-related businesses in Hong Kong to generate growth.
Dylan Run, a Shanghai-based finance sector executive, started moving a bit of his money into cryptocurrencies in early 2023, when he realized that the Chinese economy and its stock markets were... -January 24, 2024 at 09:27 pm EST - MarketScreener
Dylan Run, a Shanghai-based finance sector executive, started moving a bit of his money into cryptocurrencies in early 2023, when he realized that the Chinese economy and its stock markets were going downhill. Crypto trading and mining has been banned in China since 2021. Run used bank cards issued by small rural commercial banks to buy cryptocurrencies through grey-market dealers, and capped each transaction at 50,000 yuan ($6,978) to escape scrutiny.
More and more Chinese investors are using creative ways to own bitcoin and other crypto assets that they believe are safer than investing in crumbling stock and property markets at home.