Crypto Facilitates Money Transfer for Restricted China

Crypto is not illegal in China, but it is illegal for banks and financial institutions to deal in crypto. It’s also illegal for nationals to send over $50,000 in fiat money in a day, without government permission. Restrictive banking regulations, international trade wars, and a surveillance state in the midst of political unrest mean that transferring money can be difficult. In spite of bitcoin’s somewhat precarious legal standing, Chinese are nonetheless finding a ready avenue of non-draconian, free market exchange using crypto channels to prosper even in the face of economic oppression.

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