People Still Buying Cryptocurrencies And ICOs In China
HOW TO BUY BITCOIN IN CHINA
Despite China’s blanket ban on all cryptocurrencies and initial coin offerings, investors can still get ICO tokens fairly easy.
Apparently, all prospective investors have to do is to get logged into a platform for over-the-counter (OTC) transactions. There they can easily buy mainstream cryptocurrencies such as Bitcoin using WeChat, Alipay or even a simple bank transfer. Investors can then use the digital currency to purchase whatever ICO tokens they need.
Also cryptocurrency traders in China can easily convert their fiat currency to tether in direct, peer-to-peer transactions. Then you can use Theter to buy digital currencies while using VPNs to cover their tracks.
HOW ICOS AVOID PROHIBITIONS?
Not only investors are capable of buying bitcoin and ICO tokens despite the ban. However those who seek funding can also set up an ICO without any major hurdles. According to local media, Chinese companies would set up foreign companies in countries where regulation is favorable. (Like Malta).
To further conceal its tracks, the “official” team of the project would also appear to be foreign, hence hiding the identity of the actual person in charge, who would usually stay in the shades, rarely showing up.
However, the media also warns that the majority of those projects are scams. “They call it a blockchain innovation”. 90% of ICO tokens listed by OKEx or Binance, are currently trading for less than their initial ICO price.
If you want to read more information about this also check: Ways to Avoid Crypto Trading Ban with Tether and VPNs