Residents in China are actively turning their savings into cryptocurrencies, finding innovative ways to acquire Bitcoin (BTC) and other digital assets despite the ban on such currencies in the country.
As reported by Reuters, despite stringent regulations and restrictions on capital movement, individuals are still able to trade cryptocurrencies like Bitcoin through platforms such as OKX and Binance or through alternative over-the-counter channels. Moreover, Chinese investors can also leverage overseas bank accounts to purchase crypto assets.
With Hong Kong’s recent endorsement of digital assets, Chinese citizens are utilizing their annual $50,000 currency purchase quota to transfer funds into cryptocurrency accounts in the region.
A senior executive at a Hong Kong-based cryptocurrency exchange, who preferred to remain anonymous, highlighted that the economic instability in China has led to increased investment risks and uncertainty on the mainland, prompting individuals to seek offshore investment opportunities.
