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Bitcoin defeats the Chinese BAN

There China – as readers of Cryptocurrency.it – it’s not exactly the best place in the world to be if you want to invest or trade cryptocurrencies.
As reported by South China Morning Post however Chinese users are finding several ways to get around the total ban of operations in crypto, referring to foreign brokers and platforms, on which the government of Beijing it has no banning power, except internally.
Overall great news for the cryptocurrency world, which demonstrates one of the key points of crypto doctrine – or the possibility of overcoming obstacles even when imposed by authoritarian governments.
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The Chinese continue to trade crypto and Bitcoin – here’s how
The Chinese ban on cryptocurrencies has been reiterated several times, in what is sort of total stop to crypto transactions, whether they are speculative or traditional. The final situation is as follows: the last remaining exchanges to offer trading on Bitcoin in Yuan – the Chinese national currency – are closing their doors. Despite this, tens of thousands of trader would continue to use exchange which for the Chinese they are offshore – to continue to operate on this market.
This is one good news for the whole crypto sector, both as regards the political motive which animated $ BTC already from his first hour, both as regards the future of this market, with Chinese users who should have the right to access this type of market and this type of structures.
If the Chinese can keep trading, the cryptocurrency world has won
And it would be a heavy victory, because it is to the detriment of a government not only authoritarian, but also with the means to close like a hedgehog towards this type of technologies.
We can see a kind of parallel with the Turkey, where the drive for citizens and residents to move towards the world of cryptocurrencies is obviously of different origins. Here citizens and residents prefer Bitcoin And cryptocurrencies because the local currency, the Turkish Lira, continues to lose value, with inflation now out of control, to contain which the government has already burned almost all the reserves of foreign currency in possession of the Central Bank.
A first answer to the question: what is Bitcoin for?
Those who live in areas where governments and parliaments leave citizens relatively free, where everyone has access to a Bank account and a relatively stable local currency may not feel how urgent the transition to an economy based on Bitcoin and alternatively on the others cryptocurrencies.
For many others, we think of residents in China, Turkey, but also Venezuela, Nigeria, Iran – cryptocurrencies are an instrument of asset and value defense – as well as a tool to escape the capillary control that politics exerts on companies.
The news released by the South China Morning Post must also be read in these terms, with the battle in support of cryptocurrencies which assumes, in view of these elements, proportions that transcend the aspect more strictly financial.

Bitcoin defeats the Chinese BAN comes via ChinaTechNews.com.

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