’s () last week has led traders not only return to but pay a premium for doing so, social media-based account reported on April 7.
Reproducing price spreads from and , cnLedger revealed an increasingly common practice among Chinese traders who wish to acquire .
Since formally banned in 2017, investors have had few options. Purchasing stablecoins such as Tether () via over-the-counter () services and converting them to other has become the principal method, cnLedger .
Now, in the wake of a bullish week for which saw /USD advance by over $1,000, prices for those OTC services have steadily risen in CNY terms, marking an increase in demand.
“Chinese markets reveal strong buys,” the resource summarized. The tweet stated:
“OTC (Over-The-Counter) trades, the almost only way to buy with fiat in , showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.”
The buoyant mood among Chinese investors contrasts with the ongoing clampdown on -related activities in the country. As Cointelegraph , this has extended to anything construed as propaganda, while associated instruments such as initial coin offerings () are also outlawed.
By contrast, authorities continue to advocate the development of technology, both within the state and private sector. Last week, Beijing almost 200 firms as part of new plans to register service providers.
Previously, it was that in fact has more -related projects underway than any other country worldwide, alongside the largest number of .
Published at Mon, 08 Apr 2019 12:05:09 +0000