Chinese people are using crypto via Telegram against laws
Reportedly the majority of people are still engaged in the crypto sector via messaging platform Telegram.
China is the second biggest country by population. In late 2021, China banned cryptocurrencies related every kind of activity and also kicked out all the crypto companies from mainland of China. Also China banned crypto price tracking websites. e.g. Coinmarketcap (CMC), Coingecko, etc via internet firewall protection.
Recently the Chinese policy authority stated that huge numbers of young people in China are using Telegram messaging app to pay money in the form of cryptocurrencies for their drug buy/sell.
According to Chinese authorities, Telegram & crypto are now playing a vital role in crime in the country and these things are a new trend in the list of top crimes.
Several media reports noted that it is strange that China’s harsh regulatory ban on cryptocurrencies is failing to prohibit citizens from interacting with cryptocurrencies.
Tik-Tok & Bitcoin price
Two months ago, Douyin, a Chinese version of the Tik-Tok app, added support for Bitcoin. Through the Chinese tik tok app, people can use it to see the real real- time price of Bitcoin.
At the time, people noted that the Chinese population & entrepreneurs are still in support of cryptocurrencies, despite the crypto ban in the country.
Hong Kong
Hong Kong is a special administrative region of China but still in Hong Kong’s jurisdiction crypto trading is fully legal.
This month, the Hong Kong government brought a new rule to allow retail investors to trade cryptocurrencies.
This month, several crypto companies expanded & launched their services in Hong Kong to provide crypto services with clear rules & regulations.
Reportedly the Chinese government officials welcomed Hong Kong’s crypto adoption plans and also noted that such efforts will help a big portion of China’s population to get employment in the Crypto sector.
Read also: Scammers targeting big grocery stores & demanding Bitcoin
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