Notwithstanding the doubling down on the cryptotrading, analysts are nearly sure that Chinese financiers will not cease avoiding the ban, making it almost unreal for regulators to stop cryptotrading completely, according to reports from the local media outlets.
Despite the fact that Chinese policymakers have blocked the access to 124 foreign cryptoexchanges, which engaged in trading operations with financiers from China, this did not have a substantial impact, because traders resorted to the use of VPN instruments to continue carrying out their business activities abroad. Moreover, traders have even used the USD-pegged stablecoin Tether as leverage for engaging in digital currency exchange for fiat and back.
The government of China has been a strict advocate of the anti-cryptocurrency movement for quite some time now, although the most notable level of resistance against the emerging finance sector was witnessed in the beginning of the previous year, when China started to double down on its domestic ecosystem of digital currency. However, the cryptoexchanges kept appearing in spite of the ban, continually altering their domain names and letting themselves back into the cryptotrading market.
Advocates of the cryptoindustry and financiers state that policymakers will face difficulties trying to cut off the access to the cryptoexchanges entirely, simply for the reason that the servers of such cryptotrading networks are located far from Chinese jurisdiction, and the operations are performed in a p2p manner and completely decentralized. According to specialists, the turmoil may cause disinterest among the newcomers to sector of digital currency financing, however, such situation will only be temporary and China will eventually have to open up.