China’s Crypto Crackdown, Bitcoin Nodes and OTC Desks Struggle On
Amid China’s crackdown against crypto trading, there are still a handful of Bitcoin nodes operating in China. On the other hand, OTC trading still remains active in the country but not for a longer period of time. Despite the government’s brutal response against crypto trading. There still some positive signs regarding the Bitcoin network and OTC trading in the People’s Republic of China.
China last week further intensified the actions against crypto trading in order to crush what is left of digital tokens trading within the country. The political regime explicitly focused on crypto exchanges, yet as investigated by Cointelegraph, revealed that this activity is the same old thing with something like 19 comparable crackdowns over the previous decade or somewhere in the vicinity.
Despite there recent crackdown, there are still some 135 Bitcoin nodes are operational in the country. The current nodes operating in China account for 1.21% of the total 11,262 Bitcoin nodes installed all across the globe. However, it is quite possible that some more Bitcoin nodes might be operational in the country hiding their location by using virtual private networks (VPNs) technology.
Bitcoins nodes are the software that contains the protocol, containing the past record of the data regarding the transactions of digital tokens. The fact of the matter is that decentralized trading system are designed in such a way that they are hard to shut down completely without saving any data. That’s why if somehow systems are shut down, they contain all the past data that how many transactions being recorded on any specific framework.
However, as of now, over-the-counter (OTC) trading is still operational in the People’s Republic of China according to multiple source. Exchanges like OKEx and Huobi are still offering the RMB/USDT pair. However, there have been some voices arguing that authorities in China are planning to launch a crackdown against OTC trading in the upcoming round.
The Ex-CEO of BTCC, Bobby Lee, recently said that the country’s next round of crackdown would solely focus on shutting down OTC trading. He further added that the OTC trading backed by the big institutions will be closed down for once and all. Moreover, the government will also impose band on all Chinese users to avoid any sort of participation in OTC trading. Bobby Lee said that it is important for the government to totally shut down crypto operations in China, the crypto-free China will be suitable for the government amid its vision to launch the Central Bank-owned digital currency.
Critics have pretty frequently branded the China’s crackdown as the strategy to launch the country’s own digital currency in such an environment where there are no competitors.
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Text source: Coinfrog
