Chinese entrepreneurs have some creative responses to the government’s crackdown on crypto [Video]

Cristian WorthingtonFeedToPost, MediaVidi Twitter

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At 11 p.m. on September 4 last year, Chuan Zhang logged into his account on Huobi.com, a popular Chinese cryptocurrency trading website, and sold every bitcoin he had. He lost about 400,000 yuan ($63,000), but he had little choice. Earlier that day the Chinese government had issued a seeming...

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At 11 p.m. on September 4 last year, Chuan Zhang logged into his account on Huobi.com, a popular Chinese cryptocurrency trading website, and sold every bitcoin he had. He lost about 400,000 yuan ($63,000), but he had little choice.

Earlier that day the Chinese government had issued a seeming death blow to the country’s burgeoning cryptocurrency …

At their peak, during the last two months of 2016, transactions in Chinese yuan accounted for more than 90 percent of global Bitcoin trading volume, according to Morgan Stanley. A month after the crackdown, in October 2017, that figure was down to less than 10 percent. The authorities have since tightened things further, closing loopholes that allowed investors to trade cryptocurrencies on overseas websites. In January, the central bank proposed limiting supplies of power to China’s bitcoin-mining industry, which currently accounts for two-thirds of the world’s processing power devoted to such activity, most of it in sparsely populated areas with abundant surplus electricity. Local authorities are enforcing the restrictions haphazardly.