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https://www.ft.com/content/d576e4e4-c374-11e7-a1d2-6786f39ef675
Chinese investors are still trading bitcoin and buying initial coin offerings, suggesting authorities in Beijing are struggling to clamp down on cryptocurrencies just weeks after announcing that public exchanges would be shut down.
Observers feared the closure of Chinese exchanges would lead to a sharp drop in demand for bitcoin, given China has been a key source of demand. Instead, more of the buying and selling of cryptocurrencies has gravitated towards the private over-the-counter market.
Chinese investors are also using mobile messaging platforms to connect, negotiating bilateral trades without the help of an exchange. Many OTC bitcoin transactions originally used WeChat, Tencent’s ubiquitous mobile messaging. However, concern about surveillance has driven many traders to Telegram, an encrypted platform that boasts greater security.
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