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Despite Ban, China Keeps Trading Cryptocurrency Thanks to Tether and VPNs, Says Report

Chinese traders are using virtual private networks (VPNs) as a major tool to circumvent the ongoing government crackdown on cryptocurrency trading, local media outlet South China Morning Post (SCMP) reported September 8.

According to SCMP, referencing reports from Beijing-affiliated Shanghai Securities Times, traders have begun leveraging stablecoin Tether (USDT) as a means of entering and exiting cryptocurrency markets.

Combined with a VPN, two traders can use an exchange platform notionally registered outside China as an intermediary to swap cryptocurrency for fiat currency and vice versa.

A Beijing district stepped up the general ban on cryptocurrency exchanges last month, seeking on a local level to ban over 120 websites of platforms attempting to serve would-be domestic consumers.

Chinese traders have pursued various means of crypto trading since authorities first began cracking down on the practice in September 2017, Cointelegraph has reported.

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