How could Chinese people trade cryptocurrency after it is banned by Gov?

[rijaljun]

They can use non-chinese exchange if they have traded their crypto for ETH or Bitcoin before the exchange is closed.
Also there are no documents about investing / trading outside china yet

[ZaoXhou]

We already have decentralized exchanges, I think we're going to see more and more people use those.

[rev2]

I can imagine this being only a temporary step. When everyone will use crypto, china surely won't stay out of it. All those ICOs and gold digging atmosphere needs regulation.

As far as I know chinese people still trade, but over VPN, as they also do when they have to use facebook or anything that is blocked by the great firewall

[Btttyaman]

At present, Chinese friends are through private transactions, buy BTC, and then in the overseas market transactions。

Hi there.Thanks for your reply. Yes we do need to use the private transaction. However it is really unreliable to do the private transaction. Someone recommended me a project that will combine OTC and Exchange and I read through their Whitepaper twice. It was well...gorgeous have to say.... If you need to trade P2P. You may have a look. https://bitcointalk.org/index.php?topic=2264137.msg22939434#msg22939434 Though, I actually read the Chinese version. Don't know if there is any translation problem. Cheers.

[nareshrohra]

There are many ways. Most common ways are 1) Use VPN and international exchanges 2) Buying from individual owners directly through social networks (i.e. buying off the counters) 3) The good old barter exchange (yes, this is still "trading")

[benthach]

Hi guys,

As you guys know that the cryptocurrency exchange is banned by government in China . Plus CNY deposit is not allowed in most of  the oversea exchanges . These conditions really confused me. Coz I need to buy ALTCOIN wit BTC. By past two weeks, I was keep looking for the way to invest ALTCOIN. However, most of them are time consuming and expensive. For example, the price to buy bitcoin face to face is 5%(or 4%? 6%?something) higher than the market price and time consuming, buy bitcoin with credit card is also expensive.  As gov of China restricted the amount of sending foreign currencies to overseas. It is even hard for me to invest ALTCOIN.   I believe that the future belongs to Cryptocurrency, can anybody suggest how could I get involved in trading ALTCOIN.
Really appreciate if anybody could give me an advice.  Cheers!!!
As return, I'll suggest an ALTCOIN that I think is worth to invest in short term.(Could be over 100% profit)

China government can ban shit even though it is not illegal yet. Bitcoin is not illegal and chinese can still buy any ico's they want but even if illegal I'm sure it only make them look stupid. All and all these Chinese, Korean and Japan Bitcoin volumes are just fakes shit.

[VanDeinsberg12]

We already have decentralized exchanges, I think we're going to see more and more people use those.

They are all not using the decentralized exchange site but they are all try to migrating into another exchange that runs in another country such as bithumb. Bithumb volumes already filled by those chinese traders caused by the government is banning the crypto from there. But i heard the latest news the china try to unban the crypto (ico)
But i don't ever hear about the truth of that news, does china unban ico or not. But some people said china already did it.

[Btttyaman]

As I know cryptocurrencies aren't banned in china, they can buy their bitcoin, litecoin or ethereum still.
Anyways there are big amounts of ways to pass behind laws. They also use vpn. You know.
Some people build their own vpn, its very easy as my electronic engineer friend said.

Hi thanks for that. Yup, it's only the deposit of fiat yuan is banned. Self-built vpn could able to solve the firewall problem. But the requirement for P2P trading of BTC, ETH is large.

[Btttyaman]

We already have decentralized exchanges, I think we're going to see more and more people use those.

They are all not using the decentralized exchange site but they are all try to migrating into another exchange that runs in another country such as bithumb. Bithumb volumes already filled by those chinese traders caused by the government is banning the crypto from there. But i heard the latest news the china try to unban the crypto (ico)
But i don't ever hear about the truth of that news, does china unban ico or not. But some people said china already did it.

Thanks for your reply, I haven't hear any news that China Gov will unban the crypto. We are trying to use OTC to purchase BTC or ETH.  Using localbitcoins are not reliable though

[Timelapsed]

Who said that cryptos are banned in China at all?!

[Harry1v]

You can OTC, the current domestic btc38 can also be traded and recharge, but after 31 have stopped it

[Ryan1311]

Maybe OTC is a Choice, just like Arousal what they doing.

[Snaic]

According to the incoming information, China is going to fully resume trading in crypto-currency on the exchanges, since the prohibitions and restrictions did not give the expected effect. Some exchanges have already opened and freely trade. Unclear situation so far with the ICO in China. While there is no reliable information.

[chocopapaya]

So it sound like you currently live in China and mostly have only RMB to invest?

Eventually, regulations will settle down with most likely one or two regulated exchanges popping up in China.

If you can't wait and want to do something now, you problem isn't finding the right exchange it is accumulating USD.
The best way to start converting RMB to USD (and then on to BTC) is to open up an offshore multicurrency bank account.
A lot of my Chinese friends go to Hong Kong to do this.
It enables them to freely exchange currencies within their own account.

Another way is to just get a credit card and vpn.
There are a lot of exchanges where you can buy small amounts with a credit card without verification.
Sometimes it is tiny (coinbase is $50 a week without verification) but at least you can get some.

If your vpn doesn't work, try astril or nord, friends tell me these work fine in china.

[max6575]

to work as following use of returns with the customs of regulation on express as release from the institution to gains with the use of prefers with the system of evaluation to gains as the following terms to manage as more as attaining with the decision to enter within the different schemes of works on investment plan.

[Hamilcar]

I thought they just banned ICO's not all cryptocurrencies. They are free to trade in legalized Chinese exchanges.

[Btttyaman]

So it sound like you currently live in China and mostly have only RMB to invest?

Eventually, regulations will settle down with most likely one or two regulated exchanges popping up in China.

If you can't wait and want to do something now, you problem isn't finding the right exchange it is accumulating USD.
The best way to start converting RMB to USD (and then on to BTC) is to open up an offshore multicurrency bank account.
A lot of my Chinese friends go to Hong Kong to do this.
It enables them to freely exchange currencies within their own account.

Another way is to just get a credit card and vpn.
There are a lot of exchanges where you can buy small amounts with a credit card without verification.
Sometimes it is tiny (coinbase is $50 a week without verification) but at least you can get some.

If your vpn doesn't work, try astril or nord, friends tell me these work fine in china.

Hi there, appreciate for your help. Open a offshore account has quite a limitation. I hope that regulation can come out soon. I wish an exchange can adopt OTC and exchange. It's really time consuming when transferring BTC from OTC to Exchange. 

[hanlieuiypm9832]

You can OTC, the current domestic btc38 can also be traded and recharge, but after 31 have stopped it

There are still some places that can trade crypto coins with CNY in a OTC mode. I think most investors still have some coins that they can exchange with other coins.

[Reatim]

Hi guys,

As you guys know that the cryptocurrency exchange is banned by government in China . Plus CNY deposit is not allowed in most of  the oversea exchanges . These conditions really confused me. Coz I need to buy ALTCOIN wit BTC. By past two weeks, I was keep looking for the way to invest ALTCOIN. However, most of them are time consuming and expensive. For example, the price to buy bitcoin face to face is 5%(or 4%? 6%?something) higher than the market price and time consuming, buy bitcoin with credit card is also expensive.  As gov of China restricted the amount of sending foreign currencies to overseas. It is even hard for me to invest ALTCOIN.   I believe that the future belongs to Cryptocurrency, can anybody suggest how could I get involved in trading ALTCOIN.
Really appreciate if anybody could give me an advice.  Cheers!!!
As return, I'll suggest an ALTCOIN that I think is worth to invest in short term.(Could be over 100% profit)

OTC, And it also means another thing, bitcoin can't be really stop not even by the Chinese government. Their citizens will always look for ways like OTC or even underground trading. And its booming after their cryptocurrency announcement and it says millions already have been changing hands.

https://news.bitcoin.com/china-monitors-booming-otc-bitcoin-market-shutting-exchanges/

[ictin]

I think there is no problem when Government bans local exchange. Traders can trade through world exchanges or day can use mobile apps. No one can ban Bitcoin.