19th National Congress of the Communist Party of China, the most important conference in China this year, ended on Oct. 24. With the end of the conference, some temporary regulations and policies are canceled as well. Among the regulations, the shutdown of Bitcoin trading in China might be one.
On Oct. 28 ZB.com, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.
The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The languages of the website are Chinese and English. However, it’s too soon to state that the regulation toward Bitcoin and other cryptocurrencies is invalid. Maybe the platform will be closed by the government soon. Nevertheless, there are also people saying that the Chinese government is behind the platform.
Offline trades become popular after regulation
For now, nobody knows exactly what’s going to happen after Nov. 1. It’s good news if Chinese Bitcoin traders may operate more easily. Since the shutdown of Bitcoin trading platforms in China, people have started to trade Bitcoin through Taobao, which is the Chinese version of eBay which belongs to Alibaba Group, Wechat chatting group, and QQ chatting group. Offline trades have become popular between Chinese Bitcoin traders.
This article was first published by Alex Gao at Cointelegraph