LONDON/NEW YORK (Reuters) – Trade tensions between the United States and China and a weakening yuan are boosting demand for cryptocurrencies among Chinese investors, market players from Asia to New York said.
FILE PHOTO: Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China’s flag in this illustration picture, April 9, 2019. REUTERS/Dado Ruvic/Illustration
Exchanges, researchers and brokers told Reuters they have seen an uptick in activity at crypto trading venues popular with Chinese. They said over-the-counter (OTC) brokers, which act as middlemen for buyers and sellers, have seen much of the activity.
Measuring crypto trading volume in China or elsewhere is highly difficult.
While digital wallets used to send and receive coins can be tracked on the blockchain technology that underpins most coins, the geographical location of senders cannot. And the Chinese government’s 2017 ban on crypto platforms means there is little data on the sector in the country.