Over 3 Million People Holding Bitcoin Despite China’s Ban

China Crypto Ban

A researcher at the International Monetary Institute at Renmin University in China estimated that in spite of the government’s ban on crypto trading, there are still over 3 million people holding bitcoin in China.

It was on June 29 during a summit held in Beijing also known as the New Financial Trends and Fin-Tech Summit 2018 when Li Honghan, the mentioned researcher, declared his findings.

It is assumed that Chinese investors are still working in the cryptocurrency space to make use of advanced censorship-resistant technologies like decentralized exchanges and peer-to-peer marketplaces to avoid government regulation, although Li did not disclose his data source.

Bitcoin mining, as per a report, has also proved challenging for regulators to break down on in China. It is concluded that more than 50% of global bitcoin mining capacity can be found around the country, with the remote provinces of Qinghai and Sichuan having a relatively high group of bitcoin miners.

Brad Garlinghouse, the CEO of Ripple, attacked bitcoin by insisting that it is “controlled by China,” as he referred to it, due to the number of miners settling around the area.

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