After having put an end to the trade of Bitcoin in the country, the chinese government pays special attention to the booming market of exchanges of crypto-currencies on the otc. A recent report from the government shows that 680 million yuan, approximately $ 103 million, have been traded on the three major international platforms for otc trading.
A rite of passage
Since the chinese government demanded in September that the trade of Bitcoins in the country are closed, the trade volume of Bitcoins in China has virtually disappeared. At the same time, the volume of negotiations of the yuan on the platforms of the otc increased significantly. The national committee of experts on the technology of financial security on the Internet has published a report on the state of the chinese market of trade of crypto-currencies on the otc. The committee was formally created in August of last year under the leadership of the ministry of Industry and information Technology. The committee has monitored the transactions of Bitcoins ” off-balance sheet “. Still according to the report, there are two types of trading of crypto-currencies, “intraday” and ” over-the-counter. “The committee emphasizes that the otc market generally has no fixed place and individual transactions are undertaken by the two parties through private negotiations.
The otc market is more and more popular
The report has also analyzed the data of the three main platforms of otc during the period of two weeks in the second half of the month of October. Thus, the volumes of transactions on Localbitcoins, Paxful, and Coincola represent up to 70% of all the volumes of otc transactions settled in chinese yuan. This same analysis showed that the volume of transactions of the three platforms amounted to 680 million yuan. Here is how the panel concludes its analysis : “With the development of Bitcoin, the trading of otc has been increasingly active. The users of this type of trading using both the anonymity and payment channels, and there may be risk of fraud. “
Source : News.Bitcoin