Chinese have recently suffered a setback as they have found Bitcoin exchanges closed to local customers. Another reason for concern is that fact that China is planning a “comprehensive ban” which will make it all the more difficult for the Chinese to trade in Bitcoin. As a result, Chinese bitcoin traders have increased their use of LocalBitcoins to facilitate their fiat and crypto transactions. LocalBitcoins has seen trading volume skyrocket in the past few days.

Trading on LocalBitcoins is more expensive and selling bitcoins on the marketplace are about 20% higher when compared to major Chinese exchanges, which may only be weeks away from closing.

TechBlogger Wrap Up

The Chinese have a problem that many from western countries may soon face. Governments are scared to death of honest money which close down options such as printing your way out of debt. The Bitcoin war is just beginning to heat up and we will see what happens in coming weeks and months. Who do you suspect to win the war? Will regulators have the final say, or will cryptocurrency proove to be resiliant to bullying by large governments and institutions?

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Source:

China’s bitcoin investors are flocking to one of the last available places to trade - Quartz