Cryptocurrency thrives in China against odds, report says

Crypto enthusiasts in China are more willing to invest heavily in cryptocurrency than their counterparts in Vietnam, South Korea, Taiwan and Thailand.

This is according to a December 2023 report by Vietnamese venture capital firm Kyros Ventures, with the assistance of 10 media agencies from China, Thailand, Korea, Taiwan and Vietnam. In the 5,268-participant survey, more than 70% of participants said cryptocurrencies accounted for more than half of their asset portfolio.

However, 33.3% of Chinese investors hold a large amount of stablecoins, placing them in second place to Vietnam, with 58.6% of its investors holding stablecoins. Except for Vietnam and China, most investors in other countries have reduced their holdings in stablecoins, indicating that they are more risk-averse with investments in crypto assets.

China is officially one of the world’s most challenging jurisdictions for cryptocurrencies. Beijing banned crypto trading in 2021, and authorities have detained, fined and jailed people working in the sector.

Despite the government agencies’ ban, the majority of investors in China choose to trade on centralized crypto exchanges (CEXs), according to the report. Thailand, in particular, has the lowest rate of stablecoin holders, at only 22%. However, China is set to amend its Anti-Money Laundering regulations to include cryptocurrency-related transactions.

According to the report, throughout 2023, self-research, crypto news, an community groups and key opinion leaders (KOLs) were the three main information channels preferred by many investors in the five countries. News media are preferred by more than 70% of Thai and Chinese investors.

#news #china #asia #btc #investment

Feb-2-2024 08:25:13 AM