Unchained

Crypto in China: What It Really Looks Like - Ep.139

Oct 1, 2019
Emily Parker, cofounder of Longhash and former journalist at Wall Street Journal and New York Times, shares her insights on the crypto landscape in China and Asia. She discusses why U.S. crypto teams are migrating to Singapore amid regulatory crackdowns in China. Despite bans, trading persists in China, particularly involving Tether. Parker highlights the impact of the People's Bank of China's digital currency and contrasts the evolving attitudes toward crypto in Japan and Singapore. She also delves into the complexities of crypto entrepreneurship in a regulated environment.
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INSIGHT

China's Crypto Contradictions

  • The Chinese crypto market is full of contradictions.
  • Active trading continues via OTC platforms, despite government restrictions on exchanges and ICOs.
ANECDOTE

ICO Crackdown Supported

  • Chinese crypto enthusiasts supported the ICO crackdown due to excessive fraud.
  • Many saw it as beneficial for the industry's long-term health.
INSIGHT

USDT's Role in China

  • Chinese OTC platforms act as fiat on-ramps to cryptocurrency, particularly USDT.
  • Users then trade USDT on larger exchanges like Binance.
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