In a recent meeting in Chengdu, China, traders explored how over-the-counter (OTC) exchanges will function in the future. The meeting was arranged by BitKan in order to allow bitcoin investors and professionals to come together to build shared trust and understanding.
The meeting is a result of the fact that Chinese online exchanges again have resumed withdrawals. Kevin Helms, writing for bitcoin.com covered the issue, saying, “Chinese bitcoin exchanges have reportedly resumed bitcoin withdrawals. Customers of BTCC, Huobi, and Okcoin can now withdraw their coins up to certain daily limits.” He continued, “Following the inspections by the People’s Bank of China (PBOC), BTCC, Huobi, and Okcoin halted coin withdrawals in February. Almost four months later, on Wednesday May 31, at least two of them reportedly lifted their cryptocurrency withdrawal suspensions.”
Chinese Bitcoin Ecosystem Talks OTC’s and Exchanges
It appears that since the withdrawals started, OTC exchanges have declined…but Chinese traders and business people do not want OTC trades to stop. This was one of the important facets of the meeting. The event page on Bitkan’s Facebook noted the event and mentioned what topics they would focus on. Aspects of the talk included:
1.What are the risks in OTC trading? How to avoid them?
2.Under the Chinese government’s policy regulation, what’s the prospect of OTC trading?
3.What are the differences between exchanges and OTC? What are the respective advantages?
4.What’s the situation of OTC trading outside of China?
Possible Good News for Chinese Exchanges?
This push for understanding between OTC and online exchanges could mean that bitcoin use and trading in the country will evolve well into the future. It is good news because in the past the “Great Firewall” of China has hamstrung online exchanges. Chinese traders used to rely solely on person-to-person trading, because of stiff government regulation and inspections. However, with both venues for currency exchange available, and traders willing to cooperate, China could be poised to further bolster the bitcoin and altcoin markets.
Will Chinese trading and interest in bitcoin continue to grow as a result of cooperation between OTC traders and online exchanges? Let us know what you think in the comments below.
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