Chinese Stablecoins: The Great Capital Escape or Just Digital Dust?
Over the last ten years, China has been vigorously rolling out a series of bans on crypto activities, gradually increasing the volume of crackdown noise louder than an iron chef’s blender set to maximum. Back in 2013, they finally declared crypto illegal in a move as subtle as a fireworks display, and by December of that glorious year, banks were told to never touch crypto with a ten-foot pole-or any length actually. Despite this, China still churns out around 13.84% of the world’s hashrate, which makes it pretty impressive given the restrictions. Most domestic mining operations have wisely decided to relocate to friendlier shores-perhaps to places where the government isn’t actively trying to stop them from having fun.