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Important Considerations
According to article data:
- 68% of users experienced account freezes due to crypto activity
- 45% increased investments despite risks
- Scams cost $165 million in Q1 2025
China officially banned cryptocurrency in 2021. No exchanges. No mining. No trading. The government said it was all illegal. Yet, as of 2025, 59 million Chinese citizens are still actively using crypto. That’s more than the entire population of Canada. And it’s the second-largest crypto user base in the world - after India.
How is this even possible?
The Chinese government didn’t just ban crypto. They shut down every exchange inside the country. They blocked websites. They fined banks that processed crypto payments. They even pressured tech companies to remove crypto apps from their app stores. But they couldn’t ban the internet. They couldn’t ban people’s desire to store value or send money across borders. So people found ways. Most Chinese crypto users don’t trade on Binance or Coinbase anymore - those platforms left China in 2021. Instead, they use offshore exchanges like Bybit, OKX, and MEXC. To access them, they rely on VPNs. A 2024 Chainalysis report found that 78% of Chinese crypto users use virtual private networks to bypass the Great Firewall. It’s not just a tool for privacy - it’s a necessity.Peer-to-peer trading is the real backbone
About 63% of all crypto transactions in China happen through peer-to-peer (P2P) platforms. These aren’t apps you download from the App Store. They’re groups on WeChat and QQ. Users post buy and sell offers. Buyers and sellers agree on a price. Then they use escrow services - often run by trusted community members - to hold the money until the crypto is confirmed. One of the most common methods? Someone sends yuan to a seller’s bank account. The seller then sends Bitcoin or USDT to the buyer’s wallet. The escrow service confirms the payment before releasing the crypto. This system has become so reliable that 45% of all P2P volume in China runs through this model. It’s risky. If the seller doesn’t send the crypto after receiving the yuan, you lose your money. But the community police themselves. Users rate each other. Bad actors get flagged. Many traders use temporary phone numbers and multiple accounts to stay under the radar.Stablecoins are the secret weapon
Bitcoin and Ethereum are popular, but they’re too volatile for everyday use in China. That’s why stablecoins - especially USDT - dominate. In Q2 2025, 38.7% of all crypto transactions in China were in stablecoins, up from just 21.7% in 2024. Why? Two big reasons: remittances and inflation. A student in Australia gets $1,000 from their parents in China. Normally, that would take three days, cost 10% in fees, and require paperwork. With USDT? It takes 15 minutes. Fees? Less than 1%. One user on the WeChat group ‘ChainTalk’ said: “I send my daughter money every month. I used to pay $100 in bank fees. Now I pay $1.30.” Others use stablecoins to protect savings. With the yuan facing pressure from slowing growth and property market crashes, crypto is becoming a hedge. Not because people believe in Bitcoin as a future currency - but because they don’t trust the system they’re forced to use.
The hidden tech: DeFi and privacy coins
Beyond simple trading, a growing number of Chinese users are tapping into decentralized finance. They use browser extensions to access DeFi protocols like Uniswap or Aave - even though the government blocks them. Chinese-language DeFi platforms now have over 1.2 million monthly active users. Some use privacy coins like Monero (XMR). These coins hide transaction details, making it harder for authorities to trace who sent what to whom. While Monero makes up less than 5% of total crypto volume in China, its usage has doubled since 2023. And then there are the apps. Not on Google Play or Apple’s App Store. Not even on Chinese app stores. These are downloaded from third-party sites - APK files shared in Telegram groups or WeChat channels. Apps like ‘CryptoBridge’ and ‘Silk Road Wallet’ use encrypted tunnels and domain fronting to slip past censorship. Over 8.7 million downloads were recorded in the first half of 2025 alone.The government’s double game
While cracking down on private crypto, the Chinese government is pushing its own digital currency: the e-CNY, or digital yuan. By the end of 2024, over 260 million individual wallets and 15.5 million corporate wallets had been created. Civil servants in pilot cities now get paid in e-CNY. It’s used for public transit, utility bills, and even school lunches. The e-CNY isn’t decentralized. It’s fully controlled by the People’s Bank of China. Every transaction is tracked. Every wallet is linked to your ID. It’s not about freedom. It’s about control. This creates a bizarre contrast: the state builds a digital currency to monitor its citizens, while millions of those same citizens use crypto to escape that same system.Who’s using crypto - and why?
The users aren’t random. They’re young, tech-savvy, and often frustrated with the financial system. According to a 2025 study by Peking University, 89.2% of crypto users in China are male. The average user is between 25 and 34 years old - making up 37.5% of the total. People over 45? Only 12.8%. That’s half the global average. They’re not gambling. Most aren’t day-trading. They’re using crypto as a tool - for sending money abroad, protecting savings, or accessing global markets. One Reddit user in r/CryptoChina said: “I don’t care if Bitcoin hits $100,000. I care that I can send money to my brother in Germany without the bank asking why.”
Michael Brooks
It's wild how people adapt when the system fails them. The fact that 59 million are using crypto despite the ban says more about trust in institutions than tech.
Not about Bitcoin being the future - it's about not trusting your own government to handle your money.
Simple as that.