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Entrepreneurs beat China’s clampdown on crypto?

Apr 20, 2018, 7:52 AM EDT
(Source: BTC Keychain/flickr)
(Source: BTC Keychain/flickr)

Last September, the Chinese government dealt a fatal blow to its booming cryptocurrency market by outlawing initial coin offerings and banning trade on domestic cryptocurrency exchanges, a move that jolted crypto investors and triggered massive sell-offs.

A year later, cryptocurrency is still alive and running in China, courtesy a wave of “below-the-radar” innovations by entrepreneurs, who thrive on exploiting the universal challenges faced by digital currency, writes MIT Technology Review.

One example is open-source software platform Loopring, developed by Daniel Wang, which lets anyone set up decentralized cryptocurrency exchanges and trade digital assets on the blockchain. Its decentralized nature makes it resilient to crackdown by any one country.

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