Since China formally banned cryptocurrency trading in 2017, investors have had few options. Purchasing stablecoins such as Tether (USDT) via over-the-counter (OTC) services and converting them to other cryptocurrencies has become the principal method, cnLedger noted.
Now, in the wake of a bullish week for Bitcoin which saw BTC/USD advance by over $1,000, prices for those OTC services have steadily risen in CNY terms, marking an increase in demand.
“Chinese markets reveal strong buys,” the resource summarized. The tweet stated:
“OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.”