The Chinese Government Can’t Reach The Brakes On Ethereum

This blog post was published before LocalEthereum became LocalCryptos.

The Chinese Government Can’t Reach The Brakes On Ethereum

Something had to be done to protect the Ethereum ecosystem from the Chinese government’s crackdown on cryptocurrency exchanges. Asia accounts for nearly half of the world’s cryptocurrency trading volume, and China is leading the way in some of the most innovative blockchain projects.

Centralized exchanges have always been a target for hackers and overzealous regulators, and so the Chinese ban hasn’t come as a shock to many. Hundreds of millions of dollars have been misplaced or stolen by exchanges, and there are ongoing complaints of withdrawals being limited or blocked because of the verification annoyances.

On LocalEthereum, trades are conducted in a peer-to-peer fashion, and according to Bloomberg, the Chinese authorities don’t have plans to combat over-the-counter transactions. By matching buyers directly with over-the-counter brokers, you can trade with confidence knowing that your ether and messages are stored and encrypted in your browser: no one can tell you that you no longer have access to your hard-earned money.

We believe that exchanges of value should be unrestricted and frictionless, and we’re welcoming Chinese users affected by their government’s recent ban with open arms. LocalEthereum will be supporting Chinese Yuan from day one.

We have already opened our doors to registrations, and trading is set to begin on October 21st at midnight UTC. Sign up today and have your offers ready for day one trading.

LocalEthereum is launching freely without an ICO of any sort, and we’ll explain why we made that important decision in a later post.