P2P cryptographic currency borrowing is becoming increasingly popular in China
China’s P2P cryptographic currency lending has surged amid China’s recent decline in flows and a bear market in the virtual money market. Despite regulatory uncertainty, entrepreneurs are reported to be seizing opportunities in emerging industries.
China’s encrypted money borrowing is on the rise.
Chinese media Sohu has released a report on the growing number of encrypted currency lending platforms.
According to Sohu, Zhang Le, described as a senior figure in the cryptographic currency industry, said: “at present, most markets recognize only two major currencies, Bitcoin and Ethernet Square. The business is now drawing people’s attention. Xu said the loans made through the platform were made up of investors who had held encrypted currencies for a long time and were not interested in the short market in the short term.
“this is demand. When currencies are low, people who invest in them will never be willing to sell them. Once they are short of money, they must look for such a platform. Demand naturally forms a market, “Zhang said.
Industry insiders say it is estimated that more than 20 startups are operating encrypted currency loans.
Although regulatory uncertainty is imminent, emerging industries are still emerging.
According to Sohu, insiders called the launch of the P2P cryptographic lending industry “reinforcing their strengths” and stressed that regulation would pose industry risks-”the biggest variable in the sector.”
According to a rough translation, Xu Lizhen of new KuaiBao said: “the [encrypted currency] industry has been summoned to stop, and the market has not stopped.” Xu described the cryptographic lending platform as providing cryptographic currency investors with “liquidity problems in short positions,” with big investors accepting such coins as NT and Ethernet, “and” the profits are good. “
Hu Jie, a senior financial research institute in Shanghai, said: “at present, most of the digital money mortgage business is taking place only in the currency circle. One side has funds (or digital currency) to seek loans, the other side lacks borrowing funds (or digital currency). Digital assets can be used for mortgages and allow such private transactions. Hu also highlighted potential regulatory emergencies and noted that “if an entity specializes in this business and is engaged in such loan and financial management, it needs appropriate qualifications and conditions.” Otherwise, they may be suspected of illegally borrowing and operating illegally. “
“this is a gray game,” said Xiao Wei, an Internet finance lawyer. Its essence is to solve the problem of asset liquidity or direct financing. But even in grey areas, we cannot use market manipulation. This will only bring the criminal law’s 266 fraud to our future. There is a risk of crime. “