Ray considers himself to be a maverick. While many Chinese are shutting down their digital wallets after Beijing banned investing in cryptocurrencies, he is determined to keep going.
Ray has already received notice from his cryptocurrency exchange that his account will be shut by the end of the year. But, he said: “I’m now looking at opening an account on a decentralised exchange.”
China’s campaign against cryptocurrencies led to the authorities shutting down bitcoin mining operations in May. That has coincided with the rise of decentralised finance or DeFi, which allows users to trade with each other without any intermediary, such as a bank or broker, and makes it harder to block.
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