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Hayes: Chinese Tariff Retaliation May Spark New Wave of Crypto Capital
Original Title: China's tariff response may mean more capital flight to crypto: Hayes
Original Author: Martin Young, CoinTelegraph
Original Translation: Deng Tong, Golden Finance
BitMEX co-founder Arthur Hayes said that China's response to the U.S. full trade tariffs may lead to capital flight to Bitcoin and cryptocurrency.
"If not the Fed, then the PBoC will be providing us the material for a Yahtzee," Hayes said on X on April 8, referring to the catalyst needed to reignite the cryptocurrency market bull run.
Hayes stated that if the Renminbi depreciates, "capital will flow into Bitcoin," adding that "it worked in 2013, 2015, and will work in 2025 as well."
Bybit co-founder and CEO Ben Zhou stated that China will attempt to lower the Renminbi exchange rate in response to tariffs, adding that historically, a Renminbi devaluation has been favorable for Bitcoin.
Renminbi vs. USD has weakened since 2022. Source: Google Finance
In August 2015, China devalued the Renminbi against the USD by nearly 2%, marking the largest single-day drop in decades. During this time, Bitcoin did attract some investor interest, although the direct cause-effect relationship remains debated.
When the Renminbi exchange rate broke the symbolic 7:1 mark against the USD in August 2019, Bitcoin's price also surged during the same period. Some analysts believe Chinese investors were using Bitcoin as a hedge, as the asset saw a 20% rise in the first week of that month.
In 2019, cryptocurrency asset management firm Grayscale noted the Renminbi depreciation and attributed it as one factor stimulating the Bitcoin market.
Avoiding Currency Control and Wealth Preservation
According to analysts, affluent Chinese citizens may have used cryptocurrency in the past to preserve wealth, shielding it from government control and evading domestic capital controls and restrictions.
People also believe that currency devaluation will undermine people's trust in central banks and government financial management, prompting them to turn to decentralized alternatives such as Bitcoin.
On April 7, U.S. President Trump threatened to impose additional tariffs on China, to which China responded by stating that it would "fight to the end."
The Chinese Ministry of Commerce stated in a declaration: "If the U.S. implements tariff escalation measures, China will resolutely take countermeasures to defend its own interests."
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WEEX P2P update: Country/region restrictions for ad posting
To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.
I. Overview
When publishing P2P ads, advertisers can now set the following:
Allow only counterparties from selected countries or regions to trade with your ads.
With this feature, you can:
Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.
II. Applicable scenarios
The following are some common scenarios:
Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.
III. How to get started
On the ad posting page, find "Trading requirements":
Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.
When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:
If you encounter this issue when placing an order as a regular user, try the following solutions.
Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.
IV. Benefits
Compared with ads without country/region restrictions, this feature provides the following improvements.
Aspect
Improvement
Trading security
Reduces abnormal orders and fraud risk
Conversion efficiency
Matches ads with more relevant users
Order completion rate
Reduces failures caused by incompatible payment methods
V. FAQ
Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.
Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.
Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.
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