Regulators in the two states have been advising banks not to allow these transfers but P2P platforms, which are non-custodial, let customers trade cash for cryptocurrency amongst themselves.

“P2P platforms are especially popular in Africa compared to other regions, and many African cryptocurrency users rely on P2P platforms not just as an on-ramp into cryptocurrency, but also for remittances and even commercial transactions,” a recent Chainalysis report said.

Chinese citizens can therefore take a cue from Africans who are using P2P to trade cryptos.

The original version of this story was republished with the permission of bird, a story agency under Africa No Filter.

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