# China’s crypto ban fails to stop a $176 billion P2P economy

https://mins.news/en/item/87634

- CryptoSlate, 2026-10-06 08:50 UTC
- Economy
- Original: https://cryptoslate.com/chinas-crypto-ban-is-failing-to-stop-a-176-billion-p2p-economy/

> China’s underground crypto economy is increasingly moving toward peer-to-peer stablecoin payments despite Beijing’s long-standing restrictions on digital assets. Chainalysis estimates that China generated at least $176 billion in crypto activity in the 12 months through June 2026, with 59.1% conducted through domestic P2P transfers. Stablecoin activity has surged, possibly reflecting efforts to transact outside monitored financial channels, though Chainalysis calls that explanation a hypothesis rather than proof of causation.

## Stories

- [Bitcoin and Cryptocurrency Market](https://mins.news/en/topic/bitcoin-crypto-market-rally) — Markdown: https://mins.news/en/topic/bitcoin-crypto-market-rally.md