Chinese cryptocurrency demand feeding off trade tensions, weaker yuan, market players sa…

LONDON/NEW YORK – Trade tensions between the United States and China and a weakening yuan are boosting demand for cryptocurrencies among Chinese investors, market players from Asia to New York said.

Exchanges, researchers and brokers say they have seen an uptick in activity at cryptocurrency trading venues popular with Chinese. They said over-the-counter brokers, which act as middlemen for buyers and sellers, have seen much of the activity.

Measuring cryptocurrency trading volume in China or elsewhere is quite difficult.

While digital wallets used to send and receive coins can be tracked on the blockchain technology that underpins most coins, the geographical location of senders cannot. And the Chinese government’s 2017 ban on cryptoplatforms means there is little data on the sector in the country.

Still, the impact of the U.S-Sino trade war on China’s economy and its falling currency are driving some larger investors to shift money from the yuan to cryptocurrencies, said…