Wang Bowen (l.), Ruan Yubo
asia crypto

Crackdown Fails to Stop China’s Crypto Gold Rush

By
Yunan Zhang
 |  Feb. 19, 2018 7:01 AM PST
Photo: Wang Bowen (l.), Ruan Yubo

Over a meal of steamed buns at a Shanghainese restaurant in downtown Hong Kong, five friends plotted how to build a cryptocurrency empire.

All were born in China and spent time studying abroad. The oldest is 29. Two left college early and raised $30 million for their blockchain fund. Three others quit high-power banking jobs to launch a $10 million fund specializing in virtual currencies. And none of them appears worried that China’s recent regulatory clampdown will thwart their plans to invest in digital currency, found blockchain-based businesses or build a cryptocurrency trading colossus.

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