As reported by CoinDesk, a cryptocurrency Chinese millionaires seeking to diversify their wealth and look after the property outside of the country. Some acquire it directly for crypto, other convert money into foreign currency.

Who wished to remain anonymous representatives of the us startup which has been selling real estate for cryptocurrency, told CoinDesk that about a third of their potential customers come from Asia, including Chinese investors seeking to tokenservice property rights through Hong Kong brokers of securities.

Natalia Karaseva, head of cryptocurrency platform for real estate Propy, said that her colleagues are treated with queries on housing cost from $50,000 or $100,000 and above, and the last order was for the purchase of the facility in Silicon valley in the amount of $3-4 million According to Karanavai, a growing number of Chinese wanting to buy real estate for cryptocurrencies, because now it is easier to withdraw money from China using bitcoins than to open Hong Kong Bank account and withdraw funds from the country through ordinary business channels.

In the CoinDesk report says that the US and the UK are extremely popular, especially financial hubs of the Bay area, San Francisco and London. Karanawa noted that its Chinese customers are interested in primarily residential real estate near prestigious centres of education, such as Stanford University. In General, investors are interested in diversifying is possible to position assets outside of China, in more stable countries.

For its part, Roy Dekel, head of the California startup SetSchedule helping agents real estate to establish relationships with buyers and sellers, said that Chinese bitcoin investors prefer to convert cryptocurrency into cash, not to buy real estate for the digital coins. According to Dekel, he observes a decline in interest from Chinese citizens, but Los Angeles, San Francisco and new York remain in the trend. Dekel noted that a blockchain enthusiasts acquire investment property and houses on the secondary market, thereby increasing the number of vendors willing to accept the cryptocurrency as means of payment.

Meanwhile, the Chinese authorities intend to until the end of summer to put an end to illegal mining in the Xinjiang Uighur Autonomous region (XUAR).

These plans became known from the leaks of documents of the Commission of economy and information technology of Xinjiang (EIC). In particular, regulators require local electricity suppliers to stop illegal mining of bitcoin, and also to report it to the authorities. Under illegal mining oversight understands mining cryptocurrency without a license and the use of electricity without a contract with its suppliers. Regulator threatens local public institutions and companies responsible for failure to curb illegal mining.

CoinDesk notes that in January of this year, the Chinese authorities have obliged electricity suppliers in Xinjiang regularly report on the activities of local mining companies. According to regulators, mining gives nothing to the region’s economy, causing a jump in electricity consumption.

In the summer / fall of 2017, many global companies are actively placed power for mining in the Chinese regions with cheap electricity, primarily in Xinjiang and Inner Mongolia.