A recent report by the Wall Street Journal explores the aftermath to the Chinese government's recent move to ban initial coin offerings and crack down on cryptocurrency exchanges. The two announcements may have been the biggest for the entire industry in the month of September, as they signaled not only a severe regulatory countermeasure adapted by a nation but also a strong reaction from digital currency markets, which plummeted in response to the news. (See more: How Might China’s Ban Affect Bitcoin?)

However, just because the state has banned ICOs and cracked down on digital currency exchanges within its borders, it does not necessarily mean that cryptocurrency trading and investing within China has gone or will go away entirely. (See more: China's Ban on Bitcoin Exchanges Was Not Fake News After All.)

Clandestine Sales Pitches Flourish

The WSJ report suggests that "as China widens crackdowns on exchanges and attempts to limit private trading venues for digital currencies, clandestine sales pitches seeking as much as $100,000 per investor are taking place away out of regulators' sight."

If the report is accurate, perhaps a good deal of the trading activity involving digital currencies, which had formerly been conducted on public online platforms, is now moving over to lower-profile, in-person offices or more secretive online services. Nonetheless, there still remains a market of interested investors looking to make moves in the cryptocurrency space. There are also digital currency promoters and sellers aiming to capitalize on that fact.

The report indicates that a Hong Kong cryptocurrency conference from September included discussions about how to continue trading in digital currencies within China despite the country's increased regulations. A Shenzen-based bitcoin trading company called Bitkan has weighed in on the subject, with CEO Leon Liu saying "the government doesn't have any way of policing offline sales" of those products.

Investors Approach With Caution

Before the crackdown, seminars focused on cryptocurrency investing might have drawn hundreds of people at a time. Now, they are scaled down, with investors apparently behaving more cautiously and in secret.

A woman selling cryptocurrencies in such a way and referred to only as Ms. Zhang suggested that "China didn't invent ICOs. That was the United Nations. ICOs have a lot of scams. Not like us. We have lots of real assets." 

Zhang pitched a virtual currency product to a group of potential investors in an attempt to gain offline sales of the product, with investors able to purchase between $3,000 and $100,000 of the virtual currency in question.

All of this suggests that while countries like China may make official changes to the ways in which cryptocurrencies can be traded, the strength of the global trend is such that even legal and regulatory boundaries may not be enough to dissuade some of the most passionate and eager investors.

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