The Chinese government has reiterated that it considers Cryptocurrency transactions to be illegal. "We are gradually shutting down Chinese business, which is honestly fine," one DeFi founder said, requesting anonymity. "Most of our users are international anyways." The days of constructing Crypto empires by leveraging China's massive consumer base are long gone. However, the recent restriction has accelerated the Decentralisation of Cryptocurrency. China's ban is bullish for Defi and decentralized mindsets.