The People’s Bank of China issued a notice through its Shanghai branch, saying that the sneaker trade in the country is striding into financial turmoil. Illegal fundraising and pyramid schemes being the main risks involved in the sneaker trade and also in the cryptocurrency trade. The main problem arose when the same investors who invested in the cryptocurrency trade are getting involved in the sneaker trade as well, thereby increasing the risks to a manifold.
Reselling limited and expensive sports shoes have a manifold business worldwide, but for China, the trade somehow is not working, and illegal fundraising may be one of the factors contributing to such a loss for China. However, sneaker traders are apologizing to their customers via WeChat, for not being able to supply them the expensive sports shoes even when the customers are ready to pay for the hefty price of the shoes.
The sneaker trade in China has transformed from a niche e-Commerce platform to cryptocurrency exchanges where cryptocurrencies trade highly expensive shoes. In this cryptocurrency trade, the customers have the liberty to buy only a fraction of the shoes to participate in the trades that are represented with the crypto tokens. If a customer wants to invest in highly expensive sports shoes but is confused by the hefty price, he has the liberty to buy only a small fraction of the shoes and when he is ready to collect, he can sell the sneaker token to the next buyer.
The Chinese population is fashionistas, who can even rely on online loans to finance their fashion choices. Therefore, such news of financial crisis encompassing the sneaker trade market may dampen the interest among investors. Therefore, there is no other way than relying on the crypto trade and the young generation is relying on the Bitcoin Lottery to come out of this situation. Another alternative that can help overcome the financial crisis is to earn rewards through online bitcoin casino games; one such enticing platform is Mindice, which has gained tremendous popularity since its inception.