Decentralised finance is taking off in China after Beijing banned investing in cryptocurrency. China’s campaign against cryptocurrencies led to the authorities shutting down bitcoin mining operations in May. That has coincided with the rise of decentralised finance or DeFi, which allows users to trade with each other without any intermediary, such as a bank or broker, and makes it harder to block. While the most severe enforcement against cryptocurrencies came in September, China first banned crypto exchanges in 2017 and Chinese users have been gradually moving towards DeFi. According to Chainalysis, a research firm, China’s share of global bitcoin transactions...