Bitcoin trading in renminbi (RMB) has dropped to less than 1 percent of the global total, the central bank of China announced. The People’s Republic banned yuan-crypto trade last year, prompting the exodus of hundreds of Chinese crypto businesses, including some of the world’s leading trading platforms.
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‘Zero-Risk’ Exit for 88 Exchanges, the People’s Bank Says
The trading of Bitcoin with the Chinese national currency, the renminbi (RMB), has fallen to less than 1 percent of the world’s total, the People’s Bank of China (PBoC) announced this Friday, quoted by Xinhua. At its peak, the RMB/BTC trade reached more than 90 percent of the volume, the state-controlled news agency noted in its report without detailing the data.
In September, 2017, Beijing authorities imposed a ban on the trading of cryptocurrencies like bitcoin with the Chinese yuan, referring to the presumed financial risk associated with the rapidly expanding crypto market. The measure also prohibited Chinese businesses from conducting crowdfunding campaigns through Initial Coin Offerings (ICOs).
In its announcement, The People’s Bank of China said the country had ensured a “zero-risk exit for 88 virtual currency exchanges and 85 ICO trading platforms,” since last year. Xinhua also quoted a “blockchain analyst” saying that “The timely moves by regulators effectively fended off the impact of sharp ups and downs in virtual currency prices and led the global regulatory trend.” The opinion belongs to Zhang Yifeng from the Zhongchao Credit Card Industry Development Company.
In February this year, reports came out in Hong Kong that advertisements of products and services offered by companies from the crypto industry no longer appear in China’s major search engines and social networks.
