Bitcoin Trading In Chinese Yuan Less Than 1% Of World Total

Bitcoin trading in the Chinese yuan or renminbi has fallen below 1 percent of the world total, the news agency Xinhua reported citing the country’s central bank.

That drop is from a peak of more than 90 percent.

The People’s Bank of China reportedly said that it has ensured a zero-risk exit for 88 cryptocurrency exchanges and 85 initial coin offering, or ICO, platforms since September 2017.

Chinese regulators had started a crackdown on cryptocurrency exchanges in 2017, as the growth of the crypto market in the country, risks from the high volatility in cryptocurrency prices and related fraud, raised concern.

In September 2017, the PBoC banned initial coin offerings and ordered shutdown of all domestic fiat-to-crypto trading platforms. That failed to deter the Chinese from participating in the crypto boom and they took to overseas platforms.

In January this year, the central bank banned domestic investor participation in overseas crypto platforms and also put strict restrictions on crypto trading over social media networks.

Many big crypto exchanges in China relocated to Hong Kong and Japan following the clampdown.

The Chinese government also started ranking cryptocurrencies this year. In the latest round, Bitcoin was ranked 17, while the altcoin EOS bagged the top spot.

by Jyotsna VRTTNews Staff Writer

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