Chinese Yuan Share in Global Bitcoin Trade is Less than 1%
July 10, 2018
The Public Bank of China (PBoC) has stated, the share of the Chinese yuan in global Bitcoin trade volume has sank below 1%. This was mentioned in the report by the spokesmen of the regulator. The document also says, the peak level for the trading pair used to be over 90% before.
Remember that in September last year the government of China imposed ban on crypto trade involving yuan and carrying out ICO by local companies. The China authorities also held a campaign to block access to all foreign crypto exchanges within the country and referred to recurrent incidents of scam in the industry as the cause for such decision.
The report published by the PBoC on June 6 notes, adopting those measures has resulted in closing 88 crypto trading platforms with Binance, OKEX, Huobi among them and suspending 85 ICOs.
“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”, said Zhang Yifeng, analyst at the Zhongchao Credit Card Industry Development Company.
Note that along with the negative stance about digital currencies the China authorities speak quite favorably of blockchain underlying the most of them. In particular, according to the Xinhua agency, the government is likely to elaborate national standards for blockchain solutions next year.