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Bitcoin News

Aftermath of the Crackdown: Chinese Currency Bitcoin Trading Falls Below 1% of Global Totals

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The newest reports out of China show that bitcoin trading in Chinese currency, renminbi (RMB), has dropped to less than 1% of global totals. This is the result of the crackdown by Chinese authorities at the end of last year.

Data reported by Xinhuanet, the official mouthpiece of the Chinese government, noted that at its peak, RMB/BTC trade accounted for more than 90% of trading volume.

Since September of last year, China has banned all ICOs and have stopped direct trading between RMB and virtual currencies. They have also taken a harsh stance on crypto exchanges and OTC outlets, forcing many to move out of the country.

Zero-risk Exit for Exchanges

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 September 2017.

As noted by Zhang Yifeng, a blockchain analyst at Zhongchao Credit Card Industry Development Company,”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”.

Many of the bigger Chinese exchanges, such as Huobi, OK Coin, and Binance, were forced out of the country and have since relocated in jurisdictions with more favorable laws.

Huobi is now headquartered in Singapore. And Binance has announced plans to expand its operations to Malta. Binance is currently the largest crypto exchange in the world and is projected to bring in $1 billion in profit over the course of 2018.

Context  "Chinese Google" Baidu Published White Paper of their Own Blockchain Platform

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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