Trading of the Chinese Yuan with Bitcoin Fell below 1% of the Global Amount

Trading of the Chinese Yuan with Bitcoin Fell below 1% of the Global Amount

Trading of the Chinese Yuan with Bitcoin Fell below 1% of the Global Amount

The Central Bank informed that trade in bitcoins in RMB fell below 1% of the total. Last year, China banned the yuan trade in cryptography, which led to closing of many state’s crypto companies, and the world's leading trading platforms were among them.

“Zero-Risk "will be Released to Stock Exchanges 88, says the National Bank

At its peak, yuan / BTC trade made about 90% of the market volume noted in its report a state news agency, without providing any data.

In September 2017, a ban on crypto currency trading of bitcoin and the Chinese yuan was imposed by the country’s authorities. As an explanation, it was told about the alleged financial risk due to a sudden growth of crypto market. This also prohibited the state enterprises to conduct reverse financing campaigns through the Initial Coin Offerings (ICO).

In its statement, the People's Bank told that since last year the country has provided a "zero risk access to virtual currency for 85 ICO trading platforms and 88 exchanges." Xinhua also quoted the "blockchain analyst," which stated that "the timely actions of regulators effectively prevented the impact of sudden changes in prices for virtual currency and led to a global regulatory trend," explained the representative of the Zhongchao.

In February 2018, reports from Hong Kong told that the advertising of goods and services given by the companies of the crypto industry will not appear in the country’s search engines or social networks. As there are no local media sponsored by the crypto currency, no one argued that the ban will also influence all the ads related to cryptography.

Chinese Platforms Expanding all over the World

Regulators of the PRC introduced a full ban on trading bitcoin in September last year, having ordered the local stock exchanges to stop their activities. Chines authorities also attempted to close access for Chinese residents to international trading platforms of crypto currency.

The Chinese exchanges, such as Huobi, Binance and OK Coin, had to stop trading in the country due to the ban and attempted to move to other jurisdictions. They opened new divisions and offices in such countries as Singapore, Hong Kong, Japan, South Korea and the US. In this way they succeeded to proceed operating and even significantly increasing their activity. In April in Hong Kong, OK Coin opened Okex, the digital asset exchange and told about the plans to move further to Malta

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