China’s Central Bank declared that bitcoin trading in the yuan has shrunk to less than 1% of the world total. Last year, the people’s Republic banned the use of the yuan in cryptocurrency trading, which led to the exit of hundreds of Chinese cryptocurrency companies, including some of the world’s leading trading platforms outside the country.
During the cryptocurrency boom in China trade in pair yuan/ BTC exceeded 90 percent of the volume. In September 2017, authorities in Beijing have imposed a ban on the cryptocurrency trading, citing alleged financial risks associated with a rapidly growing new market. Measures regulators have also banned Chinese enterprises to campaign for funding through the Initial offering of coins (ICO).
In his statement, the people’s Bank of China announced that from September 2017 were closed 88 of cryptocurrency exchanges, including such major platforms as Binance and Huobi and also stopped 85 ICO.
Xinhua also quoted “the blockchain analyst” who said that “timely action by the regulators effectively reflected the effects of the powerful jumps and drops courses virtual currency and laid the Foundation of the global trend in the field of regulation.” The opinion belongs to Zhang Ifeno of the company Zhongchao Credit Card.
In February of this year in Hong Kong there were reports that advertising of products and services offered by companies in the cryptocurrency industry, no longer appears in the main search engines and social networks of China. Power in the people’s Republic also tried to block access to foreign cryptocurrency trading platforms offering services to the Chinese people.
Ban made the exchange with Chinese roots to, for example, Huobi, OK Coin and Binance, to stop trading in the country and to move to a more favorable jurisdiction. Trading platform founded a new division and opened offices in Hong Kong, Singapore, South Korea, Japan and the United States, which allowed them to continue their activities and even significantly increase.