The People’s Bank of China, the country’s central bank, said China’s share of global bitcoin (BTC) transactions has fallen from more than 90% before 10%.
The Financial Stability Bureau of the Central Bank of China has published a paper discussing the impact of the cryptocurrency crackdown on financial markets. It is claimed that all P2P exchanges in the country were liquidated, which ultimately curbed the hype around digital currency transactions.
transactions in China fell rapidly from 90% to % . Illegal financial activities, such as the disorderly handling of finances and the suppression of fundraising crimes, are being severely suppressed,” the note reads. , after the ban on crypto exchanges, by 90 year, the annual share of bitcoin trading volume in the digital yuan fell to almost zero.
BTC trading volume in Chinese Yuan may indeed have dropped to almost zero, but the decentralized nature bitcoin makes it impossible to ban it.
After the ban of local crypto exchanges in 2017 year, many Chinese traders turned to foreign crypto exchanges via VPN. When the Beijing government banned foreign crypto exchanges from offering any services in mainland China, Chinese traders flocked to decentralized finance.
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