2018-7-9 00:05 |
Economy & Regulation
Bitcoin trading in renminbi (RMB) has dropped to less than 1 percent of the global total, the central bank of China announced.
The People’s Republic banned yuan-crypto trade last year, prompting the exodus of hundreds of Chinese crypto businesses, including some of the world’s leading trading platforms.
In September, 2017, Beijing authorities imposed a ban on the trading of cryptocurrencies like bitcoin with the Chinese yuan, referring to the presumed financial risk associated with the rapidly expanding crypto market.
Chinese Platforms Expanding Across the Globe
PRC regulators imposed a comprehensive ban on bitcoin trading in September, 2017, when they ordered local exchanges to suspend their operations.
The authorities in the People’s Republic also tried to block access to foreign cryptocurrency trading platforms offering services to Chinese residents.
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