China's crackdown: Yuan-Bitcoin trading at 1% of the world total

New data has shown that the Chinese Yuan now accounts for less than 1% global bitcoin transactions – after crackdown by the Chinese authorities on the country's cryptocurrency industry in recent months.

Data released by the Chinese Central Bank on Friday reveal that the once-dominant crypto giant saw its currency share in the bitcoin trade fall – after a bookkeeping moment After banning the OICs (initial offers of coins) in In September 2017, the Chinese authorities took a firm stance against crypto trading to combat the rapid proliferation of blockchain and ICO scams

. ] According to local media reports, the authorities have closed 88 cryptocurrency swaps "The measures taken by regulators in a timely manner have effectively counteracted the impact of the ups and downs of virtual currency prices and have led the global trend in regulation. ", said Zhang Yifeng, a blockchain analyst at the Zhongchao Credit Card Industry Development Company.

Guo Dazhi, research director at the Zhongguancun Internet Finance Institute, was also positive about the country's hard position: 19659008] "This indicates that the policy has been very successful. It is in expectation that the yuan's share in global Bitcoin transactions would drop after China announced the ban. "

Blockchain vs. Bitcoin

The country's stance towards blockchain itself is far from negative.Jinping distinguished emerging technology for its role in the state's vision for a revolution Chinese information, while last month China State TV called blockhain the "Second Phase of the Internet."

the official attitude and with the adoption crypto becoming increasingly international, it seems that in the foreseeable future, the Yuan will continue to play a minor role in bitcoin trade.