The central bank of China, the People’s Bank of China, has announced that China’s share of global Bitcoin transactions has fallen from more than 90% to 10%.
The Financial Stability Bureau of China’s central bank has recently published a paper in which it discusses the impact of the crypto crackdown on financial markets. According to it, all P2P exchanges in the country were liquidated, which ultimately curbed the hype around digital currency transactions:
“The global share of Bitcoin transactions in China quickly fell from 90% to 10%. Illegal financial activities, such as disorderly handling of finances and the suppression of fundraising crimes, are severely suppressed.”
Statista has reported that after the ban on crypto exchanges in 2018, the annual share of Bitcoin trading volume in the digital yuan slid to almost 0.