As per a recent report from Local Chinese news channel ’Asia Times’ today the The People’s Bank Of China ‘PBOC’ now ledger even less than a percent of global transactions in digital currencies such as Bitcoin ‘BTC’, Ethereum ‘ETH’, Bitcoin Cash ‘BCH’ etc.
The People’s Bank Of China released a report on this July, stating that the global crypto trading has greatly dropped in the recent following months this year after the government’s step taken to ban all cryptocurrencies in the country.
Comparative to year 2017, When the crypto exchanges in China accounted for more than 80% of the global crypto industry, a figure corroborated in this week’s bank’s report stating that their current accounting is even less than 1% left. As per research director at the Zhongguancun, ‘Guo Dazhi’ :
“The new figures collaborated so indicate that the ban policy of the government has been yet proven to be very successful. It is within expectations that the yuan’s share in global Bitcoin transactions would drop after China announced the ban.”
Even XinhuaNet ‘Local Media’ stated the PBoC’s report saying that the country’s policies had ensured a “zero-risk” exit for the 88 cryptocurrency exchanges and 85 ICO trading platforms closed since late 2017.
Late in Sep. 2017, China’s ban on cryptocurrencies and related crypto industry became yet more strict in early 2018, with officials stepping up their restrictions in January to include a broader category of “market-making” platforms and services. Further In February this year, China added offshore crypto exchanges websites to its Great Firewall, further toughening its stand in banning cryptocurrencies.
Further local media reports have this week suggested that China does not intend to lift its ban on Bitcoin trading any time soon, still considering the volatile cryptocurrency market to pose excessive risks for domestic investors.
Just two weeks ago, the bank filed a new patent for a digital wallet, the same month as it introduced its new blockchain-powered system with smart contact functionality designed to tokenize paper checks.
The Governor of the PBoC siad this spring that while virtual currencies are “technologically inevitable” and will ultimately diminish cash circulation, the PBoC intends to control the “unpredictable effects” posed by decentralized forms of crypto and certain applications of blockchain.