The volume of Chinese yuan transactions for crypto is down by 90%

[pokxon]

China is one of the most technologically advanced countries in the world, with a population of over 1.4 billion. Of course, China has become one of the largest Bitcoin markets in the early stages of cryptocurrency. Most of the major trading floors in the world are established in this Asian country. According to some reports at the peak, more than 70% Bitcoin miner in China.

Recently, things have been changing a lot and China is no longer the strongest Bitcoin development territory. The government has implemented a number of laws to support investor protection, such as ICO ban and crypto trading platforms. According to the new report, these regulations went into effect rapidly and deeply. At one point, the market dropped to 90% of the volume of crypto transactions with the renminbi and now accounts for just 1% of total trading volume of Bitcoin.

A strong market in crypto trading but too much restricted by laws and government

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[bitcoindigger71]

once china was one of the most strongest investors of bitcoin but recently it losing its position, it rate is falling very down , it is unexpected that which country have the largest market now it is prices are falling that much but a destroy means a news invention so don't let news influences your decision

[batang_bitcoin]

The government has implemented a number of laws to support investor protection, such as ICO ban and crypto trading platforms.

That's true, it's because of their imposed ban for crypto trading and ban on their country.

They have been one of the best countries to start crypto business and has the largest volume in the market for the past years before the ban.

A strong market in crypto trading but too much restricted by laws and government

For few countries but not for most countries.

[obility]

I think the Chinese government is trying to frustrate the crypto lovers in china, I hope they will reconsider their stand about cryptos because cryptos really made a tons of millionaires in china when they are fully into crypto, with the crypto ban and their trade war with the USA, i think it will have impact on the citizens of the country. 

[sunlitit654]

This a is sad news for the whole world of cryptocurrency. due to the government restrictions the users of the crypto currency has dropped, this will put a negative impact on the whole market, as the demand will fall. Leading to a fall in the prices of the coin.

[BruceJu]

I think this is the fake news released by the government to intervene in the cryptocurrency. I don't think Chinese people are ignorant. For decades, the Chinese can use it to develop the miracle of mankind. I think this is just a speech from the government. The impact on the cryptocurrency market is not significant.

[fukkkxdfs]

This country is amazing. China is always be different one among others and its choices make me surprised every time. I hope that China will get a benefir from this.

[rahimali]

Just how exclaiming is that Japan is understanding the importance of Cryptoworld and made laws in favor of BTC trade and taken initiative how they can form ICO without affecting China's Financial Forum. China, one of the giant Asian agent is not understanding and making it hard to make business. If it continues, China's people will sell the coins they have and China would lose its position in Crypto Space.

[Piskeante]

chinesse are just mining coins for stupids to buy it.

[AutisticKid007]

I heard the news also but didn't think that it can't recover as soon as possible. Falling and increasing of market situation is moving with its own way. I hope as soon this situation will recover.

[Md.salauddin]

This not because of the bitcoins performance rather than because of law by the China. Recent strict regulation and banning on crypto by the Chinese governments have forced the situation to be like this. I hope that things will change over time.

[kelamiyoui]

I think that China will be the pioneer among other countries in crypto. Its progressive way of thinking is amazing and I hope other countries will join to this deal.

[honghe99]

Only such new people can believe this news. Those who join the cryptocurrency very early will not believe it. The vast volume of China’s population cannot be reduced. Only when the market is bearish will the world decline.

[drm]

Only such new people can believe this news. Those who join the cryptocurrency very early will not believe it. The vast volume of China’s population cannot be reduced. Only when the market is bearish will the world decline.

Obviously the government can affect the volume by sharpening regulations and laws.

[ClintonJ]

The downturn is nowhere associated with the price level. In fact it has happened because of the strict laws and regulations imposed by the Chinese government. Increasing the laws mean that the procedures are more complicated and thus the people refrain from these activities to save themselves from hassles.

[Herbert2020]

most of the things you mentioned here are either wrong, exaggerated or FUD!

China is not bigger than any other country. they just have more population. they have been in bitcoin from the start like many other countries. they have been bigger than some and smaller than others. this has not changed in the past 9 years. the only thing that has changed is the fact that their government closed down some exchanges that were laundering money and doing some other illegal activities, these exchanges happened to also report fake huge volumes to mask their illegal activities.
their closure meant the Chinese volume drop in stats but it came to reality it didn't exactly drop.
meanwhile the trading volume went elsewhere, meaning to other exchanges and to p2p trading.

[yasuo632]

Yes, government intervention has indeed prevented the development of cryptocurrencies, which has caused many people to fear cryptocurrencies. I think the government is only temporary. In the future, it will definitely support cryptocurrency. Not only will the Chinese support encryption. People all over the world will support it.

[RBEP-RBC]

most of the things you mentioned here are either wrong, exaggerated or FUD!

China is not bigger than any other country. they just have more population. they have been in bitcoin from the start like many other countries. they have been bigger than some and smaller than others. this has not changed in the past 9 years. the only thing that has changed is the fact that their government closed down some exchanges that were laundering money and doing some other illegal activities, these exchanges happened to also report fake huge volumes to mask their illegal activities.
their closure meant the Chinese volume drop in stats but it came to reality it didn't exactly drop.
meanwhile the trading volume went elsewhere, meaning to other exchanges and to p2p trading.

Not sure where you got your information here. They closed ALL exchanges, not just some, which is why they all went off-shore. And they were closed not because of money laundering (that did happen) but because of the way they circumvented China's strict capital controls. They haven't banned crypto, just anyway to trade between CNY and crypto, effectively shutting off local market access for fiat. Also, banned were ICOs because so many were scams. Amazingly, many local ICOs returned the money they raised. They've also banned all domestic banks from dealing in crypto. There is OTC trading in China but obviously, that is all unreported in the statistics.

Tech-wise, they are definitely looking closely at blockchain (not crypto so much) and seek to be a leader in the space but need to limit the financial risks of having alternative currencies that easily cross borders. Expect official blockchain/crypto policies to be released for comment in the next 12 months.

[MatthewNaccarato]

This is not good news for the cryptocurrency community. China has always been ahead with cryptocurrency, but this new regulations has made the market stumbled. The prices are hugely affected and are decreasing at a rapid rate.

[13ex07]

Crypto has many uses. And if you can benefit from it, crypto will develop. Now in China, the decline. After a while there will be new opportunities to profit and growth will begin.