China brags its cryptocurrency ban has practically killed local Bitcoin trading


China’s central bank has hailed it’s cryptocurrency crackdown a complete success. Declared by the People’s Bank of China (PBoC) and reported by state media, data apparently shows that the Chinese currency is now involved in less than one percent of all Bitcoin trades worldwide. So how did we get here? In September 2017, Renminbi-to-Bitcoin trades made up over 90 percent. Unnerved by the high volume, the government immediately outlawed fiat from being used in cryptocurrency purchases and even imposed travel bans on Huobi and OKCoin executives, two of the nation’s largest exchanges. It wasn’t just the major players facing government…

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