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 electronic money. 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 

[husanchaika]

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 electronic money. 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 

Yes, because of that unlogic and unproductive restrictions, Chinese people are away from taking part in this market, which would enrich a lot of them.
For crypto market and Chinese people it would be a win-win strategy, because it would give crypto more funds and liquidity, and Chinese people new ways of reallocating wealth and enriching their savings.

[owmivmen]

yes this is the main factor of the fall in price of crypto in this year. China has strong rules to restrict and prohibit crypto trading. so the volume of crypto transactions decreased. crypto mine is also considered a waste of electricity in the country.

[masudginanjar]

the usual sharp drop will be given a big surprise.
if China loses 90% of its value in crypto maybe later after there is good news the price increase can exceed 90%.

we know that Chinese people are very brave for every investment.

[bhm45]

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.