Bitcoin trading in China almost ceased as a result of regulations introduced in 2017 - People’s Bank of China

Beijing. Jul 11. Silkroadnews - According to the People’s Bank of China, as a result of radical measures directed against trading in cryptocurrency, bitcoin trading in yuan now accounts for only 1% of overall global transactions, CGTN reports.
In September 2017, the Chinese authorities banned the initial coin offering (ICOs) and stopped the direct trading between the yuan and virtual currencies, including bitcoin.
Prior to the forced closure of Chinese crypto-exchange points, up to 90% of bitcoins trades were conducted using the renminbi.
Bitcoin reached a maximum of over $20 thousand at the end of 2017, but has since fallen to a level of about $6,5 thousand.
China does not intend to ease restrictions on trade in crypto-currencies, and Guo Dazhi, director of research at the Zhongguancun Internet Finance Institute, warns that “the fluctuation for Bitcoin has been huge and obviously that is very risky for investors.”
Since last September, 88 exchange platforms for crypto-currencies and 85 initial coin offering (ICO) have been shut down.
Although restrictions on bitcoins and other crypto-currencies remain tight, the report reads, China has been developing its own blockchain-based technology, filing more patent applications than any other country in 2017.