China’s global proportion of Bitcoin transactions has dropped by 80%, according to the country’s central bank

China strengthened its grip on cryptocurrency trading and mining last year, escalating the severity of the ban.

The People’s Bank of China (PBOPC), the People’s Republic of China’s central bank, declared on March 3 that it had successfully clamped down on cryptocurrency transactions in recent years.

According to the central bank, the global percentage of Bitcoin transactions that occurred in China went from “more than 90% to 10%” suggesting that the total number of Bitcoin transactions in the country decreased by 88.88 percent.

The PBOC said it has completed a “extensive clean up and rectification of the financial order,” which included:

“Effectively curbed the hype of virtual currency trading in China, the global share of Bitcoin transactions in China has dropped rapidly from more than 90% to 10%.” 

The People’s Bank of China (PBOC) is cracking down on unlawful financial operations (Bitcoin)

The PBOC stated that it is cracking down on illegal financial activities such as “unlicensed financing” and “unlicensed driving,” as well as undertaking special operations to combat illegal fund-raising.

Despite the growing popularity of digital assets, China’s central bank stated last year that it does not recognize Bitcoin (BTC) and other cryptocurrencies as having genuine value.

Yin Youping, deputy director of the People’s Bank of China’s Financial Consumer Rights Protection Bureau, said:

“We remind the people once again that virtual currencies such as Bitcoin are not legal tenders and have no actual value support.” 

Since then, China has granted permission for blockchain application testing in a number of locations and businesses, proving Beijing’s commitment to new technology.

As a result, China’s People’s Bank is moving forward with the implementation of a digital version of the yuan, the country’s official currency. During the Olympic Winter Games, China’s central bank introduced the e-CNY, a digital yuan.

A central bank digital currency (CBDC), on the other hand, will not be a decentralized cryptocurrency like Bitcoin because the Chinese central bank will control and issue it.

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