The much-publicized and controversial crackdown by china central bank on the country's domestic cryptocurrency
sector has had its desired effect'
The Peoples Bank of china(PBOC) the countrys central bank and financial regulator has released data that claims bitcoin trading in china fiat currency, the renminbi(RMB), has dropped below 1 percent of the worlds trading. The data was reported by china official state run press agency, Xinhua.
While the central bank report is yet to surface in the mainstream, the government news agency added that the PBoc recognized that china trading volumes accounted for over 90 percent of the global bitcoin trading volumes before the authority mandated the crippling curbs.
The Xinhua report also revealed that the PBochad shut down a total of 88 cryptocurrency exchange platforms and 85 initial coin offering (ICO) exchanges and platformssince September2017, ushering them towards a zero risk exit according to the publications.