RMB Bitcoin trading falls below 1 pct of world total

2018-07-08 04:05:08 GMT2018-07-08 12:05:08(Beijing Time) Xinhua English

BEIJING, July 7 (Xinhua) -- Bitcoin trading in the Chinese currency, renminbi (RMB), has fallen to less than 1 percent of the world's total, from a peak of more than 90 percent, China's central bank said Friday.

Chinese authorities ordered a ban on initial coin offerings (ICOs) last year and stopped direct trading between RMB and virtual currencies, including bitcoin, as the rapidly expanding market spawned concern over financial risk.

The People's Bank of China said the country had ensured a zero-risk exit for 88 virtual currency exchanges and 85 ICO trading platforms, since September 2017.

"The timely moves by regulators effectively fended off the impact of sharp ups and downs in virtual currency prices and led the global regulatory trend," said Zhang Yifeng, a blockchain analyst at Zhongchao Credit Card Industry Development Company.