China still bets on its traditional currency
The Central Bank of the Asian nation said that the commercial exchange between the yuan and bitcoin fell to less than 1%
The Chinese government said Monday that its struggle to restrict the use of cryptocurrencies has paid off, the Central Bank of the Asian nation said that the yuan-bitcoin exchange rate has fallen to less than 1%.
Prior to the different regulations that have been implemented, the business carried out through virtual currencies exceeded 90%. Faced with this situation, China chose to regulate the use of this method of transaction.
The result of the regulations applied by the Chinese government resulted in more than 88 “exchangers” leaving the territory, as well as 85 representatives of Initial Offers in Cryptocurrencies (ICOs) decided to cancel their offers.
At the moment, the media are still questioning why the leaders of the Asian country decided to apply regulations on cryptocurrencies. China is the only country, until now, that has taken very seriously the blockade of these businesses.
K. Tovar
Source: Criyptovest
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