China’s Bitcoin trading plunges to 10% of global share from 90%: central bank

China’s Bitcoin trading has plunged to 10 percent of global share from 90 percent, and the country has effectively curbed the speculation of crypto currency trading as part of an effortto fend off domesticfinancial risks and restore financial order, the central bank said on Thursday.

China has also scaled up efforts to crackdown on online financial chaos, illegal financial activities and illegal fundraising. All peer-to-peer lending platforms have shut down operation, and the outstanding loan balance has been reduced from 1.2 trillion yuan ($189.96 billion) to 49 billion yuan, while a total of 25,000 cases of illegal fundraising have been investigated and prosecuted in the past five years, a bureau under the People’s Bank of China said.

Meanwhile, all financial businesses of internet platforms have been included in the supervision, and the central bank is able to regulate how internet companies work with licensed financial institutions.

China has been intensifying efforts to crack down on crypto currency trading and mining in recent years. Industry insiders told the Global Times that over 90 percent of crypto-related businesses have been shut down in China to date, and most Bitcoin miners have migrated abroad.

In February, the Supreme People’s Court, China’s top court, released a revision of the criminal judicial interpretation for illegal fundraising, adding cryptocurrency trading as a new potential form of a criminal act.

Last year, China banned most of Bitcoin mining after outlawing crypto exchanges in 2017.

Source: Global Times

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