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In China: After the crackdown, China’s share in crypto Bitcoin transactions(PBOC) dropped about 80%.

China has executed many crackdowns on crypto demands and charged considerably bans on the crypto market since 2013. On the other side, Chinese merchants find out ways how to avoid these crypto bans.

PBOC: PBOC is the central Bank of China known as the People Bank of China. PBOC has declared in a current memo that China’s share in Bitcoin transactions dropped about 80%.

On Wednesday, the Chinese central bank released a memo in which the Financial Stability and Development Committee (FSDC) of China is examining the effects of dropped crypto shares on the financial market. In China, crypto Bitcoin shares have rapidly dropped from 90% to 10%. The official note declared that all peer-to-peer exchanges in China had been eliminated which ultimately eradicated the publicity of cryptocurrency Bitcoin transactions.

As we know, peer-to-peer exchanges are those exchanges held in various ways. In decentralized platforms, transactions are held in two groups seller and buyer without any involvement of a third group/party.

And crypto exchanges are done through decentralized platforms that’s why China had been eradicated peer-to-peer exchanges and publicity of crypto transactions.

Google translated the statement of that note: ” The global symmetry of crypto transactions in China rapidly dropped from 90% to 10%. There was a crackdown on illegal deals. Crackdown applied on unstable financial activities like illegal funds and financial irregularities in China.”

China is on the maintained list of some countries that have assertive views against the usage of crypto Bitcoin. Since the beginning, China’s views are aggressive against the use of crypto. In 2013, China’s first ban came and banks are banned for conducting crypto Bitcoin transactions.

In 2017, local crypto exchanges were banned and compelling them to completely close their crypto procedures. And then in 2021, the country take a step forward about the crypto crackdown. Then in September 2021, Bitcoin mining and many other regulatory procedures are eliminated. And country banned all crypto transactions.

Crypto miners claimed that shutting crypto procedures are official orders or these are from the Chinese crackdown and at this time it is unknown what to do.

According to statistical analysis, as shown in the graph, after a ban on crypto exchanges, the annual share of crypto Bitcoin transactions magnitude in yuan has dropped near zero by 2018. As we know, the cryptocurrency exchange is a decentralized platform without any use of a third party. Due to the decentralized nature of crypto Bitcoin, the country can’t ban crypto. The trading of crypto Bitcoin in yuan might be dropped near zero but the ban on it is impossible.

In 2017, after the ban on local crypto exchanges, many Chinese merchants find out a way for crypto exchanges. These merchants shifted by using VPN to foreign crypto exchanges. And when Beijing also banned these foreign crypto exchanges services in the country then merchants moved for unknown trading towards Decentralized Finance (DeFi).

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