The People’s Bank of China announced that the country’s share of Bitcoin transactions fell 88%.
China’s central bank, the People’s Bank of China (PBOPC), which has tightened its control over crypto assets last year, has announced that the country’s share of worldwide Bitcoin transactions has fallen by 88%. The bank described the moves that resulted in this situation as a “comprehensive cleaning and correction of the financial order”. The March 3 statement read:
“The global share of Bitcoin transactions in China has rapidly dropped from 90% to 10%, effectively curbing the virtual currency trading spree in China.”
People’s Bank of China Financial Consumer Protection Bureau Deputy Director Yin Youping also said:
“Virtual currencies such as Bitcoin are not a real currency and they are a real value support. We want to remind people once again that this is not the case.”
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