China’s share in global Bitcoin transactions has now dropped to 10% from more than 90%, the People’s Bank of China (PBOC), the central bank, said on Thursday.
See related article: Crypto traders in China may serve over 10 years in prison
Fast facts
- Last September, China enforced a blanket ban on crypto transactions and mining.
- The PBOC said the authorities have “effectively curbed the speculation of virtual currency transactions.”
- Crypto traders and miners still operate in the mainland on a lesser scale.
- Last month, China’s Supreme Court set terms for jail time for investors that could last more than a decade by specifying crypto trading as a means of illegal fundraising in its judicial interpretation of criminal law.
See related article: Law can’t cover crypto losses, China court reiterates