Press "Enter" to skip to content

Yuan + Bitcoin = CryptoYuan ?

Most Bitcoin operations carried out during the last 30 days in China passed through the state currency Yuan.
Bitcoin-China, on the basis of Bitcoin`s exchange, said on Twitter that a total of 71% of transactions were made at certain points by the crypto currency in the territory of the state. And of course, the well-known Chinese statistics on their territory show that most of the deals throughout China were held in yuan, the second place is taken by the US dollar, the third place went to the European currency.
This chart does not paint the full picture, however, in order to better illustrate the influence of China on the market, it is necessary to look at the data before September 2013. A year ago, the dollar was the main currency, but, something began to change at the end of 2013.

In September 2013, approximately one Yuan was used in three USD deals. At the moment, the situation is completely different, Yuan accounts for more than two-thirds of all transactions and on most days it is ahead of the dollar in a ratio of at least 1: 3. In addition, most exchanges in China have accepted 0% of the payment for trade, which provides a potential explanation, that yuan trade can be disproportionately high.

China’s influence on Bitcoin

The effect of China on Bitcoin`s prices should not be underestimated. China is home to some of the largest bitcoin exchanges on the planet, as well as a number of industrial scale mining. Earlier, in the same year, the market was affected by a small uncertainty, according to rumors it is established that the People’s Bank of China (PBC) will try to prohibit the currency. Although some operations were disrupted, everything subsided in April, but not earlier than Bitcoin’s price began to fall in late March. International traders negatively reacted to the news. Although the People’s Bank of China did not make official decisions against Bitcoin, but proposals have already been made to separate Bitcoin’s businesses from its financial industry. This uncertainty has had a profound effect on market which still waiting CryptoYuan.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
Translate »