China's central bank has reported on the almost complete withdrawal of Bitcoin from turnover in the country

The People's Bank of China announced the results of the regulatory policy regarding the cryptocurrency market in the country. According to officials, after the ban on cryptocurrency exchanges and ICO, the share of the yuan in the bitcoin market dropped from 90% to 1%. Apparently, the collapse of the Bitcoin rate over the past 6 months is partly connected with Chinese policy.

Also in the official statement of the People's Bank, it was noted that the country with “zero risks” managed to withdraw 88 cryptobirths and 85 blockchain platforms that had been working in China since the fall of 2017, the state news agency Xinhua reports .

The actions of China have led to the fact that the rate of Bitcoin has fallen sharply, and at the moment its cost is $ 6,600, whereas in the fall of 2017 its rate was about $ 20 thousand. At the same time, 90% of the cryptocurrency turnover was controlled by Chinese market players.

However, many investors from China did not close their stock exchanges, but transferred them to other jurisdictions, primarily to Singapore, Europe, and North America. Here, the government is more loyal to cryptocurrency operations and the market as such.

Many representatives of Chinese business publicly support the government’s policies and advocate the elimination of cryptocurrencies. For example, Zhongchao Zhang Yifeng, a blockchain analyst at the credit card operator, said that “timely actions by the PRC regulatory authorities effectively nullified the ups and downs of cryptocurrency rates on a global scale.”

However, the reaction of representatives of Chinese business is not surprising. The Chinese government has always been famous for the determination of its actions in relation to the decisions taken, and these actions are quite tough. For example, the leadership of Chinese crypto-opex Huobi and OKCoin have been banned from any movement in China and beyond. But as soon as the ban was lifted, both firms moved to other countries along with management.

In April of this year, police special forces in Tianjin stormed a mining farm, resulting in the confiscation of 600 devices, and their owners were charged with the largest electricity theft in recent years. The Chinese authorities believe that electricity is a valuable resource that should go to the direct development of the economy, officials believe that the cryptocurrency sphere is something of a parasite on the body of the country's economy.

Many Western miners work in Western countries, no one is pursuing them, and the cost of electricity is much lower. Canada and Iceland have recently joined such states.