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China Says Domestic Bitcoin Trading Plummets After Crackdown

  • Trades originating in China nosedives to 10% of global market
  • People’s Bank of China gives update in a statement Thursday

China’s central bank said Thursday that Bitcoin transactions originating from the country have plummeted to 10% from 90% of the total worldwide.  

The decline is in part due to Beijing’s intensifying crackdown on cryptocurrency trading and mining over the last decade. The country banned trading in Bitcoin as early as 2013, and outlawed centralized crypto exchanges in 2017. The nation’s supreme court threatened those involved in fundraising through crypto sales with up to 10-year jail sentences last month.