RMB Bitcoin trading sees rapid decline

Bitcoin trading in the Chinese currency, renminbi, has fallen to less than 1 percent of the world’s total, from a peak of more than 90 percent, China’s central bank said. Authorities ordered a ban on initial coin offerings last year and stopped direct trading between RMB and virtual currencies, including bitcoin, as the rapidly expanding market spawned concerns over financial risk. The People’s Bank of China said the country had ensured a zero-risk exit for 88 virtual currency exchanges and 85 ICO trading platforms, since September 2017.