80% of Bitcoin is exchanged into and out of Chinese yuan

Quartz

In a report out today from Goldman Sachs about the future of money, the bank points out that 80% of bitcoin volume is now exchanged into and out of Chinese yuan. The second-highest trading currency is the US dollar, followed by smaller denominations in yen and euros.

Goldman Bitcoin China_colorcorrected (2)

The revelation of China’s bitcoin trading dominance seems to defy the logic that tight government restrictions would depress bitcoin’s adoption in the world’s largest economy. The amount of bitcoin trading activity in China has also risen, despite bitcoin’s precipitous price fall from last year’s $1,000-plus highs to less than $300 today.

The Chinese bitcoin surge comes against a backdrop of waning confidence in the Chinese economy, as the yuan weakens against the strengthening dollar and capital outflows—once rare in China—increase at record rates.

China’s central bank clamped down on the cryptocurrency back in December 2013 when it banned bitcoin transactions at banks, retailers, and payment companies such…

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