Back in January 2017, China’s financial authorities initiated their first crackdowns against domestic bitcoin exchanges, with a ban on mainland exchanges cryptocurrencies against the yuan coming shortly thereafter. Now, close to two years and three months later, a surge of CNY has been flowing back into the digital currency economy after the Shanghai Composite posting a 24 percent gain this week.
Also read: BTCC Founder Positive the PBOC Will Remove China’s Exchange Ban
The Steady Rise of CNY Trade Volumes on Paxful and Localbitcoins
Since the increase in cryptocurrency volumes and some solid gains across the board, digital currency supporters have noticed a resurgence of Chinese yuan (CNY) pour into the cryptocurrency ecosystem. On March 17, the avid BTC trader Anton Pagi tweeted to his followers that the latest rally has been fueled by CNY. “Something to watch during this bull run, Chinese profits from their roaring stock market in recent weeks flowing into bitcoin,” Pagi detailed while explaining…