Published On: Mon, Feb 20th, 2017

LocalBitcoins Trading Up 1,200% in China Since PBoC Clampdown

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LocalBitcoins has recorded an exponential 1,200% surge in China trading since the country’s exchanges started reacting to pressure from the People’s Bank of China (PBoC).
36 Million Yuan Per Week and Counting
The week ending February 18th was the best on record for the peer-to-peer marketplace, which registered a global high of over $24 million USD in transactions.
The Chinese market, until just a few weeks ago practically dormant, saw a giant 36 million yuan in transactions compared with the previous week’s 6.6 million, which itself was a previous high.

LocalBitcoins has seen a rapid increase in usage for the past few months from countries around the world. Venezuela, Canada, Turkey, and New Zealand have all recently peaked on the platform, due variously to financial clampdowns or – in New Zealand’s case – the closure of one of its longest-running exchanges due to “banking hostility.”
Spreads in highly active markets are unsurprisingly wide, with Chinese users especially paying a premium for convenient fast access to fiat or cryptocurrency.
Lee: PBoC ‘Taking Scrutiny More Seriously Than 2013-14’
February 18th also saw Bobby Lee, CEO of major Chinese exchange BTCC, take to Reddit for …

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