Bitcoin (EXANTE: Bitcoin) trading volumes paired with the Chinese yuan on a Finnish p2p trading platform LocalBitcoins have fallen down to the level of 2017, iHodl Russia has learned.
Trading volumes on LocalBitcoins have been in a downturn trend since the end of 2019.
The volumes have dropped since the annual maximum of 45 million yuan (~ 6,5 million dollars) on more than 90%. The highest trading volume was registered in January 2018, when LocalBitcoins had 168 million yuan (~ $24.3 million) in trades. It is widely believed that the decrease in trading volumes was caused due to a statement by Chinese President Xi Jinping on the importance of developing the blockchain.
However, the current situation with dangerous coronavirus in China is equally important.
Meanwhile, LocalBitcoins is facing high trading volumes in such countries as Egypt, Colombia, Peru, Argentina, Chile, and Venezuela.
Earlier iHodl reported that LocalBitcoins extended its list of banned countries in order to comply with the policy defined by the EU Commission.
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