Chinese yuan of the card fallen by regulation in China.
Half of all trade in crypto coins goes into Japanese yen. According to CLSA, a Hong Kong bank, this is a consequence of the positive attitude of the Japanese government towards digital currency. Surprisingly, the Chinese yuan is nowhere to be seen.
CLSA states that 51 percent of the purchases of crypto coins in common currency is made with yen. With around 28 percent, the dollar is the second currency that is converted into cryptos. The euro is in fourth place with 7 percent.
It is striking that the Chinese yuan does not appear separately in the list. Other currencies, including the yuan, account for around 4 percent. Analyst Nicholas Smith from the bank attributes this to the measures taken in China to limit investments in cryptocurrencies. "China, which was dominant in bitcoin trading, has completely disappeared, while China and South Korea are closing exchanges and curtailing cryptocurrency, Japan adopted a law that recognizes cryptocurrency as a means of payment." With that, Smith is referring to legislation that was adopted in Japan last spring and describes cryptocurrency. It states that the digital coins may be used as a means of payment for the purchase of goods or services.
Incidentally, the Hong Kong bank has not made it clear how much ordinary currency is converted into cryptocurrency per month. According to the American bank JPMorgan, the total net inflow in bitcoin from 2009 to 2016 was approximately 6 billion dollars.