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The Chinese yuan is used in less than 1% of global bitcoin trades, according to new data, which observers say indicates that Beijing’s ongoing crackown on the crytpocurrency industry is having the desired effect.

Central bank data released on Friday show that the yuan’s share of bitcoin trading has plunged from a high point of over 90% of global trades, Cryptoglobe.com reported.

After banning ICOs (initial coin offerings) in September 2017, Beijing adopted a tough stance on crypto trading in a bid to combat scams.

Officials have shut down 88 cryptocurrency exchange platforms and 85 ICOs since the ban came into effect, according to local media reports,

“The timely moves by regulators have effectively fended off the impact of sharp ups and downs in virtual currency prices and led the global regulatory trend,” said Zhang Yifeng, a blockchain analyst at the Zhongchao Credit Card Industry Development Company.

Guo Dazhi, research director at the Zhongguancun Internet Finance Institute, concurred: “This indicates that the policy has been very successful. It is within expectations that the yuan’s share in global Bitcoin transactions would drop after China announced the ban.”

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