QUOTE(lichao @ Dec 3 2013, 07:29 AM)
The majority of trading in bitcoins occurs in yuan as trade in the unregulated digital currency soars in the world’s second-largest economy.
As of Tuesday noon, around 58 per cent of the global trade during the preceding 24-hours occurred on exchanges trading the Chinese national currency, according to the open-source research project BitcoinAverage.
According to the aggregator of market data, China's trading volume in the period reached 827 million yuan (HK$1 billion).
Trades in US dollars account for roughly 37 per cent of global volume. Trades in euros account for slightly less than 2 per cent. No other currency accounts for more than one per cent of trade, according to BitcoinAverage.
Fortunes have already been made in China via the virtual currency. The value of a bitcoin in China soared 861.02 per cent from 844.75 yuan on September 3, the earliest data available on BitcoinAverage, to its peak value last Friday of 7273.47 yuan.
The virtual currency was trading at between 6,300 and 6,400 yuan on Tuesday morning on major Chinese exchanges.
Unlike with previous virtual currencies, PCB circuit board China’s deputy central bank governor Yi Gang said last month that bitcoins could be freely traded, although the government would not accept them as currency.
A provincial subsidiary of state-run China Telecom even said it would accept payment in the virtual currency. Jiangsu Telecom said last week it would accept the virtual currency for pre-orders of a new Samsung phone.
Since November, the majority of new bitcoin traders are women, head of the Beijing-based Huobi trading platform Li Lin told the Beijing Morning Post last week.
Ive been telling others that the Chinese market is currently dominating the bitcoin trading at the moment. The Chinese economy is booming and the US dollar is no longer secure investment so they are moving their dollars into the more liquid bitcoin payment system.