Renminbi (Chinese: 人民币; pinyin: Rénmínbì; literally “People’s Money”) is the official currency of the People’s Republic of China. It was introduced in 1949 and is issued by the People’s Bank of China, the central bank of China. The Renminbi (RMB) is made up of 100 fēn (分).
The Chinese government has imposed strict capital controls on all transactions involving foreign exchange, including those related to cryptocurrency trading. As such, a number of restrictions may apply to any attempt to use RMB for cryptocurrency purchases or withdrawals. For example, only certain exchanges are allowed to accept deposits and withdrawals in RMB and there are limits on how much can be transferred at one time. Furthermore, Chinese citizens must provide detailed personal information when using an exchange that supports RMB as a payment method.
In addition to these limitations imposed by the government, it should also be noted that most international exchanges do not offer support for direct trades between fiat currencies like RMB and cryptocurrencies — meaning traders must find other ways around this obstacle if they wish to purchase cryptocurrencies with Renminbi directly from overseas markets. In general, traders looking for a way around this hurdle will have more luck finding platforms offering peer-to-peer services where users can meet online and conduct private transactions outside of regulated exchanges — though caution should still be taken when doing so as there is always potential risk associated with P2P transactions due to lack of regulation or security features offered by traditional exchanges or money transfer services like PayPal or Western Union. Traders should also note that fees can often be higher than through normal channels when conducting P2P trades with less common crypto assets like Ripple’s XRP token or lesser known altcoins due to their lower liquidity levels on global markets.
Overall while trading Bitcoin using Chinese yuan remains difficult due its stringent regulatory framework surrounding foreign exchange activities within mainland China — it still possible although some extra steps need to be taken compared with conventional methods used elsewhere in the world
