Chinese Caution Banks to Just Say No to Bitcoins as Values Tumble

As Chinese and Dutch authorities forbade their banks from accepting Bitcoins late last week, the cryptocurrency tumbled in value (Image: Information Week)

It’s very nearly come to symbolize the war between orderly society and the maverick movement away from it, but whatever your views on Bitcoins the earth’s top cryptocurrency and far into the news of late the news headlines ended up being not good about them late final week. After many weeks of skyrocketing value hikes that took the digital money from about $60 per Bitcoin last March to more than $1,200 in late November, a stern warning through the central Chinese bank perhaps not to cope with the currency caused a tumble that, as of press time, had Bitcoins poised between $731 and $737 in US dollars.

Meaningless Currency

The warning arrived after the bank noted that the cryptocurrency does not have any ‘real meaning’, does not have any backing that is legal should not be handled by the Asian country’s banking institutions at all. Also noted & most likely more during the foot of the banking that is chinese’s disdain for the money had been the current high-profile connection between Bitcoins and cash laundering and illegal goods procurement, especially on sites like Silk Road, which had been recently seized and shut down by the FBI, only to reopen a month later ‘under new management.’

Before the publicly issued warning, Bitcoins were gaining in popularity Читать далее Chinese Caution Banks to Just Say No to Bitcoins as Values Tumble