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

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

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

It’s nearly come to symbolize the war between arranged society as well as the maverick movement away about them late last week from it, but whatever your views on Bitcoins the world’s most popular cryptocurrency and much in the news of late the news was not good. A stern warning from the central Chinese bank not to deal with the currency caused a tumble that, as of press time, had Bitcoins poised between $731 and $737 in US dollars after several 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.

Meaningless Currency

The caution arrived after the bank noted that the cryptocurrency does not have any ‘real meaning’, does not have any legal backing and shouldn’t be dealt with by the Asian country’s banking institutions at all. Also noted and most likely more at the root of the Chinese banking system’s disdain your money can buy were the recent high-profile connection between Bitcoins and money laundering and illegal items procurement, particularly on web sites like Silk path, which ended up being 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 appeal with the Chin