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

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

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

It’s nearly come to symbolize the war between organized society and the maverick movement away from it, but whatever your views on Bitcoins the earth’s most popular cryptocurrency and far into the news of late the headlines was not good about them late last week. 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’, lacks any backing that is legal should not be dealt with by the Asian country’s banking institutions at all. Also noted & most likely more at the base of the banking that is chinese’s disdain for the money had been the present high-profile connection between Bitcoins and cash laundering and illegal items procurement, especially on internet sites like Silk Road, which ended up being recently seized and shut down by the FBI, only to reopen a month later ‘under new management.’

Ahead of the publicly issued warning, Bitcoins were gaining in appeal with the Chinese a Continue reading “Chinese care Banks to Just Say No to Bitcoins as Values Tumble”