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

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

The cryptocurrency tumbled in value (Image: Information Week as Chinese and Dutch authorities forbade their banks from accepting Bitcoins late last week

It’s nearly come to symbolize the war between organized society as well as the maverick movement away from it, but whatever your views on Bitcoins the world’s most widely used cryptocurrency and far within the news of late the news 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 warning came after the bank noted that the cryptocurrency doesn’t have ‘real meaning’, does not have any backing that is legal shouldn’t be dealt with by the Asian country’s banking institutions at all. Also noted and 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 money laundering and illegal items procurement, especially on web 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 appeal with the Chinese as e Continue reading “Chinese Caution Banks to Just Say No to Bitcoins as Values Tumble”