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

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

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

It’s almost come to symbolize the war between arranged society and 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 warning came following the bank noted that the cryptocurrency has no ‘real meaning’, does not have any backing that is legal should not be managed by the Asian country’s banking institutions at all. Also noted & most likely more at the foot of the banking that is chinese’s disdain your money can buy had been the recent high-profile connection between Bitcoins and money laundering and illegal products procurement, particularly 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.’

Before the publicly issued warning, Bitcoins were gaining in popularity with the Chine Read More