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 organized society and the maverick movement away from it, but whatever your views on Bitcoins the world’s most widely used cryptocurrency and much in the news of late the news ended up being not good about them late final week. 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, a stern caution through the central Chinese bank not to manage the currency caused a tumble that, as of press time, had Bitcoins poised between $731 and $737 in US dollars.
The caution came after the bank noted that the cryptocurrency does not have any ‘real meaning’, does not have any legal backing and shouldn’t be managed by the Asian country’s banking institutions at all. Also noted and most likely more during the root of the Chinese banking system’s disdain for the money had been the recent high-profile connection between Bitcoins and cash laundering and illegal items procurement, particularly on sites like Silk path, which was recently seized and shut down by the FBI, just to reopen a month later ‘under new management.’
Prior to the publicly issued warning, Bitcoins were gaining in appeal with the Chinese as el Continue reading