BREAKING: China warns against Bitcoin

The central bank of China has warned all institutions from handling Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term related transactions. According to a recent post from Bloomberg, China’s central bank will be regulating the cryptocurrency after an 89 fold-up that sparked heavy investments from within the country.

Since the announcement, the price of BTC has dropped from over $1000 price point, and is currently under just over $870.

“Bitcoin isn’t a currency with real meaning and doesn’t have the same legal status as a currency; The public is free to participate in Internet transactions provided they take on the risk themselves.” The People’s Bank of China stated.

The news shortly comes after former Federal Reserve Chairman Alan Greenspan stated the Price of Bitcoin is a “Bubble”.

China seems to be worried mainly about the risk of Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term and actually recognized that although it does not endanger the economy for now, it could definitely pose a threat in the near future should it remain unregulated.

It is interesting to see that China sees the potential threat in Bitcoin in terms of the sovereignty implied by the control over the state currency and the US congress did not so far.

We will be following the news as it unfolds.