In a world where technology rules, the emergence and rise of cryptocurrencies has been huge.
Likely to become the norm, the digital currency world hasn’t been welcomed everywhere.
This week, China has issued a warning to all banks and requesting they stop supporting digital currency transactions. This follows further action with saw the shutdown of Bitcoin mining in the Sichuan province.
The People’s Bank of China (PBOC) and its actions caused a drop in the Bitcoin price which has now stabilised.
China have continued to spread caution in respect of cryptocurrencies, citing the reasons for doing so are to control financial risks. It will be interesting to see if these concerns spread to other countries and therefore cause further drops in the prices of the popular cryptocurrencies.