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

As Chinese and Dutch authorities forbade their banks from accepting Bitcoins late final week, the cryptocurrency tumbled in value (Image: Information Week)
It’s very nearly come to symbolize the war between organized society as well as 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. 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 warning from 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.
Meaningless Currency
The caution came following the bank noted that the cryptocurrency does not have any ‘real meaning’, lacks any legal backing and should not be handled by the Asian country’s banking institutions at all. Also noted & most likely more during the root of the Chinese banking system’s disdain for the money were the current high-profile connection between Bitcoins and cash laundering and illegal products procurement, especially on sites like Silk Road, which was recently seized and shut down by the FBI, just to reopen a month later ‘under new management.’
Ahead of the publicly issued warning, Bitcoins were gaining in appeal with the Chinese as elsewhere where t