China’s central bank unveiled plans to more closely inspect operations of digital currency exchanges in an effort to curb the yuan’s outflow.
The Chinese government seriously intends to keep its money at home.
Overnight, the Yuan dropped to the lowest point since December 2008, and experts predict further declines.
Bitcoin has reached its highest value in the past three months, while Chinese central bank is tightening its control over the wealth management product funds.
The cryptocurrency called MUFG coin will reduce managerial costs and transaction fees.
China’s central bank on Wednesday announced that it will try to issue digital currencies ‘as soon as possible’ to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.
Last year was hard for bitcoin. The value of virtual currency recorded a decline of 60% since January 2014. At that time Bitcoin was traded at $1,000 and now – at $267.
“Bitcoin is gold for nerds. It is something that a whole new generation of people believe in. The online nature of their lives and their economy, and so bitcoin, resonates with them.” — Nicholas Colas, Convergex
Recent bitcoin decrease could really be good for the crptocurrency future development.
The Shanghai-based bitcoin and litecoin exchange has launched support for USD and HKD deposits and withdrawals to attract customers from the international community.
The Payments and Clearing Association of China (PCAC) advises banks to eliminate bitcoin-related activities by using prevention methods.
The Industrial and Commercial Bank of China (ICBC) joins a host of other Chinese banks that will prohibit bitcoin businesses.