The Industrial and Commercial Bank of China (ICBC) joins a host of other Chinese banks that will prohibit bitcoin businesses.
Bank of China’s Law Research Association declared that the ownership of Bitcoins is not considered illegal, although the ban for trading still remains in effect.
Chinese ban is not a problem any more, as the Shenzhen Court of International Arbitration has recently recognized Bitcoin as a legal property.
China’s central bank is bragging about the fact that after its ban, it has successfully managed a zero-risk exit for all the previously operated ICO and crypto trading platforms.
The number of Bitcoin trading operations in the Chinese currency has fallen from a peak of more than 90% to less than 1 % of the world’s total.
Sheng Songcheng doubts if bitcoin can become a means of exchange that could meet modern economic development needs.
The People’s Bank of China explained that it would begin blacklisting exchanges that would continue violating the regulations.
Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
Chinese government takes serious measures to stop cash outflow and save a falling economy.