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.
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.
Chinese bitcoin exchange FXBTC is set to be closed on May 10th due to the growing restrictions from the People’s Bank of China.
Anyone in China with a smartphone can now act as a bitcoin ATM with BTC China’s new mobile app that lets users buy and sell bitcoins in different major world currencies.
In case PBOC (People’s Bank of China) decides to tighten the restrictions of financial services that are operating with industry, major Chinese bitcoin exchanges will be ready to move their operations.