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.
China’s major virtual-currency exchange BTC China has suspended yuan deposits from the Bank of China, according to a tweet sent from its account.
Bitcoin has been hit once again by the Chinese regulatory hammer as the crackdown gets stronger, due to the warnings issued by People’s Bank of China.
Bitcoin prices decreased as BTC China, a China’s largest bitcoin trading platform, stopped Yuan deposits.
Bitcoin prices fell after PBOC issued warnings to banks and other payment institutions to restrict interactions with bitcoin exchanges.