Bitcoin Watch – Keep an eye on the cryptocurrency taking the world by storm

At the beginning of 2017, the highly volatile Bitcoin was valued at just below USD1,000, however recently it has skyrocketed well into the teens at a high of over USD19,000.

Latest Bitcoin news:

China’s top financial regulator has suggested that local governments encourage bitcoin miners to gradually reduce production of the cryptocurrency until finally quitting the business, a signal of an upgraded campaign to crack down on financial risks arising in the fast-developing fintech sector.

A senior official with the People’s Bank of China, the nation’s central bank, who declined to be named, told China Daily on Thursday that a notice had been sent recently to local governments, asking bitcoin mining companies to “orderly exit” the business.

The notice is issued by the Office of the Special Rectification Work Leadership Team for Internet Financial Risks, which was set up by the State Council in Apr-2016 with a leader from the central bank. The special team also regulates the country’s cryptocurrency business.

The move is an indication that the monetary authority will further tighten regulation on bitcoin, after it closed all bitcoin trading platforms in the country last year, amid concerns that the cryptocurrency may boost harmful speculation.

Blockchain Global Ltd CEO Sam Lee, said: “I think it will be an absolutely correct decision if the Chinese government indeed curbs bitcoin output with government regulation. It can efficiently eliminate the bubble in the blockchain-related financial market and provide a cleaner industry environment.”

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