Bitcoin’s value fell 9 percent after the people’s Bank of China announced the strict measure.
The value of the virtual currency Bitcoin fell 9 per cent to $ 6,929 after the Shanghai headquarters of the people’s Bank of China (PBoC), which serves as the Central Bank of China, announced it would “take strict action against Bitcoin and cryptocurrency trading.”
A statement by the people’s Bank of China warned investors not to mix blockchain technology with cryptocurrency.
The statement pointed out that trading and financing through bitcoin and cryptocurrency issuance involve many risks.
The bank also announced it would increase its activities to monitor cryptocurrency transactions.
Bitcoin’s value fell to $ 6,929 a day, its lowest level since May. On May 18, bitcoin had declined to $ 7,134.