As Chinese and Dutch authorities forbade their banks from accepting Bitcoins late final week, the cryptocurrency tumbled in value (Image: Information Week)
It’s nearly come to symbolize the war between orderly society and the maverick movement away from it, but whatever your views on Bitcoins the planet’s preferred cryptocurrency and far within the news of late the news was not good about them late last week. After many weeks of skyrocketing value hikes that took the digital money from about $60 per Bitcoin last March to more than $1,200 in late November, a stern caution through the central Chinese bank maybe not to deal with the currency caused a tumble that, as of press time, had Bitcoins poised between $731 and $737 in US dollars.
The caution arrived following the bank noted that the cryptocurrency doesn’t have ‘real meaning’, lacks any legal backing and shouldn’t be managed by the Asian country’s banking institutions at all. Also noted and most likely more at the root of the Chinese banking system’s disdain for the money had been the current high-profile connection between Bitcoins and money laundering and illegal products procurement, particularly on web sites like Silk path, which had been recently seized and shut down by the FBI, just to reopen a month later ‘under new management.’
Before the publicly issued warning, Bitcoins were gaining in popularity with the Chinese as elsewh…