Bitcoin Banned from Chinese Banks in Fear of Illegal Activities.

The humble cyber currency, Bitcoin, has been having a bit of a bad time in Asia as of late. First the digital currency was banned from Thailand and now it seems China want nothing to do with Bitcoin either.

Chinese regulators have banned banks and the likes from dealing with Bitcoin in fear that the digital currency could be used for illegal activities and money laundering. The announcement comes in the form of an official statement from China’s central bank, the People’s Bank of China which you can read here.

Unlike Thailand, China hasn’t banned Bitcoin completely which means people are freely able to trade and purchase online goods using the digital currency, though they warn it’s at their own risk.

Much like many other currencies, Bitcoin is also affected by decisions made by central banks with the value per Bitcoin falling to $970.62 after the announcement from a previous high of around $1,100.

Bitcoin is currently in a bit of a catch 22, though it’s doing well for itself reaching it’s all-time high of $1,100, it’s still yet to be regulated in any country which prevents other countries, such as China, from taking the dive themselves but at the same time it’s a beauty and a curse because regulation defeats the concept of Bitcoin all together.

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