The drop, which started after Elon Musk tweeted that Tesla would no longer accept Bitcoin for car payments, was fuelled by
Customers have also reported difficulty accessing their accounts for the exchanges, as well as for online banking apps that offer cryptocurrency trading, such as Revolut.Many industry analysts argue that Bitcoin’s price volatility, and the potential for crashes like this one, make it difficult to use as a reserve currency – which many proponents have earmarked it as.
The ban covers institutions like banks and online payments channels, and includes any service involving cryptocurrency, such as registration, trading, clearing and settlement. At the time, the bank argued that virtual currencies ‘are not supported by real value’, that their prices are easily manipulated and that trading contracts are not protected by Chinese law.
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