The value of digital currencies on the exchange market continued to decline with bitcoin losing as much as 21% of its value within 24 hours. This trend continued amid warnings from the Chinese government to it's people about the dangers of using digital currency, insisting that although it remains a virtual currency allowed for use, it still not a legal tender.
This development caused panic selling of bitcoins driving the exchange rate down to less than $850 to 1BTC. It is the aim of china to regulate the use of bitcoin in order to enforce capital controls and strengthen the Yuan.
The question is whether china's efforts to regulate the use of bitcoins will work. Only time will tell.
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