Bitcoin tumbled 14 per cent to its lowest level since early February after Chinese regulators intensified efforts to crack down on the use of cryptocurrencies by financial institutions.
In a joint statement issued on the People’s Bank of China’s WeChat account, banking and internet industry associations said that financial and payment institutions should not accept cryptocurrencies as payment or offer services and products related to them.
Virtual currency “is not a real currency” and “should not and cannot be used as currency in the market”, the groups said in the statement issued late on Tuesday, which referred to a recent surge in prices as “speculation”.
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