Bitcoin price halves as China clampdown escalates

\”The wealthy in China have always found ways, ether legally or illegally, to move their money out of the country,\” he told CNBC via telephone. He said that hints from the central bank that bitcoin exchanges were still legal meant there were \”mixed messages\” from the government. Chinese curbs may have hit the price of bitcoin hard but Kapron believes that the U.S. still plays a major role in the industry and it remains to be seen how U.S. authorities will regulate the digital currency.As well as the news from China, the U.S. Treasury Department also offered a warning on bitcoin on Wednesday. The Treasurys Financial Crimes Enforcement Network FinCEN has sent \”industry outreach\” letters to about a dozen firms, according to Reuters, which highlights that businesses linked with bitcoin may have to comply with federal law and regulation as money transmitters.

via Bitcoin price halves as China clampdown escalates.

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