A Bank's Policy Makes Bitcoin Has Nightmares

TECHNOLOGY NEWS - It's about what we never thought and it’s a Bitcoin’s nightmare.  Baidu as one of the giants of the internet and known as "Google of Chinese", has made a decision to stop any payment transaction through the service of Bitcoin. Not just Baidu, Telecom a China's service provider is also doing the same thing.

This is due to a new policy of the People's Bank of China, which forbids any payments through the Bitcoin, especially for banks.

Of course, this gives a bad impact on the exchange rate of the Bitcoin. According to Coindesk, these policies lead to Bitcoin's exchange rate became plummeted, which previously were in the range $ 1,147 to $ 679,43 for each Bitcoin.

People's Bank of China reasoned that the virtual currency can become a serious threat to the financial system and can interfere with normal monetary policy, and circulation of Bitcoin's currencies is very wild and unruly. So it has a slit for a crime such as money laundering.

“Baidu’s website-acceleration platform decided to suspend Bitcoin payment acceptance from Friday as recent large fluctuations in Bitcoin’s value makes it unable to safeguard users’ interests,” Baidu said.

Until recently, the price of Bitcoin continues to decline. I don't know what will happen next if viewed on a bad impact of these policies, which have been officially declared by the people's Bank of China.

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