Chinese central bank adds to Bitcoin crash

The People’s Bank of China (PBoC) has warned that businesses and institutions are no longer able to accept the Bitcoin or provide financial services in the currency.

PBoC reiterated its stance against Bitcoin, triggering a further price dump following Elon Musk’s statements that Tesla will no longer accept Bitcoin payments. Instead, Tesla said it will be looking for greener cryptocurrency alternatives that consume less electricity.

In China’s case, PBoC has been leaning on its proprietary digital currency, the e-yuan. A document issued by the financial institution confirmed that the central bank would continue to look out for its citizens’ best interests.

“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people's property and disrupting the normal economic and financial order”, it said.

A total of $100bn worth of Bitcoin has been wiped off the market with capitalization of crypto markets falling rapidly through the last 24 hours.

The price drop follows statements by financier Peter Schiff who criticized how cryptocurrencies are susceptible to social media hype, and specifically the influence Musk seemed to exert over Bitcoin’s price.

In the meantime, you can use your cryptocurrencies recreationally and take them to popular gaming portals such as Bitcasino, 1xBit and FortuneJack.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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