Virtual currencies should not and cannot be used in the market because they’re not real currencies, according to a notice posted on the PBoC’s official WeChat account. Financial and payments institutions are not allowed to price products or services with virtual currency, the notice said.(File pic shows Bitcoins)
NEW YORK: Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China (PBoC) conveyed a statement reiterating that digital tokens can’t be used as a form of payment.
The largest token fell below US$40,000 (RM165,519) for the first time since early February, dropping as much as 10% to US$38,973 (RM161,270) yesterday and continuing a weeklong slide sparked by Elon Musk’s back-and-forth comments on Tesla Inc’s holdings of the coin. Ether, Dogecoin and last week’s sensation, Internet Computer, also retreated.
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