China's central bank has issued a warning to institutional and individual investors to take a rational approach to virtual currency investing following bitcoin's recent large price fluctuations. They cautioned against potential risks in the platform’s operations and asked it to carry out “self-inspection” according to the law, the bank said. The People's Bank of China (PBOC) said in its latest statement on the subject that it will continue monitoring cryptocurrency markets closely as they are considered an "emerging asset class" for financial institutions. The bank emphasised that bitcoin is not a currency and can't be circulated as a real currency in the market. Last Thursday, bitcoin fell 20% in one day.
China's central bank has issued a warning to institutional and individual investors to take a rational approach to virtual currency investing following bitcoin's recent large price fluctuations. The People's Bank of China (PBOC) said in its latest statement on the subject that it will continue monitoring cryptocurrency markets closely as they are considered an "emerging asset class" for financial institutions. The bank emphasised that bitcoin is not a currency and can't be circulated as a real currency in the market. Last Thursday, bitcoin fell 20% in one day.