On Thursday, Bitcoin saw its shares tumble by 13.6%, according toBusiness Insider.
Li Lihui, a senior official at the National Internet Finance Association of China and a former president of the Bank of China, said on Friday at a conference in Shanghai that global regulators should work together on digital currencies.
When it comes to dabbling in cryptocurrency, there seems to be a lot of emotion and speculation involved especially concerning its long-term future and on the regulatory front.
"Currencies have legal support".
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Because of cryptocurrencies' popularity in China, regulators were prompted to crack down on them.
Following China's ban on initial coin offerings of cryptocurrencies, the Asian country looks set to ban all digital currencies by the end of September. People may be selling their cryptocurrencies such as Bitcoin while potential users of this coins from other countries are waiting to see whether their governments will impose measures similar to those of China. Another cryptocurrency that has suffered significant losses is Litecoin whose price is $43. Litecoin's price two weeks ago before the Chinese government's measures was $89.
"If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in Bitcoin than United States dollars", he said, according to The Guardian.
The head of America's largest bank threatened to dismiss traders if they trade the cryptocurrency. And with Bitcoin plummeting to a 40-day low of $3,023 amid worries about China policy, the volatility is particularly unsettling. On Tuesday, a United Kingdom watchdog group, Financial Conduct Authority (FCA), also issued a warning about initial coin offerings.
The FCA on Tuesday warned customers about ICOs, saying they were "very high-risk, speculative investmentsts" and only for experienced investors who are prepared to lose their entire stake. So if you were a dollar millionaire but put it all into bitcoins, you lost over $363,000 (£272,000) overnight.
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