Bitcoin slides to multi-month lows as China tries to ‘ban’ cryptos – Vincent Chok

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Bitcoin tumbles to February lows as the People’s Bank of China (PBOC) issued a stark warning about Bitcoin. According to the PBOC’s official WeChat account, cryptocurrencies should not be used in financial markets or the real economy because they are not “real” currencies. Vincent Chok, CEO of First Digital Trust, said that the government is trying to de-legitimize Bitcoin ahead of the launch of the digital Yuan. Ultimately, however, Bitcoin and central bank digital currencies will co-exist, as they each serve different functions.