Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital trail, China's mooted e-cash system will be tightly regulated, experts say, and run by the People's Bank of China, the central bank.
The report noted as banks across the world are hesitant to transact with a country under such sanctions, the country is using various methods to carry out its transactions.
Bitcoin fell to over 3 month low on September 25. Analysts blame new Bakkt Bitcoin futures contracts.
The biggest cryptocurrency by market capitalisation was last down 7.6% at $9,936, after touching $9,926 earlier.
An increased number of Islamist terror organisations are exploiting and experimenting with digital coin technology for terror financing
The Draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 not only bans any use of cryptocurrency within India, but also recommends a maximum jail sentence of 10 years.
Govt panel recommends ban on virtual cryptocurrencies, so if you still have some crypto units lying somewhere, we tell you what to do with them
Like other digital currencies, Bitcoin is an alternative to money printed by sovereign governments around the world.
The original cryptocurrency slumped 10.4 percent on Sunday alone, its second-biggest daily drop this year.
The proposed cryptocurrency has drawn close scrutiny from policymakers and financial regulators globally. Powell said existing rules do not fit cryptocurrencies.
Bitcoin touched $12,833 overnight on the Bitstamp exchange, its highest since June 27, before pulling back. It was last up 2.2 percent at $12,560.
The cryptocurrency from social media giant is an interesting mix of free and fiat currencies. However, niggling doubts over privacy and other issues remain
Bitcoin's volatile journey continues, with the cryptocurrency falling below $10,000, after recently making a high of about $13,400.
The world's biggest cryptocurrency has surged in value since April and has risen more than 260 percent, although it remains below its all-time high of nearly $20,000 hit in December 2017.
In the last few months, Koinex delisted a number of currencies and asked its users to withdraw their coins accordingly.
Some of the crypto bulls expect bitcoin to reach $40,000 or even $50,000 within the next one year.
According to analysts, the sudden surge in price is due to a renewed interest in virtual coins after Facebook launched its own digital unit Libra.
The biggest cryptocurrency touched $11,247.63 on the Bitstamp exchange on June 23, its highest since March last year.
The cryptocurrency has the potential to reach $40,000, Bitcoin bull Tom Lee earlier said.
Libra will not be available in that countries where cryptocurrencies are banned
As the cryptocurrency has surged in value bigger investors, from trading firms to hedge funds, have increasingly turned to exchanges regulated in traditional financial centres.
Selling, buying and/or mining cryptocurrencies will be considered a non-bailable offence, according to the new bill.
Initial Exchange Offerings (IEO) is the latest trend in cryptocurrency business.
Bitcoin fell to as low as $6,178 at Bitstamp exchange
Bitcoin now accounts for around 60% of the $240 billion crypto market, down from nearly 90% just over two years ago. That fading dominance reflects tough times for the original cryptocurrency since its late 2017 apex.