Bitcoin Falls; China Admits Crypto Ban Is Difficult
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Cryptocurrencies’ prices slid on Tuesday, with Bitcoin falling more than 1% but maintaining above the $8,000 level.
Bitcoin was trading at $8,036.5 by 11:50PM ET (03:50GMT) on the Bitfinex exchange, down 1.43% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, shed 1.92% at $507.35 on the Bitfinex exchange.
Ripple’s XRP token traded 0.33% lower to $0.65681 on the Poloniex exchange.
Meanwhile, Litecoin added 2.24% to $130.37.
A report from The People’s Daily from China received focus on Tuesday as it said the Chinese Academy of Social Sciences admitted banning cryptocurrencies is difficult.
“Both the traditional “private currency” and the new “private currency” similar to Bitcoin have affected the “monetary power” of the monetary authorities of various countries. However, from a technical point of view, it is difficult to achieve a complete ban on digital currency,” said Yang, a representative of the Academy.
The People’s Daily is regarded as a mouthpiece of the Chinese government. Its remark signified the government’s stance.
Meanwhile, the head of the International Monetary Fund Christine Lagarde said the advance of Bitcoin and other digital currencies could make the global financial system safer.
She said the tools built using the technology behind Bitcoin – known as crypto-assets, had the potential to revolutionise the world of high finance by making it faster, cheaper and safer, but warned of the prospect of “inevitable” accidents.
“Because crypto-assets know no boundaries, international cooperation will be essential….The IMF can play a key role by offering advice and serving as a forum for discussion and collaboration in the development of a consistent regulatory approach,” she said.