China crackdown sends Bitcoin sliding

Chinese spot checks on Bitcoin trading have hit the digital currency's value.

China's central bank said it wanted to investigate market manipulation, money laundering and unauthorised financing.

Chinese exchanges trading in the currency have seen the price of Bitcoin fall more than 16%.
The move comes as Beijing's tries to crack down on money flowing out of the country illegally. The weakening yuan has prompted many people to try to buy foreign currencies.

The Bitcoin currency had soared to record highs in the first days of 2017, a rise attributed largely to strong demand from China, where most Bitcoin trading takes place.

The Chinese central bank said that the "spot checks were focused on how the exchanges implement policies including forex management and anti-money laundering".

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Link: The Internet of Money