The price of bitcoin fell by around 10 percent after Chinese authorities announced plans to inspect bitcoin enterprises.
The People’s Bank of China published an announcement this morning that it will carry out site inspections on January 17 to check whether enterprises dealing in bitcoin have the correct licenses, have implemented anti-money laundering systems and whether there is market manipulation.
Following the announcement, the digital currency fell from around $915 to as low as $784.56. Bitcoin is currently hovering around the $806 mark.
Chinese investors dominate the global bitcoin volume trade. For some time, Chinese regulators have been concerned about bitcoin and whether it is having a negative effect on the renminbi.
Last week, the People’s Bank of China met with three of the country’s largest bitcoin exchanges to talk about market regulations.
