Even China Failed To Curb Bitcoin, Which Reached Another All-Time High

Bitcoin seems invincible, as the Chinese government’s constant efforts to crack down on the digital currency are proving futile, according to Bloomberg. Bitcoin is a decentralized digital currency which launched in 2009. It does not have any issuing or regulating country and is traded from person to person instead of through banks.

Why China failed

In an effort to control capital outflows, China’s central bank required Bitcoin exchanges to suspend withdrawals until their compliance systems are updated. The government’s decision did have a major effect on trading on the exchanges, but trading found its way through less formal over-the-counter venues.