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itcoin has suffered a number of blows from various angles in recent weeks. There’s rising alarm over the cryptocurrency’s carbon footprint. Its most high-profile backer, Elon Musk, has wavered over it. But the most painful swipe came this week from the Chinese government.
Regulators in Beijing on Wednesday tightened restrictions on its domestic financial institutions, warning banks and other financial companies not to accept cryptocurrencies as means of payment and forbidding them from offering crypto-related services and products.
The new controls sent the traded value of the tokens down by as much as 30 per cent.
