Dive Brief:

• Chinese bitcoin exchange BTC China stopped yuan deposits into their clients’ China Merchants Bank accounts after China Merchants Bank banned bitcoin transactions last week. Late last year, China banned financial institutions from dealing in bitcoin-based transactions.

• Bitcoin's value fell from around $500 to under $440 over the past few days. 

• The French government also announced it would tax bitcoin transactions, and earlier this year Japan announced new bitcoin regulations while the United States said it would treat and tax bitcoin as property. 

Dive Insight:

The future of bitcoin remains somewhat uncertain as it continues to be regulated on more of a global level. More retailers have started to accept the alternative currency, but it may become less attractive to consumers if it becomes less different than any other payment option.