28 Nov '13, 11pm

Buyer beware: Bitcoin's fate could rest with China

Buyer beware: Bitcoin's fate could rest with China

While the 30-fold rise in the volume of yuan-based bitcoin trades over the last two months underscores China's interest and helped to push the value of bitcoin above $1,000 Wednesday for the first time on the Mt. Gox exchange, buyers beware: Beijing has taken steps to rein in virtual currencies in the past. In 2009, the government introduced legislation banning the use of digital monies to purchase tangible goods. The laws were aimed at curbing enthusiasm toward Q Coin, a digital currency used on Tencent's web-based instant messaging service called Tencent QQ. While Q Coin was initially used for the purchase of online games, it quickly spread into mainstream marketplaces. The New York Times reported last week that People's Bank of China (PBOC) Deputy Governor Yi Gang said at an economic forum that it would be impossible for the central bank to recognize bitcoin as a legiti...

Full article: http://www.cnbc.com/id/101233864

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