05 Dec '13, 10am

Bitcoin Price Crashes as China Outlaws Bitcoin for Financial Institutions

Bitcoin Price Crashes as China Outlaws Bitcoin for Financial Institutions

The price of bitcoin fell by $300 this morning after China’s central bank warned financial institutions to steer clear of the digital currency. According to the People’s Bank of China, it doesn’t consider bitcoin a threat to China’s financial system, but it does believe the digital currency carries significant risks. “The concern is that it interferes with normal monetary policy operation,” Hao Hong, head of China research at Bocom International Holdings Co. in Hong Kong, told Bloomberg . “It represents an unofficial leakage to the current monetary system and trades globally. It is difficult to regulate and could be used for money laundering. I think the central bank is right to make this move,” he added. While the central bank is telling the nation’s financial institutions not to deal with bitcoin, it said individuals are free to buy, sell and use the cryptocurrency, if t...

Full article: http://www.coindesk.com/price-crashes-china-outlaws-bitco...

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