06 Dec '13, 9am

China's central bank warns financial institutions of Bitcoin risks

China central bank People’s Bank, Chinese Ministry of Industry and Information Technology, and another three authorities in finance issued today a notice on Bitcoin, cautioning financial institutions and payments services against risks. They made clear that financial institutions are not allowed to: price physical goods or services in Bitcoin. accept Bitcoin as a currency, offer financial services for it, or invest in it. Insurance companies are not allowed to cover Bitcoin-related problems. As for the websites that process Bitcoin exchanges, they are required to register with authorities overseeing the telecom industry and need to follow the anti-money-laundering law, requesting users to provide valid identification certificates and reporting suspicious transactions. People’s Bank also held a press conference today on Bitcoin, saying Bitcoin is certain virtual good but no...

Full article: http://venturebeat.com/2013/12/06/chinas-central-bank-war...

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