07 Dec '13, 5pm

Bitcoin: China’s New Special Economic Zone -

Bitcoin: China’s New Special Economic Zone -

After the recent regulatory announcement on the part of the People’s Bank of China, the Bitcoin markets and many in the Chinese Bitcoin community have been in a state of panic. Although the day after the event was relatively calm in the Western world, with Bitcoin markets dropping only by 10% and the Bitcoin reddit covered with threads reassuring readers that the announcement was a positive for BItcoin. In China, however, the price immediately crashed by 25% . The next day, however, Baidu Jiasule and China Telecom stopped accepting Bitcoin, and the mood rapidly began to turn sour. Bitcoin markets on both sides were in disarray, both crashing by about 50% from the pre-announcement highs over the course of twelve hours before making a partial recovery. Now that the initial shock of the news is over, what is going to happen next? Exactly how will the Chinese Bitcoin community...

Full article: http://bitcoinmagazine.com/8778/bitcoin-chinas-new-specia...

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