18 Dec '13, 2pm

China Just Popped the #Bitcoin Bubble: via @sfnuop

China Just Popped the #Bitcoin Bubble: via @sfnuop

Chinese banking officials are clamping down on Bitcoin, sending the volatile cryptocurrency tumbling to prices not seen since November. Regulators have banned domestic payment providers from offering clearing services to bitcoin exchanges, a major setback for the popular virtual money that still relies on its relative value to government-backed currencies like the US dollar and the Chinese yuan. Chinese companies dealing in bitcoin now have until Chinese New Year to comply with new rules that will be “strictly enforced,” according to deputy director of payment clearance at the People’s Bank of China, as government officials followed through on their promise to ban financial institutions from conducting transactions in virtual currency. “The PBOC statement on Dec. 5 was somewhat vague and there is more clarity now,” Zennon Kapron, managing director of financial consultancy ...

Full article: http://motherboard.vice.com/blog/china-just-popped-the-bi...

Tweets

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{"currency":"SGD","price_label_without_special":"Price","price_label_with_special":"Before","special_price_label":"Now","s...

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