20 Mar '14, 7pm

Bitcoin Isn't Really Banned in China—and It's Quickly Gaining Ground via @BW #bitcoin

Bitcoin Isn't Really Banned in China—and It's Quickly Gaining Ground via @BW #bitcoin

Bobby Lee, the founder of China’s biggest Bitcoin exchange, BTC China, went on Bloomberg TV yesterday to knock down the false notion that virtual currency had been banned in his country. In December, China’s central bank issued guidance that bars financial institutions from processing transactions in Bitcoin. In other words, its not real currency: You can’t pay off your credit card though a bank account stocked full of Bitcoins. That’s essentially the same gray status that Bitcoin enjoys in the U.S. Still, the announcement by China’s central bank triggered a big selloff. Between late November and mid-December, Bitcoin’s price fell by more than half , from about $1,100 to a little more than $500. During an on-the-record breakfast at Bloomberg’s Washington (D.C.) office on Wednesday, Lee said that trading volume on BTC China plunged as much as 80 percent after the announceme...

Full article: http://www.businessweek.com/articles/2014-03-20/btc-china...

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