27 Mar '14, 11am

China’s banks must close all bitcoin sites’ trading accounts, forcing bitcoin exchanges to shut

China’s banks must close all bitcoin sites’ trading accounts, forcing bitcoin exchanges to shut

The People’s Bank of China today ordered banks and all third-party payment services to stop dealing with anyone in the bitcoin business. The new ruling, seen in document form by Caixin newspaper , effectively de-funds all bitcoin trading websites as they will no longer have bank accounts. There’s not yet an official notice in the PBoC website. This is a major new blow from China’s central bank against bitcoin and all virtual currencies. It first started in December when authorities stated that Bitcoin cannot be used as a currency . Shortly after that, payment services like Alibaba’s Alipay and Tencent’s Tenpay were told to halt processing all payments by consumers at any Bitcoin exchanges. Treated like terrorists? Today’s move goes a lot further, effectively cutting those exchanges off from the conventional banking system. It’s a move more often associated with attempts to...

Full article: http://www.techinasia.com/china-banks-must-close-bitcoin-...

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