Banks not allowed to use Bitcoin
By Wu Yiyao and Gao Changxin in Shanghai | China Daily | Updated: 2013-12-06 07:52
PBOC's move follows losses by online investors
China's central bank barred financial institutions from handling Bitcoin transactions after investors lost money on fraudulent online platforms for the virtual currency.
The move also follows an 89-fold jump in the virtual currency's value this year, supported in part by demand from Chinese investors.
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