China banks ban Bitcoins - virtual currency hits slump
By Catholic Online (NEWS CONSORTIUM)
12/9/2013 (3 years ago)
Catholic Online (www.catholic.org)
Bitcoins, the trendy virtual currency that is enjoying popularity in many parts of South America has hit its first major roadblock. China has banned its banks from providing related services and products for the item.
Chinese banks and other financial organizations are banned from providing bitcoin-related services and products.
LOS ANGELES, CA (Catholic Online) - While Bitcoins have made fortunes for some, China has taken steps to limit its usage. China has become the biggest Bitcoin market in recent months as buyers seek to profit from speculating in the currency.
Prices on BTC China, the country's biggest Bitcoin trading platform -- which had stood at around $1,100 in U.S. dollars each -- plunged by more than a third to an intra-day low of 4,523.12 yuan. The drop wiped more than $5 billion off the total value of the 12 million-odd Bitcoins currently now in circulation.
"Bitcoin is a certain virtual commodity, does not possess the same legal status as currency and cannot and should not be circulated and used in the market as such," the People's Bank of China said in a statement.
Furthermore, Chinese banks and other financial organizations are banned from providing bitcoin-related services and products. The Chinese Central Bank also called for enhanced control of online trading platforms for bitcoins in order to defend against the possibility of money-laundering.
Pointing out investment risks faced by the public, the Chinese bank said that "ordinary people, under the premise of voluntarily shouldering the risk, have the freedom to participate in bitcoin trading as a kind of buying and selling activity on the Internet," it said.
Bitcoins were launched in 2009, the invention of a mysterious computer guru who goes by the pseudonym Satoshi Nakamoto. Bitcoins are digitally created and stored in a virtual wallet, allowing users to remain anonymous.
Concerns have increased internationally over the money amid questions about regulation and the potential for fraud and abuse.
Copyright 2017 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for APRIL 2017
Young People. That young people may respond generously to their vocations and seriously consider offering themselves to God in the priesthood or consecrated life.
Is to time to break up the monopolies? As Google, Facebook and others grow larger, calls for their breakup are emerging. There is an urgent ... continue reading
The Tesla Model 3 is a game changer for the auto industry. It is a reasonably priced, well-designed electric car that looks good. It has ... continue reading
During an interview with Dutch newspaper Straatinieuws, Pope Francis explained: "I would like a world without the poor. We must fight for ... continue reading
Is YOUR job in danger? Thousands of Americans to lose jobs as 218 iconic American brands collapse Watch
An iconic American brand with a century-long history is shutting down hundreds of stores in the face of bankruptcy. LOS ANGELES, CA ... continue reading
Yes, Millennials, you have a problem, but it's not your fault. This is the conclusion of Simon Sinek, the famous leadership consultant who ... continue reading
by Catholic Online
- The Saint Pio Foundation to Honor Hon. Rick and Karen Santorum and ...
- Wait, what? Did Pope Francis just buy a private beach? Yes he did, ...
- Daily Readings for Thursday, April 27, 2017
- Daily Reading for Friday, April 28th, 2017 HD Video
- Has the Trump administration betrayed the Little Sisters of the Poor?
- Pope Francis surprises with TED Talk appearance and powerful message ...
- St. Zita: Saint of the Day for Thursday, April 27, 2017
- pope francis
- St. John
- holy spirit
- morning prayer
- Saint Elizabeth
- St. Augustine
- Saint Anne
- st agnes
- saint monica
- saint catherine
- Saint Lucy
- saint clare
- saint rose
- st rose of lima
- immaculate conception
- st augustine
- st monica
- saint of the day
- St. Elizabeth
- Day 6 - Novena for Workers, the Unemployed and Underemployed HD
- Daily Reading for Thursday, April 27th, 2017 HD
- Cherokee Nation sues drug distributors while CDC claims opioid deaths are underreported HD
- Day 5 - Novena for Workers, the Unemployed and Underemployed HD
Copyright 2017 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2017 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.