Skip to content

China banks ban Bitcoins - virtual currency hits slump

By Catholic Online (NEWS CONSORTIUM)
12/9/2013 (4 years ago)
Catholic Online (

Bitcoins don't 'possess the same legal status as currency - and should not be circulated and used in the market as such'

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.

Chinese banks and other financial organizations are banned from providing bitcoin-related services and products.


By Catholic Online (NEWS CONSORTIUM)
Catholic Online (
12/9/2013 (4 years ago)

Published in Business & Economics

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.

A birth foretold: click here to learn more!


'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'

Copyright 2018 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for FEBRUARY 2018
Say 'No' to Corruption.
That those who have material, political or spiritual power may resist any lure of corruption.


More Business & Economics

Stock market tumbles, is a recession on the way? Watch

Image of The stock market took a tumble yesterday but may recover today. Nobody is certain of what's next.

Global markets have dropped for the past few days, and just this morning have rebounded. It remains to be seen if the recovery is ... continue reading

Is free money a Christian solution to economic problems? Watch

Image of Is there a Christian solution to our economic problems?

The world is richer and more productive than ever before in history. Yet, income inequality is growing the poverty is on the rise. Middle ... continue reading

Income inequality - Here's why world poverty and hunger remain a problem, frustrating Pope Francis' efforts to solve the crisis Watch

Image of Pope Francis has spearheaded a campaign to end world hunger by 2020.

When Pope Francis accepted the chair of St. Peter, he pledged to end world hunger by 2020. By all appearances, it was an easy win. The math ... continue reading

Jobless claims historic low! - Why workers are getting raises this year, thanks to President Trump Watch

Image of Workers are finally being dealt back into the American Dream, thanks in part to President Trump's economic policies.

Say what you will about President Trump, but American workers are starting to "win" under his administration. Jobless claims have reached a ... continue reading

Retailers are feeling great again, but how about all those tired workers? Watch

Image of Amazon workers are being replaced by robots, but they aren't being laid off either. The growth of online retail means they can fill other roles, as the workload increases.

Early reports from the retail sector show that sales between November 1 and Christmas Eve were up 4.9 percent over last year. Workers ... continue reading

Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Learn about Catholic world

Catholic Online
Inform - Inspire - Ignite

Catholic Online Saints
Your saints explained

Catholic Online Prayers
Prayers for every need

Catholic Online Bible
Complete bible online

Catholic Online News
Your news Catholic eye

Daily Reading
Today's bible reading

Lent / Easter
Death & resurrection of Jesus

Advent / Christmas
Birth of Jesus

Rest of Catholic Online
All Catholic world we offer

Products and services we offer

Catholic Online Shopping
Catholic medals, gifts & books

The California Network
Inspiring streaming service

Advertise on Catholic Online
Your ads on

Catholic Online Email
Email with Catholic feel

Catholic Online Singles
Safe, secure Catholic dating

The California Studios
World-class post production service

Learn the Catholic way

Catholic Online School
Free Catholic education for all

Student Classes
K-12 & Adult Education Classes

School Teachers
Teacher lesson plans & resources

Support Free Education
Tax deductible support Free education

Connect with us online

Catholic Online on Facebook
Catholic social network

Catholic Online on Twitter
Catholic Tweets

Catholic Online on YouTube
Enjoy our videos

Catholic Online on Instagram
Shared Catholic moments

Catholic Online on Pinterest
Catholic ideas style inspiration

Catholic Online Logo

Copyright 2018 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 2018 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.