Bitcoin banned from Chinese banks amid fears of laundering

Chinese regulators have banned financial institutions from using Bitcoin, warning that the virtual currency could be used for illegal activities and speculation. China’s central bank, the People’s Bank of China, announced the decision in a statement released Thursday, though it stopped short of banning Bitcoin altogether. Individuals are still free to use the digital currency in China, albeit at their own risk. Bitcoin prices fell in response to today’s announcement, dropping to as low as $ 970.62 on Thursday after trading at over $ 1,100 prior to the central bank’s decision.

Bitcoin has seen its popularity soar in China, with its value recently surpassing $ 1,000 on BitStamp, an online exchange. Earlier this week, Bloomberg reported…

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