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China Prohibits Cryptocurrency Trading

China bans banks from handling Bitcoin trade

Make money cryptocurrencies held over Bitcoin scams in China and Germany. Bitcoin: Experts clash over the crypto-currency.

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Bitcoin at risk of network attack, say researchers. China has banned its banks from handling transactions involving the Bitcoin virtual currency.

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The ban came in a notice issued by the People's Bank of China, financial watchdogs and the nation's IT ministry. Bitcoins were a "virtual good", had no legal status and should not be used as a currency, it said.

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The decision comes after bitcoins' rapid rise in value was called a "bubble" by Alan Greenspan, former US Federal Reserve chairman. The ban was imposed because bitcoins were not backed by any nation or central authority, said the notice.

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It added that it was planning to step up its efforts to curb the use of bitcoins to launder cash. Individuals were still free to trade in bitcoins but should be aware of the risks involved, said the People's Bank of China prohibits cryptocurrency trading PBOCadding that it planned to formalise crypto trader hrvatska regulation of exchanges that dealt in the digital cash. Experts told Reuters the PBOC was moved to make its decision because Chinese nationals were heavily involved in trading the virtual currency.

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Many believe this is because it helps them avoid controls on trade in the yuan. Value soar. The value of bitcoins traded on Chinese exchanges fell after the announcement was made.

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Interest in the virtual currency has seen its value soar in recent weeks. The swift rise in value led Mr Greenspan to say the exchange rate for the virtual currency was "unsustainably high" in an interview with Bloomberg. Maybe somebody else can. More on this story. Published trading cryptocurrency advice December Published 28 November Published 27 November Published 5 November

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