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China has blocked the country’s Bitcoin exchanges from accepting new inflows of cash, a move that imperils the much-hyped virtual currency in its biggest market. 
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btckeychain/flickrChina's crackdown on Bitcoin has officially begun, according to Bill Bishop, the editor of the Sinocism newsletter and a New York Times contributor.
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China is "now cracking down harder" not just on Bitcoin but most other digital currencies, including Litecoin.
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China's Central Bank today banned the country's third-party payment companies from doing business with bitcoin exchanges, sources have claimed.
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Bankers acceptance notes are financing tremendous speculation in China’s provinces. How long can this last?
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The last several days have been particularly volatile for new watchers to Bitcoin. The price of Bitcoin peaked out at over 1.2 mBTC ($1,200 / Bitcoin) on the fourth, but following warnings from the People’s Bank of China, the price tumbled to .576 mBTC ($576 / Bitcoin) before correcting upwards to .860 mBTC ($860 Bitcoin) on Sunday morning trading.
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Baidu Inc (ADR) (NASDAQ:BIDU) has stop transactions in Bitcoins after China’s Central bank banned transactions in the financial institutions as its value is likely to be depreciate. On BTC, which is considered as most active online currency exchange platform, the Bitcoin depreciates by more than 20% to 4800 yuan ($790).
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After the recent regulatory announcement on the part of the People’s Bank of China, the Bitcoin markets and many in the Chinese Bitcoin community have been in a state of panic.
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Are all virtual currencies in danger as China cracks down on Bitcoin? |
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Virtual currency bitcoin lost around $200 in value on Thursday after the People's Bank of China outlawed the country's banks from using it.
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China and France on Thursday issued warnings about the use of bitcoin, saying the virtual currency didn't offer the assurances of payment that a legal currency does and flagging the risk of speculation in something with no underlying assets.
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Crypto-currency Bitcoin has been making headlines in China recently, especially in the aftermath of BTC China overtaking Japan-based Mt. Gox as the trading system processing the largest volume of Bitcoin, and announcing a $5 million Series A round of investment.
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China moved on Thursday to restrict its banks from using the virtual currency, citing concerns about money laundering and a threat to financial stability.
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The People's Bank of China has issued a warning about bitcoin, telling financial institutions in the country that the currency is not legally protected and has no 'real meaning'.
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Chinese demand has helped fuel a boom in the virtual currency called bitcoin. Now, investors are wondering how China's role in the market will evolve.
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There are several reasons for giving it higher visibility; most recently I’ve noticed that China Telecom CHA -1.01%, a Chinese state-owned enterprise (SOE) is accepting bill payments in Bitcoin.
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On a chilly November evening, on the usually neglected third floor of a popular expat hangout called the Boxing Cat Brewery, a group of geeks gathered in the name of a Bitcoin Startup Mixer to enthuse over the digital cryptocurrency known as Bitcoin.
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Thinking of buying trinkets in Beijing? Don’t forget to bring your Bitcoins. China, in the last few weeks, has gone crazy over the cryptocurrency, which is now accepted by Chinese online retailers, a Shanghai real estate developer,and traders in Tiananmen Square. Perhaps you want a latte in Zhongguancun? Yes, you can use Bitcoins to pay for caffeine in Beijing’s high-tech zone.
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Internationalization of the Yuan, the opening of Saudi Arabia, the implosion of the EU, and three of the last pillars of the dollar crumble
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China has experience with virtual currencies. So it understands why it is important to quickly become a leading player in the Bitcoin market. (RT @CNNMoney: #China is looking to dominate #Bitcoin.
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From
qz
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Bitcoin advocates say that one reason Bitcoin is talking off is burgeoning popularity in China.
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Understandably, pretty much all of the focus on Bitcoin as of late has been on price appreciation considering the extraordinary move it has undergone. Specifically, it has quadrupled in value from the post Silk Road shutdown lows a little over a month ago. While understandable, it’s a bit unfortunate at the same time. The focus on price is taking away from the great strides being made in its acceptance, and at the end of the day, it is acceptance that gives ultimate value to Bitcoin not buyers and sellers. In that spirit, I want to highlight two recent significant early adopters of Bitcoin, both overseas.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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