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China Restricts Use of Bitcoins

Government prohibits financial institutions from handling transactions in the virtual currency.

By Bloomberg News | Updated on December 05, 2013

China’s central bank barred financial institutions from handling bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.

Bitcoin plunged more than 20 percent to below $1,000 on the BitStamp Internet exchange after the People’s Bank of China said it isn’t a currency with “real meaning” and doesn’t have the same legal status. The public is free to participate in Internet transactions provided they take on the risk themselves, it said.

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