Thursday, December 5, 2013

BREAKING:China Bars Banks from Dealing in Bitcoin

This is big, since a lot of activity in Bitcoin has been coming out of China.

Overnight, the People’s Bank of China not only warned of bitcoin risks but barred the country’s financial institutions from offering services linked to the virtual currency, reports MarketWatch.

A note from the PBOC was issued jointly with bank, insurance and securities regulators and the Ministry of Industry and Information Technology.

The PBOC separately warned of speculative trading risks and money laundering linked to bitcoin.


  1. Good thing bitcoin doesn't require banks.

    1. Yeah, that's why people can't get access to their money after the US gvt froze Mt Gox bank accounts.

    2. He said "require." Not that some idiots couldn't put their BTC somewhere dumb.

  2. Sounds like good news to me. The longer we can keep banks out of Bitcoin the better.