China bars banks from handling bitcoin in new setback for cybercurrency
BEIJING, China - Bitcoins have suffered a new setback after China barred its banks from handling the virtual currency.
The Chinese central bank said Thursday that bitcoins did not qualify as a currency. But it said private individuals still are allowed to trade them at their own risk.
Bitcoins are created and authenticated independently of any bank or government. Atlanta-based BitPay handles transactions for more than 4,500 companies, taking payments in bitcoins and forwarding the cash equivalent to the vendor.
A Chinese central bank statement says, "'Bitcoins are virtual goods that have no legal status or monetary equivalent and should not be used as currency."
It says, "Ordinary people are free to participate in transactions at their own risk."
Thailand banned bitcoins for most uses in July.
Read more Business News
- Diver finds 13 more bodiesWorld - 7:24 pm
- Market president steps downKelowna - 2:30 pm
- A splash of colour, a dash of funKelowna - 12:32 pm
- A warm Easter servingKelowna - 1:30 pm
|QHR Technologies Inc||1.29||+0.07|
|Anavex Life Sciences||0.375||0.00|
|Copper Mountain Mining||2.35||-0.07|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.25||+0.02|
With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...
How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...
The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...