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Bitcoin
Banks not allowed to use Bitcoin
China's central bank barred financial institutions from handling Bitcoin transactions after investors lost money on fraudulent online platforms for the virtual currency.
The move also follows an 89-fold jump in the virtual currency's value this year, supported in part by demand from Chinese investors.
"Judging from its nature, Bitcoin is a specific virtual commodity. It does not have the same legal status as a currency and can't, and should not, circulate in the market," the People's Bank of China said in a statement posted on Thursday on its website.<More>
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