New restrictions looming for Chinese Bitcoin

chinaNew restrictions looming for Chinese Bitcoin

The price of Bitcoins have seen a sharp drop in the past few days, from a starting point of around $880 to a low near $670. Some are speculating that the drop is due to China’s recent ban on third party Bitcoin payment processors. This follows news from December 5, 2013, in which China barred financial institutions from handling Bitcoin transactions.

As of writing, MTGOX reports the value of a Bitcoin is $739.70.

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