Bitcoin crashes as China's biggest exchange blocks Yuan deposits
Value of one Bitcoin dropped as much as 2,551 yuan (£257)
Mimi Bekhechi is PETA UK's Associate Director, responsible for overseeing PETA UK's campaigns and marketing as well as its education and media departments. Bekhechi previously served as the organisation's operations manager and coordinated PETA UK's campaign work in her subsequent role as manager of special projects.
Wednesday 18 December 2013
China's biggest Bitcoin exchange has stopped accepting deposits of Chinese yuan, prompting a decline in the price of the digital currency of more than a third in one day.
The exchange, BTC China (BTCC), announced today it had been forced to suspend the intake of Chinese currency after a recent ban on Chinese mainland financial institutions using Bitcoin (BTC) was extended to all third-party payment service providers.
China is the largest Bitcoin market in the world, and prices fell as low as 2,551 yuan (£257) for one Bitcoin following the news. It had been trading as high as 4,136 yuan (£416) just hours before the announcement.
The ban was issued by the central bank, the People’s Bank of China, after it had moved to crack down on use of the currency this month.
The bank said it was part of an effort to protect the yuan’s legal standing, prevent money laundering and maintain stability, among other reasons.
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