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.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 Chelsea victory parade mocked on Twitter as 'tens of fans' pack the streets of London
- 3 US warned by Chinese media to stop meddling or 'war will be inevitable'
- 4 Woman, 21, dies after taking contraceptive pill that 'caused fatal blood clot'
- 5 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
US warned by Chinese media to stop meddling or 'war will be inevitable'
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
A nation of inequality: How the UK is failing to feed its most vulnerable people
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...