China: No Bitcoin Processing For Domestic Payments Companies

The People’s Bank of China has barred the country’s domestic payments processors from handling bitcoin transactions, CoinDesk reported on December 17.

The move follows the central bank’s announcement that Chinese banks are banned from using or investing in bitcoin.

Since the announcement, the price of Bitcoin fell more than $200 on Chinese exchanges as domestic investors moved to sell their holdings.

To keep track of the latest bubbly developments in the bitcoin market, read the most recent installment of our Bitcoin Bubble Tracker by clicking here.

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