Looks like Bitcoin is heading toward rocky waters… China’s central bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.
Bitcoin isn’t a currency with “real meaning” and doesn’t have the same legal status as a currency, the People’s Bank of China said. The public is free to participate in Internet transactions provided they take on the risk themselves, it said. According to bloomberg news //mobile.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html”>bloomberg news.
Others speculate this is just a tiny bump in the road for bitcoin. The possibility of bitcoin tanking will frighten many, and they will sell, creating an opportunity for traders.
See it all happen at www.mtgox,com and www.bitcoinwisdom.com
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