China to ban Financial companies from bitcoin transactions

[Levent]

 

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 plunged more than 20 percent to below $1,000 on the BitStamp Internet exchange after the People’s Bank of China said it isn’t a currency with “real meaning” and doesn’t have the same legal status. The public is free to participate in Internet transactions provided they take on the risk themselves, it said.

The People’s Bank of China said financial institutions and payment companies can’t give pricing in Bitcoin, buy and sell the virtual currency or insure Bitcoin-linked products, according to a statement on the central bank’s website.

 

this seems to affect large variety of crypto currencies including litecoin which currenty is 31$ few days ago it was 40$

source:http://www.bloomberg.com/news/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions.html

[Bluejay0]

Uh oh. It's happening...

[brownninja97]

gg bitcoin nice knowing you

[RuecanOnRails]

Before everyone panics, this is not a bad thing. A misunderstanding is what caused the panic sell, among mostly new "investors"

 

This is not China making a stance against Bitcoin, but rather stating it doesn't want banks or financial institutes to adopt it over their local currency at this time.

By China telling banks to keep their hands off Bitcoins, but allowing it's citizens to still purchase and use them is a massive positive news.

 

 Expect people to realize this shortly.

 

 

You can check over at Reddit with several posts of people realizing this already.

http://www.reddit.com/r/Bitcoin/comments/1s5h54/inb4_chinese_panic_china_is_not_against_bitcoin/

 

 

Don't worry over the next several hours you can expect to see the media jump over this to spread FUD with more misleading article headlines. China didn't ban Bitcoin, only telling banks not to adopt it, and the people which use are responsible for their own risks.

[TopWargamer]

Time for that bubble to finally pop.

[RuecanOnRails]

Time for that bubble to finally pop.

 

So lets just add another "bubble pop" to the already 5 in the past month or two.... Bitcoin is extremely robust, I see new all time highs in the near future. China has finally stepped up and made it's stance clear, they don't want banks and financial institutes using, but want to continue helping it's citizens gain access to Bitcoin while disconnecting themselves to avoid liability.

 

[dylandylandylan]

Please let it drop to under $200, so I can re invest the money I made back into it!