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| Banks not allowed to use Bitcoin |
China's central bank barred financial institutions from handling Bitcoin transactions after investors lost money on fraudulent online platforms for the virtual currency.
The move also follows an 89-fold jump in the virtual currency's value this year, supported in part by demand from Chinese investors.
"Judging from its nature, Bitcoin is a specific virtual commodity. It does not have the same legal status as a currency and can't, and should not, circulate in the market," the People's Bank of China said in a statement posted on Thursday on its website.
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