China takes on the Bitcoin

If you read some things for the Bitcoin, you can easily realize why it is obvious that the governments around the world don't like it. China, however, goes a step further, by making it clear that doesn't want it the market.


The country's regulatory authorities no longer allow banks and financial institutions to use it, warning that the new digital currency has no legal force and should not be placed in the market, as there is a risk to be used for illegal activities. The People's Bank of China, in an announcement, did not hesitate to comment on the matter, mentioning that "since trades with Bitcoins can be done anonymously and are not limited by location, it is difficult to follow the capital amounts and money laundering, so financing terrorist activities gets easier".

The digital currency Bitcoin saw its popularity during the last period to be increased significantly in China, a country that has strict rules regarding financial transactions. Despite the prohibition of using it in the banks, the people are still free to make transactions via Bitcoin, but under their own responsibility.

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