China Bans Financial Companies From Bitcoin Transactions

quantr writes with this excerpt from Bloomberg: "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 ban reflects concern about the risk the digital currency may pose to China's capital controls and financial stability after a surge in trading this year made the country the world's biggest trader of Bitcoin, according to exchange operator BTC China. Bitcoin's price jumped more than ninefold in the past two months alone, prompting former Federal Reserve Chairman Alan Greenspan to call it a 'bubble.' 'The concern is that it interferes with normal monetary policy operation,' said Hao Hong, head of China research at Bocom International Holdings Co. in Hong Kong. 'It represents an unofficial leakage to the current monetary system and trades globally. It is difficult to regulate and could be used for money laundering.'"

Comments

Re:The public is free to participate in Internet t

[the eric conspiracy]

LOL. One US Navy carrier group > entire Chinese navy.

Re:The public is free to participate in Internet t

[Talderas]

First number is USA's count. Second number is China's count. Third number is world-wide total.

Aircraft Carriers: 10 [55.5%] / 1 [5.5%] / 18
Amphibious Assault Ship: 9 [39.1%] / 0 [0%] / 23
Landing Ship: 21 [43.8%] / 26 [54.2%] / 48
Cruiser: 22 [78.6%] / 0 [0%] / 28
Destroyer: 62 [36.3%] / 24 [14%] / 171
Frigate: 24 [6.1%] / 45 [10.9%] / 411
Corvette: 2 [0.7%] / 8 [2.7%] / 301
Patrol Boat: 209 [17.6%] / 236 [19.8%] / 1,190
Anti-Mine Ship: 14 [3.2%] / 107 [24.2%] / 443
Missile Sub: 14 [28.6%] / 5 [10.2%] / 49
Attack Sub: 57 [14.3%] / 55 [13.8%] / 398
All Ships: 445 [14.5%] / 507 [16.5%] / 3,074
Tonnage: 3,415,893 / 659,578