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China Cracks Down On Bitcoin, Cuts Off Exchanges' Bank Access

Posted by timothy on from the state-is-still-not-your-friend dept.

jfruh (300774) writes "Bitcoin has made many governments and regulators uncomfortable, and the Chinese government is responding to the challenge it poses with its usual lack of subtlety. Two Chinese bitcoin exchanges have found themselves cut off from the money economy, as Chinese banks, under pressure from the government, refuse to do business with them."

1 of 100 comments (clear)

  1. Re:As they should... by michelcolman · · Score: 5, Informative

    Bitcoin is more traceable than cash. The bitcoin chain contains a record of every bitcoin transaction ever made, anywhere. There are some randomizing anonymizer services which take money from lots of people and return it randomly so nobody knows exactly which amount came from which source, but that kind of services exists for other currencies as well.