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China Has A Good Reason To Crack Down On Bitcoin

• Business Insider
 

The latest huge blow is that Bitcoin exchange BTC China announced that due to regulatory issues it could no longer accept deposits in Renminbi (the Chinese currency) which is a huge problem to say the least. Interestingly, BTC China had just raised $5 million in venture money back in November, so that is very bad timing.

But this isn't the first time China has cracked down on bitcoins either. Earlier this month, the People's Bank of China told financial institutions not to accept bitcoins as legal tender. 



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