The latest setback has seen China’s largest e-commerce site Taobao banning the trading of Bitcoin and sales of all related products, in particular mining hardware and software, saying that China’s central bank has “explicitly required third-party agencies to close trading channels for Bitcoin and other digital currencies such as Litecoin.” The rules on Taobao take effect from January 14.
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In early December, China’s central bank spoke up against Bitcoin, saying that banks and other financial institutions are not allowed to handle transactions made with the digital currency. However, it gave the green light for individuals to use Bitcoin online — at their own risk. Subsequently though, a series of incidents in the country culminated in BTC China stopping deposits in Renminbi, China’s currency – following reports that the Bank of China (BoC) had outlawed transactions between Bitcoin exchanges and third-party payment systems.
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