China bars banks from bitcoin transactions

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    Technology News

    Some of Bitcoin enthusiast Mike Caldwell's coins in this photo illustration at his office in Sandy, UtahBy John Ruwitch and Pete Sweeney SHANGHAI (Reuters) – China's government banned financial institutions from trading in bitcoin on Thursday, in what analysts said was a restrained first step towards regulating the digital currency that has exploded in popularity in China and soared in value in recent months. A statement by the central bank and four other agencies said that, while the computer-generated currency does not yet pose a threat to China's financial system, it carries risks. Digital currencies are generally highly volatile. Shanghai-based BTC China has recently become the world's largest bitcoin exchange by volume.

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