Bitcoin Troubles China

China's central planners have a big problem with Bitcoin. That's definitely not something anyone engaged in the Chinese bitcoin market wanted to hear. Because the central planners have a knack for making life very difficult for anyone or anything deemed a threat, just ask Google. With the bitcoin exchange rate for CNY hovering around 7000 Chinese regulators warned of the dangers associated with bitcoins. Goverment officials were quick to point out the potential for use in organized crime, such as silk road. Oddly enough China with it's strong culture of saving and locomotive like economy has become the worlds biggest market for bitcoins. Nonetheless, The People's Bank of China in a statement banned banks and other financial institutions from doing business in bitcoin whether for deposit, exchange or middleman services. However, the central planners did reaffirm that citizens can continue to freely trade the cryptocurrency. So it seems central planners don't have a problem with ownership of virtual currency like Bitcoin, only with it's use anywhere in the Chinese economy,... apart from exchanges,...like BTC China.

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