Friday, April 18, 2014   

Bitcoin bounces back in China
(12-19 15:54)

Prices for the volatile virtual electronic currency Bitcoin leaped in China, after falling nearly 50 percent one day earlier due to new restrictions.
In the afternoon, Bitcoins were trading at 2,900 yuan each on China's biggest trading platform BTC China, up more than 40 percent from an intra-day low of 2,011 yuan on Wednesday.
Despite the recovery, the Bitcoin price in China lagged well behind those on major global exchanges. Price differences between them are usually small.
Bitcoins were trading at US$586 each on Japan's Mt. Gox and being quoted at US$549 on UK-based BitStamp, data from their respective websites showed.
The volatile trading in China came after BTC China and its Chinese counterpart OKCoin on Wednesday stopped taking yuan deposits following a ban reportedly imposed by the central bank.
Domestic third-party payment companies were barred from providing clearing services for virtual currency trading platforms, state-run media have reported.
Two weeks ago the People's Bank of China, the central bank, ordered financial institutions not to provide Bitcoin-related services and products and cautioned against its potential use in money-laundering.—AFP

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