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China central bank warns banks against use of bitcoin

05
Dec
2013

Chinas central bank warned on Thursday that financial institutions should not trade the digital currency bitcoin, saying that while it does not yet pose a threat to Chinas financial system, it carries risks. The central bank also said in a statement on its website that it will act to prevent money laundering risks from bitcoin, a prominent digital currency that is not backed by a government or central bank. Those risks include the possible use of the currency for illegal activities and for speculation, it said.

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