Bitcoin Is Crumbling In China On Unconfirmed Reports Of A New Central Bank Ban

Bitcoin is down 22% on the BTC China exchange on a report that the People’s Bank of China plans to bar third-party payment companies from doing business with Bitcoin exchanges.

The report, highlighted by editor Emily Spaven, is unconfirmed.

But an unnamed source told her, “PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China.”

Evidently those companies were not included in a Dec. 5th PBOC ruling barring financial institutions from processing Bitcoin.

Prices are down 14% on the Mt. Gox exchange to $US770.

Here’s the BTC China chart:

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