Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/9/2013 (8 months ago)

Catholic Online (www.catholic.org)

Bitcoins don't 'possess the same legal status as currency - and should not be circulated and used in the market as such'

Bitcoins, the trendy virtual currency that is enjoying popularity in many parts of South America has hit its first major roadblock. China has banned its banks from providing related services and products for the item. 

Chinese banks and other financial organizations are banned from providing bitcoin-related services and products.

Chinese banks and other financial organizations are banned from providing bitcoin-related services and products.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/9/2013 (8 months ago)

Published in Business & Economics


LOS ANGELES, CA (Catholic Online) - While Bitcoins have made fortunes for some, China has taken steps to limit its usage. China has become the biggest Bitcoin market in recent months as buyers seek to profit from speculating in the currency.

Prices on BTC China, the country's biggest Bitcoin trading platform -- which had stood at around $1,100 in U.S. dollars each -- plunged by more than a third to an intra-day low of 4,523.12 yuan. The drop wiped more than $5 billion off the total value of the 12 million-odd Bitcoins currently now in circulation.

"Bitcoin is a certain virtual commodity, does not possess the same legal status as currency and cannot and should not be circulated and used in the market as such," the People's Bank of China said in a statement.

Furthermore, Chinese banks and other financial organizations are banned from providing bitcoin-related services and products. The Chinese Central Bank also called for enhanced control of online trading platforms for bitcoins in order to defend against the possibility of money-laundering.

Pointing out investment risks faced by the public, the Chinese bank said that "ordinary people, under the premise of voluntarily shouldering the risk, have the freedom to participate in bitcoin trading as a kind of buying and selling activity on the Internet," it said.

Bitcoins were launched in 2009, the invention of a mysterious computer guru who goes by the pseudonym Satoshi Nakamoto. Bitcoins are digitally created and stored in a virtual wallet, allowing users to remain anonymous.

Concerns have increased internationally over the money amid questions about regulation and the potential for fraud and abuse.

A birth foretold: click here to learn more!

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Business & Economics

Here comes a boom! $7 trillion in untapped funds to flood global market Watch

Image of A report suggests that corporations and equity firms hold nearly $7 trillion in cash reserves that could bolster the world's economy.

By Catholic Online (NEWS CONSORTIUM)

A new boost to the global economic recovery may happen soon, as corporate giants and private equity firms prepare to tap into cash reserves of $7 trillion, stored since the current financial crisis began back in 2008. LOS ANGELES, CA (Catholic Online) - Investors ... continue reading


OBAMA PARTIES AS ROME BURNS: U.S. wages down by 23 percent - while president takes a vacation Watch

Image of The timing of Obama's swank vacation has even the president's supporters worried.

By Catholic Online (NEWS CONSORTIUM)

Lots of negative news to go around - Ebola seems to be spreading worldwide, Islamic State is increasing its stranglehold on Iraq, a much beloved comedian and screen actor is found dead at home, an apparent suicide - U.S. President Barack Obama is in Martha's ... continue reading


Religious orders NEED to understand economics Watch

Image of A letter from two high-ranking Catholic officials requests that religious orders gain a better understanding of finance and economics.

By Catholic Online (NEWS CONSORTIUM)

In a letter addressed to members of religious communities, Vatican officials requested that these groups should not be ignorant of economic realities connected to community life and a mission of serving the world in the name of the Church. LOS ANGELES, CA ... continue reading


THANKS, BARACK! Federal debt up $7 TRILLION under your watch. Watch

Image of By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59, up $7,060,259,674,497.51 since Obama first inauguration day.

By Catholic Online (NEWS CONSORTIUM)

Thanks, Barack! The total federal debt of the U.S. government has increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president. That's more than the debt increased under all U.S. presidents from George ... continue reading


Live Catholic - Shop Catholic - Guess who now accepts checks?

Image of Catholic Shopping .com now accepts checks via Dwolla!

By Catholic Online (NEWS CONSORTIUM)

Guess who now accepts checks? Catholic Shopping .com does! This new option now makes it easier for you to control how you pay for the things you like. LOS ANGELES, CA (Catholic Online) - Catholic Shopping .com is now accepting checks via the online processor, Dwolla. ... continue reading


Unemployment in the U.S. - never went away! Many still without work Watch

Image of The number of Americans not in the labor force dropped only slightly in July, down 119,000 from the 92,120,000 Americans not in the labor force in June.

By Catholic Online (NEWS CONSORTIUM)

It may have fallen off the radar of many news outlets - but joblessness is still a BIG problem here in the United States. Since President Obama took office in January 2009, 11.4 million Americans 16 years and older have left the workforce, according to data ... continue reading


INDEBTEDNESS: One in three U.S. adults have 'debt in collections' Watch

Image of One in three American adults are so far behind in personal debt that many of their accounts have been referred to collections.

By Catholic Online (NEWS CONSORTIUM)

Some call it the American way, and it's become a most uncomfortable fact of life for many Americans. Personal debt is at an all-time high, and at least one in three Americans, 77 million people, have had their debt referred to collection agencies as a result. ... continue reading


LUMP OF COAL - LITERALLY! Coal companies pushed to brink of insolvency by Obama policies Watch

Image of The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

By Catholic Online (NEWS CONSORTIUM)

Dealing with cheap natural gas and tighter regulation, the U.S. coal industry has fallen on hard times. The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of ... continue reading


The poor getting power in U.S. - typical household is now worth a third less Watch

Image of The old saw goes that when only a few people are winning and more than half the population is losing, surely something is amiss.

By Catholic Online (NEWS CONSORTIUM)

The rich get richer - and the poor have children. But seriously, folks, the poor is getting even poorer in the United States. Recovery from the last big recession in 2007, hasn't really taken off as of yet. Recent studies show that the average American ... continue reading


HAIL BRITANIA! Britain declared fastest growing economy in developed world Watch

Image of Britain is now

By CNA/EWTN News

There will always be an England, as the old song goes. While the United Kingdom has experienced highs and lows, it's always recovered - and prospered. This was born out by the recent news that Britain will be the best performing major economy in the developed ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ezekiel 28:1-10
1 The word of Yahweh was addressed to me as ... Read More

Psalm, Deuteronomy 32:26-27, 27-28, 30, 35-36
26 I should crush them to dust, I said, I should wipe ... Read More

Gospel, Matthew 19:23-30
23 Then Jesus said to his disciples, 'In truth I tell ... Read More

Saint of the Day

Saint of the Day for August 19th, 2014 Image

St. John Eudes
August 19: John Eudes was born at Ri, Normandy, France, on November 14, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter