Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/9/2013 (4 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.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/9/2013 (4 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 calls for your 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2014
Respect for Women:
That all cultures may respect the rights and dignity of women.
Vocations: That many young people may accept the Lordís invitation to consecrate their lives to proclaiming the Gospel.



Comments


More Business & Economics

Is the 'Mark of the Beast' the future of money? Watch

Image of Theoretically, a unique identifier is attached to your digital wallet, could transmits payment for the groceries directly to the store.

By Catholic Online (NEWS CONSORTIUM)

Some futuristic thinkers say that in the next 20 years or so, when people go to the market, they will pick up the items they need and leave - without the benefit of paying a cashier. Sensors will identify a consumer by a mark, their way of walking or facial ... continue reading


Credit card wars: Wal-Mart sues Visa over transaction 'conspiracy' Watch

Image of Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

By Catholic Online (NEWS CONSORTIUM)

In an ongoing war over credit cards in the modern retail environment, Wal-Mart Stores Inc. is suing Visa Inc. for allegedly conspiring with banks to fix transaction fees. It's just the latest in a long, ongoing legal fight between retailers and card issuers. ... continue reading


In spite of tax revenue all-time highs - government still running in the deficit Watch

Image of Congress passed and President Obama signed

By Catholic Online (NEWS CONSORTIUM)

According to the Monthly Treasury Statement for February, inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014. It would stand to reason that the government would have partially dug itself out of its ... continue reading


'Regulated' Bitcoin exchanges planned in New York Watch

Image of Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

By Catholic Online (NEWS CONSORTIUM)

In a sign that the digital form of exchange in popularity - and by extension, legitimacy, New York's financial regulator has called on firms to submit proposals to set up "regulated" exchanges for currency such as the Bitcoin. LOS ANGELES, CA (Catholic Online) ... continue reading


One, fell swoop: Italy's biggest bank to cut 8,500 jobs Watch

Image of The company is to create an internal

By Catholic Online (NEWS CONSORTIUM)

"I believe the group has turned the page," Italy's largest bank, UniCredit's chief executive, Federico Ghizzoni said. "We could have staggered the losses over several years. We decided to take them all in one year." It wasn't good news for many - Unicredit has ... continue reading


$30 trillion increase from $70 trillion between mid-2007 and mid-2013 sends global debt over $100 trillion Watch

Image of The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

By Catholic Online (NEWS CONSORTIUM)

Everyone at some point seems to 'rob Peter to pay Paul' - especially international governments. During the European debt crisis, many nations borrowed money to keep their governments solvent. As a result, global debt increased by $30 trillion from the original ... continue reading


Wowza! Restaurant starts charging diners for Obamacare Watch

Image of Obamacare sounds nice, but somebody has to pay. At least Gator's Dockside is up front about it.

By Catholic Online (NEWS CONSORTIUM)

Going out to dinner? You'd better be prepared to pay a little bit extra thanks to Obamacare. A chain of Florida restaurants is tacking a surcharge onto diner's bills to help keep expenses at bay and workers on the payroll. LOS ANGELES, CA (Catholic Online) - A small ... continue reading


Time banking - where time is BETTER than MONEY Watch

Image of In a time bank, time is the money.

By Catholic Online (NEWS CONSORTIUM)

Alternative currencies such as Bitcoin and BerkShares are gaining popularity as people look for ways to escape what they see as a rigged and flawed system of monetary exchange in government currencies. However, the idea of banking time as opposed to money is also ... continue reading


Google tops Exxon as world's second-most valuable company - for a day Watch

Image of The one day-surge demonstrated the growing role of technology in the economy.

By Catholic Online (NEWS CONSORTIUM)

It was quite a day on Wall Street. Google, the world's largest online advertiser through its dominant search engine, had a higher market capitalization before falling back at the close in New York to a value of $395.4 billion compared to Exxon's $395.7 billion. ... continue reading


Bill Gates thinks poverty will be eliminated by 2035... But he's missing this one thing! Watch

Image of Bill Gates thinks the world will be more prosperous with absolute poverty for nations eliminated by 2035, mostly as a result of advances in medicine and technology.

By Catholic Online (NEWS CONSORTIUM)

Bill Gates has said that he does not expect to see anymore "poor countries" left in the world by 2035. In his third ,claiming that the world of today was better off than at any time in history and that in 20 years, it will be even more so. LOS ANGELES, CA (Catholic ... 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, Acts 2:14, 22-32
14 Then Peter stood up with the Eleven and addressed ... Read More

Psalm, Psalms 16:1-2, 5, 7-8, 9-10, 11
1 [In a quiet voice Of David] Protect me, O God, in ... Read More

Gospel, Matthew 28:8-15
8 Filled with awe and great joy the women came ... Read More

Saint of the Day

Saint of the Day for April 21st, 2014 Image

St. Anselm
April 21: St. Anselm Archbishop of Canterbury and Confessor APRIL 21,A.D. ... 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