RATE Group | China Shuns Bitcoin; More Google Censorship?
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China Shuns Bitcoin; More Google Censorship?

05 Jan China Shuns Bitcoin; More Google Censorship?

Posted at 17:42h in Bitcoin News by

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CHINA’S CRACKDOWN

Chinese regulators issued a warning on December 27 about the rise of virtual currency trading activity as its central bank gears up to launch its own state-backed cryptocurrency. Despite President Xi Jinping’s October statement in support of blockchain technology, Chinese leaders do not appear to be willing to relinquish control and power by welcoming decentralized cryptocurrencies to the country.

“The currency is not for speculation,” Mu Changchun, head of the People’s Bank of China’s digital currency research institute, said of the bank’s plans for its forthcoming currency that it hopes citizens will adopt in favor of bitcoin.

CRYPTO MARKETS

Holiday trading volumes were light for cryptocurrencies, as bitcoin remained in a narrow channel around $7,000. Bitcoin did see a…

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