China central bank People’s Bank, Chinese Ministry of Industry and Information Technology and another three authorities in finance issued today a notice on Bitcoin, cautioning financial institutions and payments services against risks. It made clear that financial institutions are not allowed to,

As for the websites that process Bitcoin exchanges, they are required to register with authorities overseeing  the telecom industry and need to follow the anti-money-laundering law, requesting users to provide valid identification certificates and reporting suspicious transactions.

People’s Bank  also held a press conference today on Bitcoin, saying Bitcoin is certain virtual good but not legal tender. The public are free to participate in Bitcoin transactions, at their own risk, as it’s an online good. It cannot and shouldn’t be used as a currency.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com