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Bitcoins tumble in value on China clampdown

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Bitcoins tumble in value on China clampdown

China bans domestic third-party payment companies from providing clearing services for virtual currency trading platforms, according to a report in the China Business News.

Bitcoins tumbled in value on Wednesday after Chinese authorities acted to curb trading in the virtual currency.

The government has banned domestic third-party payment companies from providing clearing services for virtual currency trading platforms, according to a report in the China Business News.

BTCChina, the country’s biggest Bitcoin trading platform, and other Bitcoin exchanges in the country rely on third-party providers to handle the transactions for bitcoin trading as they are not licensed to handle clearing services that enable investors to deposit and withdraw their money.

BTCChina, on its Twitter-like Weibo account, told users it “has no choice but to stop accepting yuan deposits”.

Although traders can still make deposits in other currencies, the move has pummelled volumes on BTC and slashed bitcoin’s value.

Prices on BTCChina stood at 2845 yuan ($468) each early on Wednesday, down 60pc from their high of 7,588 yuan in November.

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