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Financial institutions banned from processing transactions in the digital currency

China bans Bitcoin, leading to drop in value

China has banned Bitcoin, leading to a drop in value of the digital currency.

The country’s central bank has forbidden financial institutions from processing any transactions in Bitcoins, the currency’s ban joining several existing restrictions and regulations on money in China.

The news, unsurprisingly, has led to a dip in the value of Bitcoins, with each Bitcoin’s worth retreating back across the $1,000 (£613) mark crossed earlier this month.

The currency’s value has recovered a little since the announcement, but stills sits 10 per cent lower than the $1,200 (£735) average seen at the start of the day.

Image of Bitcoins courtesy of Shutterstock.co.uk

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