Editor’s Picks 12 March 2015 at 13:42 GMT

Remember Bitcoin? China does

Bloombergview
Bitcoin was on every one's agenda in the autumn of 2013 and then, all of a sudden, wasn't. But the crypto-currency seems to be making something of a comeback in China and that is worrying Beijing's leadership, says William Pesek. The People's Bank of China has already intervened, once during those halcyon days when the Bitcoin briefly threatened to outvalue gold in December 2013, and again in March 2014 when it ordered the closure of trading accounts from more than 10 Bitcoin exchanges. But, with Bitcoin traders continuing to emerge and the yuan now used in 80% of transactions into and out of the cyber currency, according to Goldman Sachs, the threat to stability poised by Bitcoin and other rival cyber currencies is causing Beijing nightmares as it tries to establish a coherent and effective response.
Read full article at Bloombergview

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