PBoC to investigate bitcoin firms

Bitcoin on circuit board
China's central bank becomes wary of bitcoin's power

The People's Bank of China has announced it will investigate the three largest bitcoin exchanges in the country, sparking a fall in the value of the digital currency.

In a statement published on January 11, the Chinese central bank announced it would be forming an "inspection team" to carry out onsite inspections at BTCChina, OKCoin and Huobi.

The central bank said the focus of its investigations would be to check whether the companies were operating "beyond the scope of the market", concerned t