China moves to block Bitcoin as digital currency gains credence

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The People's Bank of China (PBoC) has moved to outlaw the use of the electronic, digital currency, Bitcoin, as a means of exchange in China citing concerns over consumer protection and the potential for money laundering.

In a statement today on its website, the Chinese central bank said it had on Tuesday issued a notice against the use of Bitcoin, in conjunction with a number of other regulatory bodies in the country.

In its communiqué today, the bank said Bitcoin does not fit the definition

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