December 6, 2013
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[The following post is by TDV editor-in-chief, Jeff Berwick.]
Overnight Wednesday-Thursday in North America the bitcoin price dropped as the People's Bank of China announced banks cannot offer bitcoin services and btcchina.com , leading bitcoin exchange, went down.
Overall, the announcement was akin to the announcements by FinTrac and FinCen out of Canada and the US, respectively. Essentially, advising bitcoin exchanges to know their customers, the People's Bank of China moved to protect the yuan and assure state banks did not get involved in bitcoin because it could possibly, in the future, pose a risk to the financial system.