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The decision comes after bitcoins’ rapid rise in value was called a “bubble” by Alan Greenspan, former US Federal Reserve chairman.
The ban was imposed because bitcoins were not backed by any nation or central authority, said the notice.
It added that it was planning to step up its efforts to curb the use of bitcoins to launder cash.

Individuals were still free to trade in bitcoins but should be aware of the risks involved, said the People’s Bank of China (PBOC), adding that it planned to formalise the regulation of exchanges that dealt in the digital cash.

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