“While the PBOC doesn’t appear ready to ban Bitcoin outright, they appear determined to drive it out of the Chinese banking system.  The Chinese government apparently was concerned over investor speculation in the digital currency, and in particular in the use of Bitcoin to move money outside the country. Once people started using Bitcoin to bypass China’s strict capital controls, the government almost had no choice but to cut it off from the banking system.  For China’s Bitcoin exchanges, which include BTC China and OKCoin, the news is bad but not necessarily fatal.  But longer term, this is just another pebble in the stream.”

http://moneymorning.com/2014/04/02/bitcoin-prices-whipsawed-looming-china-crackdown-long/

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