“The price gap between bitcoins trading in Chinese yuan and those sold for other currencies has evaporated in recent days, highlighting the porous nature of China’s capital controls. A key driver of the price gap was China’s capital controls, which make it difficult for speculators to swap yuan proceeds from the sale of high-priced Chinese bitcoins into dollars. Analysts say the price convergence also reflects the rapid evolution of the bitcoin market, which began with technology enthusiasts but quickly expanded to include those with the financial know-how to evade China’s strict capital controls.”
http://www.reuters.com/article/2013/12/11/us-china-bitcoin-idUSBRE9BA0B020131211
Related posts:
Spanish bank deposits turn into a waking Iberian nightmare
ICE Agents Raid Wrong House In Moore, OK
Health officials 'respond' to beach radiation scare
Philadelphia applies retroactive lap dance tax at gentlemen's clubs
Associates defend anti-gun activist found carrying gun inside school
Virginia judge sentenced to 30 days for growing 41 marijuana plants
Poll shows huge support for Rand Paul’s filibuster stance on drone attacks
Police Taser blind man after mistaking cane for samurai sword
North Korean farmers to be given unprecedented ownership of crops
Fishermen still fighting Fukushima’s aftermath
Families occupy unfinished homes in Spain
U.S. ‘influenced British government’s decision to introduce secret courts’
Protest over Taiwanese military conscript’s death draws 100,000
We Can’t Attack North Korea. It’s Against the Law
Google, unlike Microsoft, must turn over foreign emails: U.S. judge