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Fake currency: China orders bitcoin exchanges to shut down

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Staff Writer |
China bitcoin
Bitcoin   Might be linked to fraud

Regulators have ordered Chinese bitcoin exchanges to close, two business newspapers reported, after uncertainty about the digital currency's future in China caused its price to plunge.

Regulators in Shanghai, the country's financial center, gave verbal instructions to exchange operators to shut down, China Business News and 21st Century Economic Report said on their websites.

They gave no other details.

The central bank has yet to respond to questions about bitcoin's future in China but earlier warned it was traded without regulatory oversight and might be linked to fraud.

The bank banned initial offerings of new digital currencies last week.

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