According
to the Financial Times, Bitcoin has
bounced back in China after financial institutions were banned from doing business
with Bitcoin exchanges last month. The comeback
has helped push the digital payment protocol back above $1,000 a unit.
OneBitcoin
exchange, BTCtrade, has continued using a third-party payment provider despite
China’s central bank having banned connections with Bitcoin exchanges. According to the Financial Times, BTCtrade hasn’t yet received a formal notice from
regulators to cease and desist, and therefore remains active.
Meanwhile other exchanges have looked for loopholes in doing business with China. Huobi, a Beijing-based exchange, allows users to make direct deposits in its own corporate bank account, according to FT, after which the company transfers the money to ts trading platform.
In
the U.S., Bitcoin has been helped by gaming company Zynga’s recent move to
begin accepting the virtual currency.
Player’s of Zynga’s popular FarmVille 2 and other social network games
will have the option to make in-game purchases using Bitcoin, according to
reports. [Source: Financial Times, “Bitcoin bounces back in China to top $1,000,” by
Simon Rabinovitch, 1/6/14]
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