Turnover of bitcoin in China now accounts for 80 per cent of the global total. The price surged to around 8,000 yuan per bitcoin by the end of 2016 from 2,500 yuan at the beginning of the year. Photo: ReutersTurnover of bitcoin in China now accounts for 80 per cent of the global total. The price surged to around 8,000 yuan per bitcoin by the end of 2016 from 2,500 yuan at the beginning of the year. Photo: Reuters
Turnover of bitcoin in China now accounts for 80 per cent of the global total. The price surged to around 8,000 yuan per bitcoin by the end of 2016 from 2,500 yuan at the beginning of the year. Photo: Reuters

Bitcoin plummets in value as PBOC announces formal investigation into virtual currency

PBOC joining hands with Beijing Financial Bureau and other related departments, and have sent inspection teams to bitcoin trading platforms including Huobi and OKcoin

Turnover of bitcoin in China now accounts for 80 per cent of the global total. The price surged to around 8,000 yuan per bitcoin by the end of 2016 from 2,500 yuan at the beginning of the year. Photo: ReutersTurnover of bitcoin in China now accounts for 80 per cent of the global total. The price surged to around 8,000 yuan per bitcoin by the end of 2016 from 2,500 yuan at the beginning of the year. Photo: Reuters
Turnover of bitcoin in China now accounts for 80 per cent of the global total. The price surged to around 8,000 yuan per bitcoin by the end of 2016 from 2,500 yuan at the beginning of the year. Photo: Reuters
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