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Problems for bitcoin in China as HK trader goes down

Problems for bitcoin in China as HK trader goes down

The sudden closure of an online trading platform of the virtual currency bitcoin in China has brought to the fore the problems surrounding the new currency in the country, where such transactions are surging, the Guangzhou-based Southern Weekly newspaper reports.

Chinese users of GBL, a bitcoin trading platform that claims to be based in Hong Kong, were shocked when they found on Oct. 26 that access to the service’s website was no longer available.

One bitcoin was valued at US$225 on Nov. 4, according to Mt.Gox, the world’s largest online currency exchange.

With their uncashed bitcoins lost due to the discontinuation of service, users across China have decided to report the case to local police, which had not yet decided as of Oct. 30 whether the case had been made for an investigation, the newspaper said.

 Bitcoin. (Photo/CFP)

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This entry was posted on November 5, 2013 by and tagged .

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