As Bitcoin grabs headlines and soars to stratospheric prices, two major financial powers, China’s central bank and Bank of America, reached opposite conclusions about whether the popular cybercurrency has a legitimate place in world commerce.
China’s central bank on Thursday banned the country’s financial institutions from trading in Bitcoin, saying the virtual money is too volatile, too risky and legally suspect. Meanwhile, Bank of America Merrill Lynch, in its first research report on Bitcoin, said the currency has potential to become a “serious competitor” to money-transfer providers.
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Donna Leinwand Leger, USA Today via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/3Xysx0InLNc/
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