China halts Bitcoin deposits

In a move that threatens the future of the virtual currency Bitcoin in one of its potentially largest markets, China has banned third party payment providers from allowing customers to make deposits into Bitcoin exchanges.  Founder of BTCChina, the world’s largest exchange by trading volume, Bobby Lee, said that the notice from its third-party payment provider was on deposits, emphasizing that any existing deposits were safe and that customers could still buy Bitcoins.  Regulators are said to be concerned that people could use the virtual currency to circumvent the country’s capital controls and that it poses a threat to the monetary system. The value of Bitcoins fell by half on the news.

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