China Floats New Bitcoin Rules

Bitcoin exchanges would have to identify clients and follow banking regulations under new guidelines for virtual currencies being considered by China’s Central Bank.

China’s central bank is considering new guidelines that would require Bitcoin exchanges to identify clients and follow banking regulations.

According to a draft of the guideline, Chinese bitcoin exchanges would have to follow banking and anti-money-laundering laws as well as have to identify their clients, according to media reports. The People’s Bank of China would have jurisdiction over violations.

Bitcoin exchanges have been under increased scrutiny in China as officials there believe traders are suing virtual currencies to illegally move money out of China. The attention has caused Chinese trade in Bitcoins—once the dominant market for the virtual currency—to fall of steeply.

Recent Articles

History Playbook

On This Day In Sports History

On June 19, 1973, 45-year-old hockey legend Gordie Howe came out of a two-year retirement to sign with the WHA's Houston Aeros, joining his teenage sons, Marty and Mark. Previously a 25-season Red Wings star with 786 goals, Howe played six WHA seasons before returning to the NHL post-merger, skating his final game with the Hartford Whalers at age 52.

On This Day In Sports History

A decade of dominance. From 1981 to 1990, the Las Vegas Hilton held the title of the largest hotel in the world. The reign ended only when the modern "mega-resort" took over the block. When The Mirage opened in 1989, followed by the Excalibur in 1990, it triggered a massive, theme-driven architectural race that reshaped Las Vegas into the global destination we know today.