China’s Biggest Search Engine Stops Using Bitcoins as Currency

China's Biggest Search Engine Stops Using Bitcoins as CurrencyOne of China’s biggest internet search engine has stop accepting Bitcoins as payments after the central bank issued an order that bans financial institutions from using the virtual currency in transactions.

Baidu stopping the use of the virtual currency triggered a drop in the currency which fell around 20 percent and was quoted at 4,250 yuan by the BTC China the online exchange were the digital money is being traded.  The Baidu website started to accept the virtual currency in October as the Bitcoin was gaining popularity in China which fueled a global rally. Its prices topped US$1,000 last week. Although the currency is popular the People’s Bank of China said that the Bitcoin is currency without real meaning and will not be accepted with the same legal status.

The central bank further banned financial institutions and other payment companies from giving prices, buying or selling in Bitcoins and insuring Bitcoin linked products. Although the public is still free to use the currency in internet transactions as long as they take the risks themselves.

The central bank barred financial institutions and payment companies from giving pricing in Bitcoin, buying or selling the currency, and insuring Bitcoin-linked products. It said the public was free to participate in Internet transactions provided they took on the risk themselves. The bitcoin is a currency that exists as a software and is not regulated by any country or bank authority.

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