Dec. 5 (UPI) -- China's central bank won't accept Bitcoin as official currency, despite its rising popularity among Chinese merchants. The People's Bank of China said Thursday it is barring financial institutions from deposits and trusts of the Bitcoin virtual currency, but this isn't stopping businesses from taking Bitcoin transactions.
The reason for banning Bitcoin is due to concerns about money laundering and financial instability that could come from adopting the virtual currency. This comes after various U.S. regulators, including Federal Reserve Chairman Ben Bernanke, have given a nod to Bitcoin usage with proper regulation.