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China says Bitcoin not a legitimate method of payment

BEIJING: China does not recognize Bitcoin and other digital currencies as legitimate forms of payment, the central bank governor, Zhou Xiaochuan, said on Friday. “We do not currently recognize Bitcoin and other digital currencies as a tool like paper money, coins and credit cards for retail payments,” Zhou told reporters on the sidelines of the annual parliament session. “The banking system does not accept it.” Read More: China looks to completely block cryptocurrency trading China has taken a string of steps in…

Beijing admits stock bubbles, says routs almost over

BEIJING:China's central bank governor and its market regulator have admitted that there were "bubbles" on the country's stock exchanges, after a spectacular rally was followed by a painful bust, but said the turbulence was coming to an end.