Bitcoin transfers halted to China Merchants Bank

Clients of BTC China can no longer use their China Merchants Bank accounts to exchange their yuan into bitcoins, Bloomberg reported, citing a statement by the biggest bitcoin exchange in China on Saturday. China Merchants Bank banned the use of its accounts for Bitcoin transactions last week. The news comes after the People’s Bank of China decision to ban financial institutions in December from handling Bitcoin transactions, reflecting concerns that the digital currency could circumvent strict capital controls and hurt China’s financial stability.