Bitcoin sinks as China said to order exchange halt this month

Digital currencies, also called cryptocurrencies, such as bitcoin and a growing stream of alternatives, allow anonymous peer-to-peer transactions without the need for banks or central banks.

BEIJING: Bitcoin tumbled, heading for its worst week since January 2015, after people familiar with the matter said China aims to stop exchange trading of crypto-currencies by the end of September.

Regional Chinese regulators were notified of the plan by a central bank-led group overseeing Internet finance risks, said the people, who asked not to be named because the information is private. Bitcoin dropped 9.3% to US$3,077.55 at 9.22am in London, extending this week’s decline to 28%.