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In China, Bitcoin is legal it's been recognized by the central bank. However there's been some suppression of it in terms of allowing exchanges to function properly, Bobby Lee tells CNBC.
The Chinese central bank warned the public and warned the industry about the dangers of using this virtual currency and they disallowed banks and payment companies from processing payments at the exchanges, CNBC learns
It was rumoured this year that China would clamp down on Bitcoin and make it illegal. China allow people to buy and sell it because this is a virtue commodity, Bobby Lee tells CNBC.
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