Bitcoin is a store of value, a method of payment and a virtual currency. It's also the subject of rather rampant speculation and some opposition, at the moment.
China's central bank has banned financial institutions from trading the emerging currency, while Bank of America Merrill Lynch, in its first research report on Bitcoin, said the currency has potential to become a "major means" of payment.
The People's Bank of China said in a statement on its website that Bitcoin isn't a currency with "real meaning" and that its legal status was different from other currencies.
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