Bitcoin Plunges in Wake of Chinese Action Against the Cryptocurrency

World's largest exchange for Bitcoins can not take yuan-based deposits

Bitcoin has fallen to less than half the value it recently traded for, following reports of fresh action by Beijing to restrict trade in the virtual currency.

BTC China has said that local payment companies have been blocked from providing it with clearing services.

It means that the firm - the world's biggest Bitcoin exchange in terms of trading volumes - can no longer accept yuan-based deposits.

Prices tumbled following the news.