One of China's Largest Banks Bans Customers From Transacting with Cryptos
Main page News, China, Cryptocurrency, Regulations
Hot topic
21 June
368 368

The Agricultural Bank of China (ABC), the third largest banking institution in China, has just issued a warning banning cryptocurrency-related transactions, 8BTCnews has reported.

According to the publication, the bank plans to block all transactions related to digital assets, as well as terminate contracts with customers who have made transactions of this type. However, the bank has removed the publication a few minutes later.

Later, Chinese crypto journalist Colin Wu has said the information has been confirmed, as the People's Bank of China has held a meeting with representatives of five Chinese banks and payment system Alipay. The central bank has asked financial institutions not to engage in transactions involving digital assets.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Wu believes the Chinese government has asked banks to impose restrictions on crypto transactions simultaneously in order to create a "more powerful effect." According to Wu, on June 21, the People's Bank of China, the country's central bank, will issue a notice banning banks from conducting crypto transactions.

Four Chinese provinces have banned crypto mining over the past two weeks: Sichuan, Yunnan, Qinghai and Xinjiang.

Read also:
Please describe the error
Close