Crypto Review

Banks fall in line as China’s central bank cracks down on crypto accounts

Banks fall in line as China’s central bank cracks down on crypto accounts

The Agriculture Bank of China (AgBank) — the world’s third-largest bank by assets — is set to implement Beijing’s firm anti-cryptocurrency measures and rigorously vet its clients to ensure they are not engaged in any form of illegal activities involving crypto transacting, trading or mining.

Agbank’s statement today followed the institution’s meeting with the People’s Bank of China (PBoC), which convened major domestic banks and mobile payment service providers and ordered them to ensure that banking and settlement services are denied to clients engaged in crypto-related transactions. An official PBoC statement today reiterated that all banks and payment institutions “must not provide account opening or registration for [virtual currency]-related activities.”

In addition to AgBank, the Industrial and Commercial Bank of China, the Construction Bank of China, Postal Savings Bank of China and the Industrial Bank, alongside mobile payments app AliPay, were all present at the PBoC meeting. AgBank’s statement is the first made by a Chinese state bank in line with the tenor of this year’s renewed suite of anti-crypto measures, which have included the State Council’s Financial Stability and Development Committee decision in late May to curtail Bitcoin (BTC) mining amid financial risk concerns.

Banks fall in line as China’s central bank cracks down on crypto accounts, Cointelegraph, Jun 21

Article Rating