Agricultural Bank of China Reiterates Ban on Crypto: Report
21 Jun, 2021•1 min read•Other
The Agricultural Bank of China (ABC) affirmed its ban on crypto transactions, according to a now deleted statement on its website, a translation of which was tweeted by Colin Wu on Monday.
The bank cited recent guidance from the People's Bank of China for it continuing to carry out a crackdown on virtual-currency transactions. Any such behaviors detected would result in the "termination of customer relationships" and be reported to the relevant authorities, the statement said. The announcement by ABC, the world's third-largest bank, comes against the backdrop of the wider crackdown of crypto mining and trading by the Chinese government. Bitcoin's price has dropped about 7% in the last 24 hours, and was trading about $33,300 at press time.