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Agricultural Bank of China Reiterates Ban on Crypto: Report
A statement posted on its website citing guidance from the People's Bank of China was subsequently deleted.
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.
STORY CONTINUES BELOW
- 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.
Read more: 3 Things You Need to Know About China’s Crypto Crackdown
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
