State Own Bank In China Bans Bitcoin Transactions
CITIC Bank has issued a statement prohibiting their clients to use their accounts for Bitcoin transactions. Per a Wu Blockchain report, the state-owned bank seeks to “maintain the legal currency status” of their national currency the Yuan (RMB). In addition, the bank is allegedly trying to prevent money laundering risks. Therefore, clients will be unable […]
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China has carried out multiple crypto crackdowns and enforced numerous bans on crypto markets since 2013, however, Chinese traders have always found a way to bypass these bans. People’s Bank of China, the central bank of the country, claimed in a recent note that China's share in the global Bitcoin (BTC) transactions has rapidly dropped from over 90% to 10%.The Financial Stability Bureau of the Chinese central bank released a comprehensive note on Wednesday discussing the impact of the crypto crackdown on the financial markets. The official notice claimed that all peer-to-peer exchanges in....
The People’s Bank of China reposted a memo from September 15th that addresses the country's Bitcoin ban to their website, causing widespread Bitcoin selling and a Friday morning price dip.
On March 21 the Chinese information site, Sina Weibo, published an article stating that China is expected to completely ban all operations involving Bitcoins starting April 15, while the authorities have already issued this warning to exchanges. “In regards to the announcement by the Central Bank on the 18 March, allegedly containing information that the government is planning to ban all Bitcoin transactions, we affirm that the news presented by Sina Weibo is only half-true. While it is true that The National Bank of China will release a new document, it will not prohibit Bitcoin....
Chinese bitcoin exchange BTC China has stopped accepting RMB deposits to user accounts from a major bank, revealing the move in a post on its Weibo page. Management decided to proactively halt deposits from one of the country's largest banks, China Merchants Bank, after the bank posted on its public website that it would no longer allow its customers to engage in bitcoin-related transactions, and said essentially it would require all such businesses to close their accounts. Withdrawals to China Merchants Bank accounts and transactions with other banks remain unaffected, at least for the....
Have you noticed a trend lately? It seems like every number of days, some "news" comes from China regarding a ban of some sort. If not outright, then the discussion surrounds banks and other financial institutions from being barred from bitcoin dealings. And every single time there's panic. And what happens when there's panic? The price drops. Someone makes a lot of money. I received an email this morning from a reader asking why I haven't covered this latest news coming from China. Apparently, these "talks" between the People's Bank of China and financial institutions are getting serious.....