One of the largest banks in China, the Agricultural Bank of China (Agbank), is planning to effect rules and regulations to guard cryptocurrency trading in the country. This is to prevent illegal activities on digital currencies involving trading or mining in China.
Agbank’s move came after a June 21 meeting between some major banks, the People’s Bank of China, and other payment service providers. The attendees were asked to make sure stricter measures are taken towards bank accounts associated with cryptocurrencies. The People’s Bank of China made a statement regarding the actions to be taken:
“Institutions must comprehensively investigate and identify virtual currency exchanges and over-the-counter dealers’ capital accounts, and cut off transaction funds payment links in a timely manner; they must analyze the capital transaction characteristics of virtual currency trading hype activities […] and ensure that relevant monitoring and handling measures are implemented.”
Agbank pointed out that it will instantly shut down and sever ties with accounts that handle digital assets. The bank’s statement is the first of state banks, supporting the new anti-crypto initiative.
Last month, three major Chinese trade associations warned the public against cryptocurrency investment. They include The China Internet Finance Association, China Banking Association, and China Payment and Clearing Association.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
