Agricultural Bank of China Suspends Crypto-Related Transactions and Activities

Ziraat Bank, the Asian economic giant's third-largest banking institution, has suspended its crypto transactions and related activities. The banking giant made a statement earlier today asking all of its customers to avoid such activities. Agricultural Bank of China said it will not engage in virtual currency transactions and related activities. Customer accounts participating in such activities will be closed and customer relations will be terminated. #bitcoin #Cryptocurency — 8BTCnews (@btcinchina) June 21, 2021 The bank's statement reads: "When relevant behavior is detected, account operations will be immediately suspended, customer relations will be terminated and relevant departments will be notified". While banking institutions have made similar statements in the past, popular Chinese journalist Colin Wu points out the notable differences in the ban this time around. This time, the Agricultural Bank of China's statement clearly demonstrates the requirements of the central bank PBoC. In addition, it requires investigating past behavior and reporting by banks when and where irregularities are found. This differs from 2014 in at least three ways: first, it clearly shows the central bank's requirements; second, it requires examination of past behavior; and third, it reports to the government when it is found. Anyone who understands Chinese will see the difference. — Wu Blockchain (@WuBlockchain) June 21, 2021 Other Chinese banks will soon follow with a similar ban. According to Colin Wu, other banks will follow soon and begin similar measures in the coming days. The Agricultural Bank of China accidentally released the document stating that other banks will soon implement a crypto transaction ban ordered by the PBoC. However, it was immediately removed

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