Chinese banks uphold crypto ban

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Last Update: September 21, 2022

2 mins read

Chinese banks and financial institutions continue to toe the line as the government intensifies its anti-crypto measures across the country.

The latest bank to suspend support for digital assets is the Agriculture Bank of China (AgBank), which is the third-largest financial institution in the world by assets.

Moving forward, AgBank will have to thoroughly vet all customers and make sure that they are not involved in any type of illegal activity involving cryptocurrencies, their mining or trading.

The bank's new stance reflects a broader position held by the People's Bank of China (PBoC) which has ordered domestic banks and mobile payment services to stop offering any form of crypto-related products or support their transactions.

“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”, a PBoC statement read.

PBoC held a meeting with all major financial institutions in the country, detailing how they should stop the promulgation of digital assets. The meeting was attended by key financial stakeholders in the country, including the Construction Bank of China, Postal Savings Bank of China, the Industrial Bank and Commercial Bank of China.

No leniency for wrongdoers

Apart from financial institutions looking to counteract anyone who may be involved in crypto finances, regulators have also stepped up their efforts to identify the wrongdoers. This has prompted financial institutions to adopt a zero-tolerance policy towards clients that may be involved in cryptocurrency trading or related activities.

In May, the China Internet Finance Association, China Banking Association and China Payment and Clearing Association issued a joint-statement in which they cautioned citizens not to invest in cryptocurrencies, because of the many risks associated.

This stance reflects a recent opinion by Goldman Sachs which claimed that cryptocurrencies are neither an investable asset nor an asset class. Meanwhile, China's no-crypto stance has already affected the global crypto market.

Chinese miners have been switching off their operations in the country and looking to relocate, causing a drop in global hashrates as well as reducing mining difficulty, and impacting the bitcoin price which has been falling steadily since mid-May.

If you are a more casual crypto user, though, you can still play at Bitcasino, 1xBit and FortuneJack and have a bit of fun.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.
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