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.

AccessTimeIconJun 21, 2021 at 8:30 a.m. UTC
Updated Sep 14, 2021 at 1:14 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

  • 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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.