The Agricultural Bank of China (ABC) has a Bitcoin (BTC) Prohibition notice, don’t reuse its services for crypto-related trades and activities, just eliminate within seconds, pause a couple of hours and then declared forbid again.

ABC is just one of the “Four Big Banks” in the country, which is regulated by the state and in possession by state-owned investment firm Central Huijin (40.42%), Ministry of Finance (39.21%), National Social Insurance Fund (3.02%) and China Securities Finance (1.92%).

Table tennis

The lender has issued a statement that it won’t conduct cryptocurrency trades and related activities, saying that “customer accounts involved in such activities will be closed and relationships with customers will be terminated”.

The Agricultural Bank of China has issued a notice that it won’t conduct virtual money transactions and associated actions. Customer accounts involved in these activities are shut and relationships with clients are terminated. #bitcoin # Cryptocurrency pic.twitter.com/vXKNdilmky

– 8BTCnews (@btcinchina) June 21, 2021

The statement was deleted only minutes later, but there was still news ancient Monday and after the 10% Bitcoin (BTC) price drop it attracted no support.

Brief explanation for all those confused about AGbank

The Agricultural Bank of China admits that the accounts of all clients trading cryptocurrencies will be shut.

15 minutes later, it seems like they eliminated the notification

2021 will be rough because the third biggest bank in the world pic.twitter.com/qXax70lqgA

– db (@ tier10k) June 21, 2021

A few hours after, a to describe The ban on utilizing its solutions for Bitcoin and additional cryptocurrency trades has been made public by the bank. “Following the recent request for advice and guidance from the relevant departments of the People’s Bank of China, our bank will continue to crack down on virtual currency transactions,” it stated.

Origin of the ban

The ABC bounce notice obtained its final context when the People’s Bank of China (PBC) was released to describe stated the domestic banks and payment system Alipay have been subpoenaed by central bank authorities and instructed not to provide services associated with cryptocurrency transactions.

In addition to the ban on supplying crypto-related goods and services, companies are instructed to reverse payment stations for crypto exchanges and over-the-counter systems.

PBC blames cryptocurrencies for interrupting the normal order of financial activity and making room for prohibited cross-border trades.

Together with the ban on “cryptocurrency-related activities”, the lenders surveyed were instructed to “carefully examine and monitor” their clients’ transactions for potential involvement in cryptocurrencies.

Announcements and announcements resurfaced Monday after a weekend truce on the Bitcoin Error speed Immersion after mining on Friday Ban in Sichuan Province.