China Continues to Strike at Bitcoin

China’s largest banks agreed to implement a new central bank policy to ensure that its customers have no involvement in crypto transactions.
According to the Central Bank of China, all banks and payment institutions cannot provide account opening or registration for activities related to digital assets.
The news comes after China stopped Bitcoin mining operations in the country several times.
The National Bank of China (PBOC) has stated that banks cannot provide services and products. These include trading, clearing, and settlement for transactions related to digital assets.
In fact, large financial institutions in the country were told to identify cryptocurrency exchanges’ capital accounts. As well as cut off the connection for the payment of transaction funds as soon as possible.

Agriculture Bank of China

The third-largest bank in the world, the Agricultural Bank of China, issued a statement. It stated that it is ready to apply measures against the cryptocurrency of the Chinese government.
The bank’s announcement followed a recent meeting with PBOC. They discussed major domestic banks and mobile payment service providers. They also instructed institutions to ensure that banking and settlement services are denied to clients dealing with digital asset transactions.

The Chinese Agricultural Bank added that it would immediately close the accounts. In fact, they would suspend connections with all customers involved in cryptocurrency trading. The bank originally stated on June 21 explaining that banks should not be used for digital asset-related transactions.
Within an hour of its release, Bitcoin reacted sharply by falling. Referring to the former official of the Chinese bank, the Chinese journalist Colin Wu stated that the central bank was waiting to issue relevant documents between several large financial institutions on the same day. Wu added that the official revealed that the new policies issued by the central bank will not be too strict. But they may be part of many future possible suppressions of cryptocurrencies in the coming future.
The Chinese newspaper Caikin stated that the authorities in the country decided to move towards “green transformation to neutral carbon.” Thus, they no longer care about the “power of determining the prices of bitcoin.”
The news comes shortly after China again stopped bitcoin mining in another province in the country, Sichuan. The miners are now moving in the middle of a new crisis because the Chinese logistics company from Guangzhou confirmed that it is transporting 3,000 kilograms of BTC mining machines by plane to the USA.