The Chinese bank China CITIC Bank (CNCB), a subsidiary of the state conglomerate CITIC Limited, banned individuals and legal entities from using accounts to purchase and trade digital assets.
According to the statement, the decision was taken to mitigate risks of money laundering.
“From this moment on, no institution or individual may use our bank account to purchase and trade Bitcoin, Litecoin and other [coins],” CNCB said.
If such operations are detected, the bank will void the transactions and subsequently close the accounts.
As reported in December 2020, Chinese media called Bitcoin’s new records a ‘hype’, but later noted a deterioration in gold prospects in light of this context.
In April 2021, the People’s Bank of China acknowledged that interest in the digital yuan was partly based on the rise in the price of the leading cryptocurrency.
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