Media: One of China’s largest banks bans Bitcoin-related operations.

The Agricultural Bank of China (ABC), the third-largest bank in China, published a notice banning cryptocurrency-related transactions, but later deleted it. 8btc reports.

Agricultural Bank of China issued a notice that they will not participate in virtual currency transactions and related activities. Customer accounts participating in such activities will be closed and customer relationships will be terminated. #bitcoin #Cryptocurency pic.twitter.com/vXKNdilmky

— 8BTCnews (@btcinchina) June 21, 2021

According to the notice, the bank will not participate in virtual currency transactions. The lending institution will block accounts suspected of engaging in such activities and sever ties with customers violating the ban.

A few minutes after publication, ABC deleted the notice.

Ok guys. Seems like the bank deleted the notice only a few minutes after it released. https://t.co/6YrXyVthOm pic.twitter.com/PCbVIQYUru

— 8BTCnews (@btcinchina) June 21, 2021

According to journalist Colin Wu, this may be related to a government requirement that all banks publish information simultaneously to create a greater effect.

Regarding the deletion after publication, there is an explanation that the government may require all banks to publish the same time in order to create a greater effect. But this is just a guess. Our short-term judgment is a bit pessimistic.

— Wu Blockchain (@WuBlockchain) June 21, 2021

According to Wu, former employees of China’s banking system expect that the People’s Bank of China (PBoC) will issue a notification similar to the one published by ABC on June 21.

The former employees of the Chinese banking system expect the Central Bank of China to issue relevant documents tonight or recently, similar to those of the Agricultural Bank of China. This is why it was deleted. pic.twitter.com/ZTAGRR11Ef

— Wu Blockchain (@WuBlockchain) June 21, 2021

In 2014, some Chinese banks had already warned their clients about a ban on cryptocurrency operations. Wu says that this time the situation is different: ABC has stated the central bank’s requirements, pledged to investigate past operations, and to report to regulators on the work done.

This is different from 2014 in at least three points: first, it clearly shows the requirements of central bank; second, it requires an investigation of past behavior; and third, it reports to the government when it is found. Anyone who understands Chinese can see the difference. https://t.co/8EO4CBLXeK pic.twitter.com/Z8ZnfIlZXo

— Wu Blockchain (@WuBlockchain) June 21, 2021

The Bitcoin price fell below $34,000. At the time of writing, the leading cryptocurrency is trading at around $33,235.

Against the backdrop of China’s crackdown on cryptocurrencies over the past two months, Bitcoin’s price has fallen by more than 42%.

In May 2021, three associations under the PBoC issued a joint notice prohibiting companies from supporting cryptocurrency-related businesses.

In the same month, Chinese Vice Premier Liu He said authorities intended to take measures against cryptocurrency mining and Bitcoin trading.

Later, Xinhua News Agency criticised digital gold and the methods of its extraction.

On June 18, miners in Sichuan were ordered to cease operations by June 20. Restrictions on cryptocurrency mining were also imposed by three other Chinese provinces: Yunnan, Qinghai and Xinjiang.

Authorities in the Inner Mongolia Autonomous Region also launched a crackdown on illicit mining.

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