Chinese CITIC Bank has banned the use of accounts for transactions with bitcoin

China CITIC Bank (CNCB), a subsidiary of the state-owned conglomerate CITIC Limited, has banned individuals and legal entities from using accounts to buy and trade digital assets.

According to the statement, this decision was made in order to prevent money laundering risks.

“From now on, no institution or individual can use our bank account to buy and trade bitcoin, Litecoin and other [coins],” the CNCB said.

If such transactions are detected, the bank cancels the transactions with the subsequent closing of the accounts.

Recall that in December 2020, the Chinese media called the new records of bitcoin “hype” , but later noted the deterioration of the prospects for gold against this background.

In April 2021, the People’s Bank of China acknowledged that interest in the digital yuan is based in part on the rise in the price of the first cryptocurrency.

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