Cryptocurrency ban from one of the largest banks of China. What are the consequences?

The Agricultural Bank of China (ABC) has made a public announcement that all accounts of clients, one way or another connected with cryptocurrencies, will be blocked soon.

ABC is one of the top 3 influential financial institutions in the People’s Republic of China. Recently, they announced a complete ban on transactions with digital assets for their clients. In the future, it is promised to block any activities related to crypto. Agreements with clients who will continue interaction with cryptocurrencies in the future will be immediately banned.

Interestingly, the message was synchronously deleted from all sources a few minutes after publication.

According to journalist Colin Wu, who specializes in cryptocurrency news, the reason is haste. Most likely, the Chinese government, which controls all of the country’s financial institutions, wanted to create a “bombshell” effect to weaken the position of the crypto in China in one step very strongly. What is needed for this? Introduce a simultaneous ban by all banks. ABC hurried. It is believed that June 21, 2021, should have been the date of the general announcement, and this information has been confirmed. An indirect proof of this was a secret meeting of members of the Chinese government with the management of the country’s five largest banks, as well as Alipay. The topic of discussion was the limitation of working with cryptocurrencies.

At the moment, the BTC rate in the world is falling. This is directly related to the new crypto regulation rules in China. At the time of the morning of June 21, 2021, the largest cryptocurrency in the world lost 7% of its value and reached 32 thousand dollars for 1 BTC. However, bitcoin quickly regained its position and returned to 33 thousand dollars for 1 coin.

What to expect next is unknown. We are following the development of the situation. At the moment, crypto bans in China have been introduced partially and regionally.

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