{"id":42061,"date":"2021-05-07T11:03:03","date_gmt":"2021-05-07T08:03:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42061"},"modified":"2025-08-30T21:32:42","modified_gmt":"2025-08-30T18:32:42","slug":"chinas-citic-bank-bans-accounts-from-buying-and-trading-bitcoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/chinas-citic-bank-bans-accounts-from-buying-and-trading-bitcoin\/","title":{"rendered":"China&#8217;s CITIC Bank bans accounts from buying and trading Bitcoin"},"content":{"rendered":"<p>The Chinese bank China CITIC Bank (CNCB), a subsidiary of the state conglomerate CITIC Limited, <a href=\"https:\/\/www.citicbank.com\/common\/servicenotice\/202105\/t20210507_3374514.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">banned<\/a> individuals and legal entities from using accounts to purchase and trade digital assets.<\/p>\n<p><!--more--><\/p>\n<p>According to the statement, the decision was taken to mitigate risks of money laundering.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;From this moment on, no institution or individual may use our bank account to purchase and trade Bitcoin, Litecoin and other [coins],&#8221; CNCB said.<\/p>\n<\/blockquote>\n<p>If such operations are detected, the bank will void the transactions and subsequently close the accounts.<\/p>\n<p>As reported in December 2020, Chinese media <a href=\"https:\/\/u1f987.com\/en\/news\/chinese-media-characterise-bitcoins-new-records-as-hype\">called Bitcoin\u2019s new records a &#8216;hype&#8217;<\/a>, but later <a href=\"https:\/\/u1f987.com\/en\/news\/china-state-media-flag-weaker-outlook-for-gold-as-bitcoin-hits-new-records\">noted a deterioration<\/a> in gold prospects in light of this context.<\/p>\n<p>In April 2021, the People\u2019s Bank of China acknowledged that <a href=\"https:\/\/u1f987.com\/en\/news\/pboc-sees-upside-for-digital-yuan-as-bitcoin-rallies\">interest in the digital yuan<\/a> was partly based on the rise in the price of the leading cryptocurrency.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chinese bank China CITIC Bank (CNCB), a subsidiary of the state conglomerate CITIC Limited, has banned individuals and legal entities from using accounts to trade digital assets.<\/p>\n","protected":false},"author":1,"featured_media":42062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,133],"class_list":["post-42061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-china"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=42061"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42061\/revisions"}],"predecessor-version":[{"id":42063,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42061\/revisions\/42063"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/42062"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=42061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=42061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=42061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}