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Your Bank account to be frozen for using Bitcoin Transactions
Published on: 2021-05-10
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Chinese banks have issued a statement prohibiting their clients to use their accounts for Bitcoin transactions. The state-owned bank seeks to “maintain the legal currency status” of their national currency the Yuan (RMB).

In addition, the bank is allegedly trying to prevent money laundering risks. Therefore, clients will be unable to buy Bitcoin and other cryptocurrencies, use their accounts to trade with crypto, or make any commercial activities related to this asset class. The statement claims the following:

(…) transaction fund recharge, withdrawal, purchase, and sale Relevant transaction recharge codes and other activities are not allowed to transfer relevant transactions funds through our bank account. Once discovered, our bank has the right to take measures such as suspending related accounts (…).




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