China: ICBC fends off Bitcoin craze

Thursday 15 May 2014 14:13 CET | News

The Industrial and Commercial Bank of China (ICBC) has claimed that merchants or customers are banned from using the bank accounts in order to make transfers for deposits or withdrawals involving Bitcoin and Litecoin virtual currencies, according to a press release cited by

The bank argues that the move is headed to protect the customer’s property rights and interests, prevent money laundering attempts and to secure the status of the CNY as fiat currency, the same source cites.

The ICBC decision comes in line with other previous decisions from banks such as the CMB (China Merchants Bank), CCB (China Construction Bank), BOC (Bank of China), CEB (China Everbright Bank), Pingan Bank, Huaxia Bank, ABC (Agricultural Bank of China), CGB, SPD Bank, and Industrial Bank.

Bitcoin’s price in China has increased recently to the present USD 444 (CNY 2768) on China’s exchange OKCoin. Chinese Bitcoin exchange FXBTC has closed doors as a result of the new regulatory environment.

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Keywords: China, ICBC, Bitcoin, transfers, bank accounts, deposit, withdrawal, Litecoin
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce