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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