Cryptocurrency Q&A
Which banks do not allow crypto transactions?
Which banks do not allow crypto transactions?
KDramaCharm
Wed Jul 17 2024
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7 answers
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Could you elaborate on which prominent financial institutions are currently refraining from facilitating cryptocurrency transactions? Given the growing popularity and potential of digital currencies, it's intriguing to note that some banks have chosen to steer clear. Could you provide a concise list of these banks, perhaps highlighting their reasons for this decision? Understanding their stance could offer valuable insights into the current regulatory landscape and potential risks associated with crypto transactions.
7 answers
Lorenzo
Fri Jul 19 2024
The thirteen banks that have disallowed connections are situated in China, a nation renowned for its anti-cryptocurrency stance.
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Carlo
Fri Jul 19 2024
The country has been stringent on digital assets and related transactions since early on.
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noah_harrison_philosopher
Fri Jul 19 2024
In 2013, the People's Bank of China issued a directive prohibiting financial institutions from engaging in transactions involving virtual currencies.
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SamsungShineBrightness
Thu Jul 18 2024
This ban was seen as a preemptive measure to safeguard the stability of the financial system.
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SsamziegangStroll
Thu Jul 18 2024
However, the Chinese government's disapproval towards cryptocurrencies escalated further in 2021.
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