TechFlow News — After the People's Bank of China summoned certain banks and payment institutions regarding cryptocurrency trading speculation, Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, China Construction Bank, and Alipay (China) Network Technology Co. Ltd. issued announcements prohibiting transactions related to Bitcoin and other cryptocurrencies.
China Construction Bank stated that no individual or entity may use accounts opened with the bank for depositing or withdrawing funds related to cryptocurrency transactions, purchasing or selling transaction top-up codes, or transferring funds associated with cryptocurrency trading.
Industrial and Commercial Bank of China announced that no individual or entity may use its accounts, products, services, or channels for token issuance financing or "virtual currency" trading.
Alipay announced it will monitor and investigate transactions involving cryptocurrencies, and will immediately block any such activities once detected.
