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China Crypto Roundup (May. 3-May. 9):China CITIC Bank Prohibit Accounts for Bitcoin Transactions

1. China CITIC Bank said it would prohibit the use of accounts for Bitcoin transactions

Recently, China CITIC Bank issued an announcement stating that in order to protect the public’s property rights, maintain the status of RMB as legal currency, and prevent money laundering risks, from now on, no institution or individual may use the bank’s account for transactions in Bitcoin, Litecoin, etc. Activities such as fund recharge and withdrawal, purchase and sales related transaction recharge codes, etc., are not allowed to transfer relevant transaction funds through thier bank account. Once discovered, the bank has the right to take measures such as suspending relevant account transactions and canceling relevant accounts.

2. Digital RMB sub-wallet adds Ali-based merchants, and MYbank wallets can be opened

On May 7, the digital RMB App ushered in an update again. The ” MYbank” option that had been grayed out in wallet operators has now been “lighted up.”

At the same time, the sub-wallet merchants in the Digital RMB App have also been updated. Three Ali-based merchants, including,, and Tmall Supermarket, have all added support.

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