Banks fall in line as China’s central bank cracks down on crypto accounts
AgBank — the world's third-largest bank by assets — has indicated it will follow the PBoC's cue and work to stamp out its clients' crypto-related activities. The Agriculture Bank of China (AgBank) — the world's third-largest bank by assets — is set to implement Beijing's firm anti-cryptocurrency measures and rigorously vet its clients to ensure they are not engaged in any form of illegal activities involving crypto transacting, trading or mining.Agbank's statement today followed the institution's meeting with the People's Bank of China (PBoC), which convened major domestic banks and mobile....
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The Central Bank of Nigeria (CBN) has circulated a letter directing banks and financial institutions to identify and close accounts of cryptocurrency transacting entities. The directive, which took immediate effect, threatens “severe regulatory sanctions” to financial institutions that fail to comply. Banks Taking Immediate Action Immediately following the letter’s publication, some banks and other financial service providers began complying with the directive. The CEO of Binance, Changpeng Zhao, tweeted that his company had received word from its Nigerian partners....
The Central Bank of Nigeria said its warning to banks on Friday was not a new position, but a reiteration of its 2017 stance on cryptocurrencies.
Any breaches of the order would face "severe regulatory sanctions," the central bank warned.
European Central Bank. In a landmark monetary policy move, the European Central Bank (ECB) has announced negative interest rates. The ECB will charge an interest rate of -0.1% to banks wishing to store euros within central bank vaults. Domestically, the intention is to prod banks into lending money to businesses as opposed to buying government bonds. Internationally, the intention is to cause depreciation of the Euro relative to other currencies to increase the competitiveness of European exporters. It is unlikely that individual users in the 18 countries under the ECB's control will see....