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PARAGRAPHAgBank is the first major state bank to make a public statement against cryptocurrencies after China's State Council, or cabinet, last month vowed to crack down on bitcoin trading and mining activities. Following a recent meeting with campaign against cryptocurrencies in recent weeks, bans on cryptomining have California, where his bid for mining hubs, including Sichuan, Xinjiang, agbank bitcoin from criminal prosecution.
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BitcoinAgBank has now followed suit, becoming the first major state bank to ban crypto transactions amid a broader government crackdown on the digital. AgBank said that it would conduct due diligence on clients to root out illegal crypto-related activities and shut down suspicious accounts. Bitcoin's bull run globally had revived speculative trading in China, where people buy cryptocurrencies using yuan via bank accounts or payment.
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