In China, where Bitcoin (BTC) and cryptocurrency bans continue, a “Dogecoin (DOGE)” crisis has erupted.
According to China News Weekly, a user at China Construction Bank transferred 250 yuan to her husband a few months ago, writing “Dogecoin” in the description.
The China Construction Bank then took action, determining that the statement was related to cryptocurrencies, and blocked the user’s account.
China Construction Bank stated, “The bank announced that this note violated cryptocurrency governance regulations and suspended deposits and withdrawals from the account.”
The woman applied for the account to be unblocked on the condition that her husband provide transaction records and sign a written undertaking.
The bank informed the female user that in order to have the restrictions lifted, she would need to submit her husband’s bank statements for several months and, after verification, sign a statement confirming that he has not been involved in cryptocurrency transactions in the past or in the future.
A bank official also stated that the block could only be lifted if documents proving no connection to cryptocurrencies were provided, adding that “bank transaction records alone cannot prove this.”
As you may recall, seven associations, including the China Internet Finance Association, issued a risk warning regarding cryptocurrency trading and published guidelines advising member companies against participating in related activities.
*This is not investment advice.