BREAKING (Reuters): Three local Chinese banks have frozen entire funds of all depositors.
🇨🇳 Shangcai Huimin Country Bank
🇨🇳 Yu Zhou Xin Min Sheng Village Bank
🇨🇳 Zhecheng Huanghuai Community Bank
On April 18, all 3 banks told customers that they were upgrading internal systems. Till today no one is able to withdraw their own fiat money.
Individuals have lost entire life savings. Caixin estimated that the frozen amount could total $1.5 billion (~₹11,400 Crore).
Meanwhile the demand for physical gold and bitcoin continue to rise inside China, despite a strict crypto ban.