Authorities Reveal Latest Refund Plan, Three Officials Now Under Investigation – Regulation Bitcoin News

In a move seen as an attempt to appease protesting bank customers, Chinese authorities in Henan province announced their latest refund plan which sees customers with deposits of between $14,827 and $22,240 qualify for refunds. In addition, authorities said two named officials from the province are being investigated for allegedly breaking the law.

Refunds will start in August

Authorities in China’s Henan province have reportedly announced plans for a new round of refunds to customers from rural banks whose bank accounts have been frozen since April. The refund program is set to start on August 1 and under a scheme put forward by the government, only customers with deposits ranging between 100,000 yuan ($14,827) and 150,000 yuan ($22,240) are eligible to receive refunds.

According to a Reuters report, provincial authorities are now moving to appease bank customers who have protested the three rural banks’ decision to freeze their money. Before the latest announcement, some officials in the province had reportedly used the country’s Covid-19 rules to block planned protests.

However, as reported by Bitcoin.com News, angry bank customers were later able to report outside the central bank’s offices in Henan. Following reports of the rare protests, some social media users began circulating videos of military tanks apparently moving to protect the central bank’s offices from protesters. However, other users insisted that the thoughts were actually of a parade in Shandong province, more than 440 kilometers away.

Three officials under investigation

While Chinese authorities have not commented directly on the protests, a statement issued by the China Banking and Insurance Regulatory Commission (CBIRC) indicated that two officials, one from the Henan provincial office and another from a sub-office, were under investigation for violating the law.

In addition, the Henan Central Commission for Discipline Inspection also announced that it is now investigating an official charged with overseeing financial stability at the central bank’s office in the provincial capital Zhengzhou. The unnamed official was charged with serious disciplinary violations, the report said.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.