World's first: Brazil's largest bank allows direct purchase of Bitcoin!
Brazil's largest bank, Itaú Unibanco, has announced that it will begin allowing the purchase of Bitcoin and other cryptocurrencies.
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The Industrial and Commercial Bank of China comparing Bitcoin and Ethereum to gold might imply a softened stance towards cryptocurrency transactions in China.
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Just now, the world's largest bank, the Industrial and Commercial Bank of China (ICBC), emphasized the rapid development and increasing diversity of digital currencies in a recently released in-depth analysis report. It mentioned Bitcoin and Ethereum, comparing Bitcoin to gold and likening Ethereum to "digital oil."
The Industrial and Commercial Bank of China extends an olive branch to Bitcoin and Ethereum
The ICBC report outlined the different development paths of various digital currencies, each satisfying unique needs within the financial ecosystem. As highlighted by historian Yuval Noah Harari, the driving force behind the exponential growth of cryptocurrency types and applications is human imagination. The report's friendly stance towards cryptocurrencies is evident from the Industrial and Commercial Bank of China.
HSBC Bank has begun offering digital yuan services to corporate clients
On June 7th, HSBC Bank (China) Limited announced the launch of digital yuan services for its corporate clients. Digital yuan is a central bank digital currency issued by the People's Bank of China. It is a digital version of traditional yuan aimed at replacing some physical cash in circulation to make transactions more secure and efficient.
HSBC became one of the first non-Chinese banks to offer digital yuan services to both corporate and retail customers. HSBC's initiative in the education sector, assisting the bilingual education group Nord Anglia Education Group in opening digital yuan services for its six schools in Shanghai, Beijing, Guangzhou, Jiaxing, and Suzhou, marks a significant milestone in the development of China's digital yuan. This signifies the increasing role of China's digital yuan in the global digital economy.
Digital yuan may be linked to cryptocurrencies
Last month, Hong Kong announced that residents can now set up personal digital yuan wallets for cross-border payments. This move aims to facilitate smoother financial transactions between Hong Kong and mainland China and promote the cross-border use of digital yuan.
Recently, Bybit has removed China from the list of countries restricting its citizens from using its services. This move may attract millions of Chinese users to the platform (Bybit was already ranked fourth on CoinMarketCap's exchange ranking before opening the Chinese market).
Although the Chinese government's stance on this matter is not yet clear, actions taken by the Industrial and Commercial Bank of China suggest a possible easing of China's stance on cryptocurrencies compared to before. In the future, we may indeed see a scenario where digital yuan is linked to cryptocurrencies.
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