What virtual currencies are banks currently issuing? (Virtual currency, bank)

08/20/2023 07:05 • NFT Newsflash • 123 views

What virtual currencies are banks currently issuing, and what transactions are taking place on the blockchain?

For example, if you spend 10 bitcoins (which are currently priced at $1000) you can buy stocks and futures contracts from an exchange, but this does not count as digital currency.

Some people exchange all the coins in your account for a virtual currency or fiat currency to use. If I transfer money to it and it becomes legal tender, then my assets will be converted into Chinese yuan.

If you want to participate in such financial activities, you don’t need to intervene in these fund flows through various platforms, software, or technical means, because this is very complicated! All of this is done by banks. So we can use their strength to achieve this goal: to do more with their capabilities.

But for many inexperienced newcomers, it is difficult to have a clear idea of investing in such high-risk investment products: either speculation or just wanting to make quick money for small retail investors; of course, it is also possible to gamble with one’s own capital and profit from others’ losses, which is what is called “cannot afford to play”.

In fact, from the recent situation, it should be seen that many banks are engaged in virtual currency business. Firstly, Industrial and Commercial Bank of China (ICBC) has launched a virtual bank based on cloud computing technology.

Secondly, commercial banks in China have also successively issued announcements and related policy documents on virtual currencies. These include:

In March, the People’s Bank of China issued the “Notice on Preventing the Risks of Token Issuance Financing”, which stated that it will support the development of financing projects with virtual currencies as the focus, but such projects are not allowed to be conducted, and the specific content will be announced in subsequent notifications. (Source: Internet)

At the end of April, the Shekou Branch of Qianhai Shenzhen issued a new enterprise credit cooperative operating company called Shendaotong Technology, aiming to establish a new service system using the new technological features of blockchain, and use information technologies such as big data, Internet of Things, and artificial intelligence to promote the integration of online and offline development.

At the end of May, Beijing’s sub-central district held a large-scale summit with the theme of “Innovation Leading the High-Quality Development of the Financial Industry”. At the meeting, Dr. Li Wei, the Secretary-General of the State Administration of Foreign Exchange, said: “In the future, our country will continue to actively explore the digital trade settlement model and accelerate the cross-border payment and settlement.”

In addition, China Academy of Information and Communications Technology has also proposed the country’s first electronic bill solution for Internet companies, called “e-CNY”, which can meet the remittance needs of different types of customers and solve the problem of inefficient conversion of cash flow. “e-CNY” has advantages compared to existing international payment methods, and can make traditional paper bills easier to understand and reduce intermediate links and duplicate work.

Virtual currency, bank

According to Tencent Technology News, some banks have begun to provide services to virtual currency issuers. These companies mainly include Industrial and Commercial Bank of China (ICBC), China Merchants Bank, Bank of Communications, and Everbright Bank, and six internet financial institutions. ICBC focuses on “payment business,” and Agricultural Bank of China (ABC) supports virtual currency issuers through online lending. “Consumption business” refers to buying and selling digital currencies with cash.

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What virtual currencies are banks currently issuing? (Virtual currency, bank)

Virtual currency, bank

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