End of Ban? China Merchant Bank Invests in Crypto Wallet Platform

As the Chinese government is setting the stage to embrace digital currencies once again, the market is signaling another rush in the sector.

This time, major financial players are not shy to dip their toes in the wild industry as the China Merchant Bank reportedly invested in the crypto wallet platform BitPie.

The news was revealed by Dovey Wan, founding partner of Primitive Ventures, on Twitter earlier today.

China... China Merchant Bank just announced invested in BitPie, the Bitcoin wallet with longest history and most users back in China ...

??? Tho it's a non-custodial wallet there can be a non-zero chance ....[redacted] ??? — Dovey 以德服人 Wan ? ? (@DoveyWan) October 28, 2019

BitPie is one of the longest-serving Bitcoin wallet platforms in China. Through the crypto industry in the country remains in a blackout for over two years, the wallet platform successfully retained its customer base by relocating its base to Australia.

Reopening of a major market

On Friday, a speech by Chinese President Xi Jinping on adopting Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and digital currencies gave the sector a massive boost, both in terms of investment and trading.

“All I can say is this to me it's a sign of beginning of the nationalization of Bitcoin/Cryptocurrency related infra in mainland, Wan added. “Eventually, all things can be state-owned, or at least partially (mining, ASIC, exchanges, wallets, etc etc).”

China was once the largest crypto market on the globe, handling the highest Bitcoin trading volume. However, the sector vanished overnight as the Chinese government put a blanket ban on initial coin offerings (ICOs) and centralized crypto exchange in September 2017.

Meanwhile, the communist country also passed a cryptography law to tackle emerging regulatory and legal challenges in commercial cryptography applications. The law will come into effect on January 1 next year and will pave the pay for the launch of Digital yuan.

Earlier today, Finance Magnates reported that the country’s Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term regulator is studying blockchain and artificial intelligence (AI) to capture the cross-border financing market.