Tencent will build a new blockchain-based virtual bank after the Chinese internet giant got its new license approval by the Hong Kong Securities and Futures Commission. In our cryptocurrency news today, we are reading more about this great news.
Speaking at the world blockchain summit in Wuzhen, China back on Friday, the blockchain chief of Tencent Yige Cai stated that the company’s virtual bank received the greet light form the Securities and Exchange Commission in Hong Kong. The company will also form a team that will support the blockchain-based banking platform according to the Chinese media site Sina Finance.
“Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology and digital assets, which is good news for the whole industry,” explained Cai during his speech at the summit.
The SFC granted virtual bank licenses to 12 entities so far and on the list is Infinium Limited which is a joint venture between Tencent, Commerce Bank of China (ICBC) and Industrial, but also two more institutional investors from Hong Kong. Tencent renamed the Infinium to Fusion Bank back in July after they got one license in May.
Cai didn’t provide any further details about the virtual bank but he stressed that Tencent will build further projects and will also work on the already existing ones, including the offering of a supply chain financing for the global fast-food chain restaurant McDonald’s, according to the reports.
According to another report, Cai is now leading the consortium blockchain group away from the three blockchain development groups in Tencent. The other two groups are responsible for blockchain infrastructure and its blockchain-based cloud services, respectively. Other companies include Alibaba’s fintech arm Ant Financial and SC Digital Solutions Limited which have a 65 percent stake that is owned by Standard and Chartered Bank. The SFC issues more details about their new licensing system that will regulate virtual asset transactions on Wednesday, by creating a much similar framework to the one that is currently overseeing the security brokers in the country.
China is going hard into blockchain technology as we saw previously when president Xi Jinping stated that the country should invest more and embrace it which was one of the catalysts for the spike in prices on the market.
Crypto And Blockchain Firms Are Trying To Help Coronavirus Victims
“For #Wuhan, not realistic to do crypto to end beneficiaries. Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims. We didn’t make any announcements. But [Binance Charity Foundation] BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally,” he said.The initiative of many crypto and blockchain firms trying to help the victims has been praised by many in the crypto news world.According to a WeChat post by the blockchain marketing service firm Krypital , the firm also launched a charity donation effort to acquire medical supplies for the coronavirus victims. Krypital also said that it will create a blockchain based donation system which allows for greater transparency and efficiency. The firm also accepts Tether (USDT) on the Ethereum blockchain.Krypital also said that they are recruiting volunteers for group administration, as well as material purchases, sorting and transportation management. They are also hiring graphic designers and are in the media with a lot of announcements. According to analysts, many other crypto and blockchain firms will take this initiative as inspiration to commit to the coronavirus cases.As the media reported, Bitcoin (BTC) slumped 6% on the Chinese New Year and a lot of uncertainty surrounding the spread of the virus. On January 26, Fox News said that the current death toll of the virus is 56.Today, we can see a good influx of capital in the cryptocurrency market as Bitcoin comes closer to $8,500. The altcoin news also show new increases as Ethereum (ETH) rises to $164 and XRP is stable at $0.2239 again. The biggest gainer is Bitcoin Cash (BCH) which surged by 9% and is now trading at $336.The total cryptocurrency market cap is at $233 billion and finally moving above the $230 billion mark.
NedBank Won’t Shut Down Crypto Exchanges Accounts
“I commented in the IT Web article about Nedbank closing crypto accounts. But I believe it has turned into media hype. The reality is: Nedbank is no longer taking on new accounts for crypto-related companies, but they are not closing current accounts.”As it was reported in a previous occasion by DC Forecasts FNB closed down accounts that were linked to cryptocurrency exchanges in November of 2019. But stakeholders at a major South African cryptocurrency exchange claim that the friendly Nedbank that is among the big five in South Africa does not have plans about adopting policies of that kind.On Friday, January 24, 2020, the South African tech publication ITWeb had reported that Nedbank will probably follow the actions of FNB in closing the accounts of the cryptocurrency exchanges. According to ITWeb, officials from Nedbank told the tech publication that the bank was in the process of internal discussions on how to act towards their clients from the cryptocurrency sector. With the reports about the searching ways to withdraw support for cryptocurrency exchange platforms by the banks in South Africa, the people involved in the industry are asking the government for the faster enacting of clear cryptocurrency regulation in the nation.In December of 2019, there were reports that the South African government had the intention to enact new laws to regulate the cryptocurrency market. This new regulation will mainly focus on regulating the use of cryptocurrencies in illegal money transfers. The government in South Africa has remained limited to be tax compliant and to track crypto transactions and bitcoin is still popular in the country as the data from Google trends shows. Bitcoin’s popularity in South Africa made the country the perfect climate for elaborate scams as well.
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