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China Merchant Bank buys a bitcoin wallet
China Merchant Bank buys a bitcoin wallet
Bitcoin

China Merchant Bank buys a bitcoin wallet

By Marco Cavicchioli - 28 Oct 2019

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The China Merchant Bank would have invested in BitPie, a Chinese bitcoin wallet with a long history and a lot of users. 

This was reported on Twitter by Dovey Wan, founder of Primitive Crypto. 

According to Wan, China Merchant Bank, a Chinese bank based in Futian District, Shenzhen, founded in 1987 and the first Chinese commercial bank wholly owned by private individuals, officially announced an investment in BitPie, a non-custodial multi-currency wallet that supports BTC, ETH, EOS, USDT and other cryptocurrencies, a leader in its sector in China. 

It is probably no coincidence that this announcement took place after Chinese President Xi Jinping officially defined the use of the blockchain as an important step forward for innovation in recent days.

In other words, it seems that China is abandoning all hesitation about these innovations. In fact, the ban on cryptocurrencies has not been successful and the Central Bank itself has recently begun to evaluate the positive aspects of bitcoin. 

According to a Chinese trader on Twitter, even Chinese state TV explained to its viewers the basics of bitcoin, defined as the “first blockchain application”, during a recent program broadcast on CCTV. 

China is considering the use of blockchain technologies not only for the so-called digital finance but also for the Internet of Things, intelligent production, supply chain management, trading of digital resources and other sectors. 

What is surprising, however, is the change in attitude towards bitcoin, perhaps also as a result of the plans to launch a Chinese digital currency. 

For example, when Venezuela launched its official digital currency, Petro, the country removed all barriers to the circulation of cryptocurrencies and this suggests that something similar is perhaps happening in China. 

Moreover, it has recently been discovered that many Chinese are starting to use Tether dollar (USDT) instead of the American dollar (USD) to make international payments, due to the fact that transactions in USDT, unlike those in USD, are censorship-resistant.

This change in China’s attitude towards the crypto world also seems to be having a positive effect on the price of bitcoin and cryptocurrencies in general, considering that China is potentially an immense market for these assets. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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