The Royal Bank of Canada, the Canadian Largest Bank Mulls Crypto Exchange After Bitcoin Ban

 The Royal Bank of Canada, the Canadian Largest Bank Mulls Crypto Exchange After Bitcoin Ban

A Canadian bank, that prohibited its clients from shopping for Bitcoin (BTC), might now become the first within the country to launch a cryptocurrency exchange.

As innovation economy news outlet The Logic reported on November. 11, the Royal Bank of Canada (RBC) is currently reported to be considering the plans.

RBC reportedly coming up with multifunctional exchange

RBC is that the largest bank in Canada by market capitalisation, with $661 billion CAD ($499 billion) in assets under management.

According to The Logic, the bank is entertaining the possibility for the exchange to function both for investments and permitting shoppers to form purchases on-line and in brick-and-mortar stores.

The news follows a previous report that Canada’s central bank wished to use digital currency so as to higher track consumer spending habits.

“The commerce platform would facilitate shopping for and selling of individual digital coins, as well as Bitcoin and Ether (ETH), similarly because the transfer of funds combining differing kinds of cryptocurrencies,” the publication summarized.

Bitcoin purchases “not allowed”

While little elaborated information is presently obtainable, the move would run prominently in contrast to RBC’s current modus operandi on cryptocurrencies. Last year, the bank abruptly prohibited shoppers getting Bitcoin or altcoins with credit and debit cards.

“Effective instantly, RBC cannot be permitting the utilization of RBC credit cards for transactions involving cryptocurrency. We regret any inconvenience this may cause,” a notice declared at the time.

Other Canadian banks had antecedently done likewise, together with TD Bank and Bank of Montreal.

Nonetheless, attention has since centered on however authorities can handle the fallout from QuadrigaCX, a neighborhood cryptocurrency exchange that imploded in late 2018. whereas recovery of lost funds is in progress, users lost a complete of around $190 million in deposits.

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