- The Royal Bank of Canada has announced that it will experiment with a Digital Currency Platform of their own
- They are going to follow the steps of China, Russia and other countries who are also trying to experiment with the technology
- The RBC will be their first bank to operate an Exchange cryptocurrency platform for its customers
The Royal Bank of Canada, Canada’s biggest public sector bank, is reportedly taking steps towards setting up a cryptocurrency exchange. According to a report by The Logic, this exchange will enable the customers of the bank to buy, sell and hold cryptocurrencies along side their fiat holdings.
This means that the opening of bank accounts having cryptocurrencies is also under the purview of the bank, making RBC the first bank to set up a cryptocurrency trading platform for its holders.
The Bank has been making use of Blockchain technology for a while, when in 2017 they announced their plans to experiment with the revolution. Since then, they have conducted cross-border transactions, and even applied for four patents that involve blockchain technology.
This renewed interest comes after the government of Canada announced themselves that they will experiment with a digital currency of their own, following the footsteps of China, Russia, Venezuela and other governments.
Even though there has been no further information from the government, the exchange by its foremost bank could help speed up the process of the Digital Currency’s adoption, once released.