As reported by the business news platform The Logic on November 11, the Royal Bank of Canada (RBC) is now to consider such plans.
RBC plans multifunctional stock exchange
RBC is Canada’s largest bank in terms of market capitalisation, with USD 499 billion in assets under management. According to The Logic, the bank is considering enabling customers to use the exchange for both investments and purchases online and in retail stores.
Earlier, it was reported that the Canadian central bank wanted to use a digital currency to better understand consumers’ consumption habits. “The trading platform would facilitate the purchase and sale of individual digital coins, including Bitcoin and Ether (ETH), and the transfer of funds combining different types of crypto currencies,” the publication said.
Bitcoin purchases “not permitted
There isn’t much information on this yet, but such a step would be in stark contrast to the current approach to RBC crypto currencies. Last year, the bank abruptly blocked customers who buy Bitcoin or Altcoins with credit and debit cards. “With immediate effect the RBC forbids the use of RBC credit cards for transactions with crypto currency. We regret any inconvenience this may cause,” a notice published at the time said. nbsp]
Other Canadian banks had already done the same, including TD Bank and the Bank of Montreal.
But recent attention has focused on how the authorities are dealing with the aftermath of the QuadrigaCX collapse. This is a local crypto currency exchange that collapsed in late 2018. Currently, attempts are being made to recover the lost money. Users have lost a total of around 190 million US dollars.