Industrial and Commercial Bank of China releases report praising BTC and ETH, while Bybit sees mixed picture as it prepares to pull out of Chinese market
Amid news that China may allow crypto investments, the Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets and one of China's four largest state-owned banks, recently released a report stating that “Bitcoin has succeeded in maintaining scarcity similar to gold through its mathematical consensus mechanism.”
“Bitcoin has solved problems such as divisibility, transaction authenticity verification, and portability, and while its monetary properties are weakening, its status as an asset is strengthening,” the report said. The second-largest cryptocurrency by market capitalization, Ethereum (ETH), “provides the technological power for the digital future and is positioning itself as the ‘digital oil’ that can power countless applications across the Web3 ecosystem.”
“Stablecoins are playing an important role in bridging the gap between digital currency markets and the real world,” ICBC added, “facilitating seamless transactions while providing a trusted store of value, making them an essential tool for everyday financial activities and a bridge to integrate digital currencies into the global financial system.”
Meanwhile, crypto media outlet WuBlockchain reported that “Bybit has opened registration for Chinese users earlier and is transferring existing Chinese employees to its offices in Malaysia and Dubai. Bybit is also reportedly considering closing its offices in Shanghai and Shenzhen, China. Bybit is expected to face major internal turmoil,” the report said. Previously, Bybit opened account opening and user registration for overseas Chinese. “We made this decision due to the growing demand for a user-friendly cryptocurrency trading platform from overseas Chinese and the global Chinese community,” Bybit said at the time.
Investors are interested in Bybit's move to withdraw from the Chinese market now that it is likely to open up the Chinese market, which is a major source of liquidity for the crypto market.
