Mon, July 22, 2024

Digital currencies in China and Switzerland

Swiss crypto bank and its plans

Digital currencies such as Bitcoin, Ethereum, Litecoin are well-known around the world. Private, as well as governmental organizations, are working to create guidelines for the blockchain technology.  

One of the biggest markets for digital currencies is China due to several reasons. Firstly, it has the second-largest economy in the world after the U.S. Secondly; China is home to more than 1.3 billion people. There are other factors as well.

 China is the main Bitcoin mining hub in the world. However, Chinese authorities made several decisions that hindered the development of the local cryptocurrency market.

Hopefully, recently, China’s President Xi Jinping praised blockchain technology. He said that China should work harder to embrace the blockchain technology. His speech changed the attitude and the article published by state news agency Xinhua reflects this trend

Xinhua prepared an article about the oldest digital currency on the market. According to the article, Bitcoin is the first successful application of blockchain technology.

State news agency described the difference between the public and private keys. This article will help Chinese citizens to learn more about Bitcoin.

Nevertheless, this article also contained information which is false or incorrect. For instance, a news agency claimed that Bitcoin is mainly used in darknet transactions.

Digital currencies and Swiss retailersDigital currencies and China's cryptocurrency market

 Switzerland made another step forward when it comes to adopting digital currencies. This country is already well-known due to its positive stance regarding the cryptocurrencies.

Several days ago, Swiss crypto broker Bitcoin Suisse signed a letter of intent with Worldline. This company offers payment and transaction services. The purpose of the joint project is to boost crypto payment acceptance in Switzerland.

Thanks to Bitcoin Suisse and Worldline, customers will be able to use crypto payment services. At the moment, 65,000 merchants across Switzerland are using Worldline’s payments infrastructure dubbed SIX payment Services. It means that crypto owners will have the opportunity to enjoy hassle-free shopping, thanks to this decision.

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