Showing posts with label bank. Show all posts
Showing posts with label bank. Show all posts

OCBC Bank of Singapore has partnered with a cryptocurrency exchange to provide green financing.

OCBC will make MVGX’s carbon credit tokens available to its clients. The tokens can be purchased by companies to offset their carbon footprint, while the proceeds from their sale will be invested in green projects such as reforestation and renewable energy.

OCBC and MVGX also intend to explore other avenues in environmentally-conscious financing. MVGX already issues carbon credit tokens, which are generated through the firm’s distributed ledger technology. They will also use blockchain technology to keep records of purchases and investments in green projects, and are set to launch later in the year. They plan to begin later this year and will utilize blockchain technology to keep track of purchases and investments in green initiatives.

The effort is primarily aimed at high-carbon industries like energy, shipping, and steelmaking, which are struggling to reduce their environmental effect. Instead, such businesses may buy green tokens to offset their carbon footprint.

Is this OCBC's first foray into crypto?

While the bank has previously indicated interest in blockchain technology, Monday's statement is one of its first official forays into the field.

OCBC announced intentions to create its own crypto exchange last year, citing rising crypto use in Singapore. However, it has yet to provide an update on its plans.  However, it has yet to provide an update on its plans. However, early this year, it was reported that the bank was recruiting for crypto and blockchain experts. In the face of increasing competition from digital lenders, the bank has also laid out a three-year plan to expand its internet footprint. Singapore has some of the friendliest cryptocurrency rules, making it a popular destination for crypto companies.

The environmental effect of cryptocurrency

The issuing of green tokens is an example of crypto's ecologically beneficial uses. The high energy cost of mining is drawing increasing criticism from politicians and investors.


Cryptocurrencies, according to a Chinese central bank official, have no real value.

Despite their growing popularity, a Chinese central bank official does not believe Bitcoin (BTC) and other cryptocurrencies have any value.

According to local news outlet People's Daily Online, Yin Youping, deputy director of the People's Bank of China's (PBoC) Financial Consumer Rights Protection Bureau, said during a media briefing that these digital coins are solely speculative assets.

The general consensus was to steer away from the cryptocurrency markets.

To minimize financial losses, the official further recommended the people to stay away from the cryptocurrency industry.

“We warn the public once more that virtual currencies like Bitcoin are not legal money and have no intrinsic value,” Youping stated.

Youping stated that the central bank, along with appropriate agencies, will monitor overseas exchange and domestic traders in preparation of a possible comeback in virtual currency trading operations.

According to the article, the central bank is actively collaborating with the China Banking and Insurance Regulatory Commission's lead departments.

In light of the PBOC's adamant stance against the use of digital assets and blockchain, Youping also revealed plans to prohibit and crack down on crypto exchanges, apps, and corporate channels.

China's crypto market crackdown

China began its toughest crackdown on digital currency trading and mining since 2017.

Authorities have expressed concerns that the new asset class could be used for illegal activities such as money laundering, and that it could exacerbate climate difficulties in the country due to the rising energy demands of crypto farms.

Last month, the People's Bank of China (PBOC) reaffirmed China's stance on digital assets, stating that it will continue to exert severe regulatory pressure on the crypto market.

China is developing its own virtual money.

Although China is not embracing cryptocurrencies, it is already developing its own central bank-issued digital currency.

According to the PBOC, more than 20.8 million people in China are currently utilizing the digital RMB wallet, with over 70.7 million transactions totaling $5.3 billion completed so far.


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