Canada’s Largest Bank Refutes Rumors About It Launching Crypto Exchange
The Royal Bank of Canada will not launch its own digital currency trading platform, contrary to previously published news.
The Royal Bank of Canada (RBC) — the largest bank in Canada with $499 billion in assets under management — will not launch its own digital currency trading platform, contrary to previously published news.
Last week, rumors that the RBC was exploring the possibility of launching its own cryptocurrency exchange began circulating the internet on a range of finance and economics-focused publications.
At the time, it was reported that the trading platform would “facilitate buying and selling of individual digital coins, including Bitcoin (BTC) and Ether (ETH), as well as the transfer of funds combining different types of cryptocurrencies.”
No near-term plans to launch a crypto exchange
However, the RBC eventually denied the rumors about it launching a digital currency trading platform. The RBC told Cointelegraph that “recent media articles have commented on certain patent applications made by RBC in relation to blockchain technology, and speculated on the applications of these patents.”
The bank confirmed that the aforementioned patent files do not relate to the development of a cryptocurrency exchange for clients, stating that it does not have near-term plans to launch a digital currency exchange for its customers. The RBC said:
“As part of the innovation and discovery process, RBC, like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected.”
Banks’ approach to fintech products internationally
Earlier in November, news broke that the Central Bank of Tunisia (BCT) announced the start of digitization of the Tunisian dinar. The BCT subsequently denied the reports, clarifying that it was exploring various methods of digital payment alternatives, including a possible central bank digital currency, but it had not moved forward with its implementation.
In China, the People’s Bank of China announced that it will use a new system to certify 11 types of fintech hardware and software products relating to digital payments. The PBoC stated that, in order to obtain a corresponding certificate from the central bank, applicants will have to pass a prototype examination as well as on-site inspections.