Crypto Prices Trade Higher; PBOC Launches Blockchain-based Trade Finance Trial
Investing.com – Cryptocurrency prices traded higher on Monday, while reports that China’s PBOC launched a blockchain-based trade finance trial in Shenzhen received some attention.
Bitcoin edged up 0.51% to $6,514.1 at 11:39PM ET (03:39GMT) on the Bitifinex exchange.
Ethereum gained 3.5% to $222.48 in the previous 24 hours.
XRP also rose 1.2% to $0.28190 on the Poloniex exchange, while Litecoin traded 3.3% higher at $57.376.
The People’s Bank of China (PBOC) has officially launched a blockchain-based trade trial in Shenzhen, according to a report from Cryptovest.
The system, known as the “Guangdong-Hong Kong-Macao Great Bay Area Trade Finance Blockchain Platform,” could reduce trade financing costs for micro- to medium-sized enterprises would be reduced to less than 6% from the current 8%, the report said citing Xu Honghui, VP of the transaction banking division of Ping An Bank, which is also involved with the project.
Crypto prices received some support last week on reports that the CEO of the Gibraltar Blockchain Exchange criticized the lack of regulation in the European Union.
Nick Cowan, CEO of the Gibraltar Blockchain Exchange, said that the lack of regulation in the European Union adversely impacts the industry.
“A lack of EU-wide crypto regulation is a deterrent to blockchain innovation and will continue to hinder adoption of the technology by mainstream financial service providers going forward,” he told Cryptovest.
His comments came after news this week that EU regulators are waiting on digital currency regulation until regulators make an analysis of the market. As virtual coins have risen in popularity, governments around the world are struggling with how to respond. So far there are no overarching laws in the EU in regards to cryptocurrencies and blockchain, the technology behind bitcoin.
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