While China has actively iterated its negative opinion on cryptocurrencies, the Asian nation is actively looking for ways to implement blockchain technology in its daily financial operations.

According to recent reports, not long ago, the People’s Bank of China (PBoC) has developed a blockchain-based financial trading solution that would be used to process a variety of transactions, with the focus being put on foreign currency exchanges. Now, the system has been in use for a while, and the PBoC recently issued a press statement, mentioning that the blockchain platform has processed over $4.36 billion-worth of foreign exchange transactions.

During the last couple of months, numerous monetary regulatory agencies have turned their eyes towards the digital currency market. Now, reports indicate that the International Monetary Fund is advocating for central banks to introduce regulatory policies, while also encouraging innovation on the fiat market.

Based on this, the deputy director for the Monetary and Capital Markets Department of the IMF has outlined a couple of responses meant to lower the rivalry present between banks and digital currencies. With this in mind, he mentioned that: “Central banks should continue to strive to make fiat currencies better and more stable units of account.” To do so, central banks should introduce measures meant to discourage money laundering and terrorism financing, while also protecting consumers and taxing digital currency transactions.

The last few months have been truly kind to the world of digital currencies, considering the fact that all major cryptocurrencies have reached unbelievable new all-time highs, thanks to increasing investor interest, bitcoin futures, and new blockchain and crypto-based platforms revolutionizing our current financial system from the ground up.

With this in mind, Ethereum, which is the world’s second biggest digital currency in terms of market capitalization has reached a new all-time high on Thursday, the 14th of December, with values first breaking the $600 threshold, and then surging even higher to $750. At the time of writing, the value of Ether, has decreased a bit, as it is currently trading at approximately $670.

During the last couple of months, Ethereum has had its ups and downs, yet at this time, it is close to nearing $400 in value for a single token, whereas the development of smart, decentralized applications based on smart contracts is at its peak.

Recent reports indicate that the founder of Ethereum, Vitalik Buterin, has recently signed a contract with the Russian State Bank for Foreign Economic Affairs and Development (VEB), to develop a separate entity, similar to the traditional one, named Ethereum Russia. The main purpose for this development is to help enhance the country’s abilities to create, adopt and implement blockchain technology.

There have been numerous reports on banks, stock trading corps and various other financial institutions showing interest in bitcoin’s underlying technology, the blockchain. Yet, not many have showcased their interest in using digital currencies for other purposes- until now.

Recently, the Bank of Tokyo-Mitsubishi UFJ has announced that it has begun conducting experiments using their very own digital currency. With this in mind, the bank plans to release its digital currency sometime in the autumn of 2017.

The United Kingdom is gradually becoming a global hub for bitcoin and other cryptocurrencies thanks to the support that the British Government is showing to it. Well, reports indicate that Australia might just happen to be ready to treat Bitcoin as regular currency, which is definitely not something that we have been expecting.

We have covered the idea of a Bitcoin bank appearing in the past, while also talking about the possible benefits and cons of such an institution. While there are some companies which are offering bank-like services, there’s no actual Bitcoin bank opened anywhere in the world at this moment in time.

Well, various news reports point towards the fact that the first Bitcoin bank may be on its way over in Switzerland. Chances are that the country of choice may not be surprising at all, considering the fact that Switzerland is home to many of the world’s most popular banks. Together with this, the country is also popular for the neutrality of the government when it comes down to keep an eye on the privacy of the depositors in the local banks. Additionally, the banking system in this region is also famous for being one of the most stable in the world, which is exactly why a Bitcoin bank should choose to put its headquarters right here.

Chances are that all of those who are involved with Bitcoin had the thought of a Bitcoin bank cross their minds. While many like the currency thanks to the fact that it eliminates the need to go to a bank and cope with the different situations that have given these institutions a bad reputation, there are some who think that a Bitcoin bank may not be such a bad idea.