Crypto currency continues to surprise a number of its users every day, primarily because of the way different parts of the banking and business sector continue to conduct explorations in this field. Crypto currency being in its earlier phases, there are more experiences in store for it as more people gain knowledge about it. The increasing awareness about it, as well as the fact that the developed countries are not as skeptical about it as the developing countries has seen to it that the developing countries come up with means to bring crypto currency in their financial sector without disturbing the economic equilibrium of the country.
Another bank which is on a path to tear down the boundaries between crypto currencies and banking sector is by SBI, SBI has opened its own crypto currency exchange platform called, “VCTRADE”. The applications for this are now open from across the, it is open for registration for various citizens of Japan. However, it has been stated that at this point, only retail trade will commence. In the earlier phases of its launch, VCTRADE, is offering tokens for the XRP, these are the tokens of Ripple. SBI has a partner in this venture which is ripple. Also the coins of other currencies are added, such as Bitcoin.
The launch of this was postponed pending the approval from the regulation authorities of Japan. The laws of the regulation authorities have been tightened in the past months. The intent of SBI to enter the crypt space was first conveyed in the year 2016, this is one of the first bank, which being a regular traditional financial enterprise, being a part of the traditional sector has come chosen to enter the field of crypto currency. It is a humungous step forward.