Despite the Chinese government’s ban on transactions with digital currencies, some of its large state-owned banks have started investing in the crypto business in Hong Kong.
These credit institutions are able to provide funds to companies that are regulated by Hong Kong’s authorities. For example, the Hong Kong branch of the state-owned Bank of Communications is known to have served several crypto companies and is willing to open accounts for other blockchain startups in the region.
Additionally, the largest online bank in Hong Kong, ZA Bank, which is part of the Chinese insurance giant ZhongAn Online P & C Insurance Co., allows for withdrawal of digital currencies.
This provides Chinese businesses with a reliable channel for entering the crypto sphere.
It is predicted that in the coming months, more banks from China will open accounts for crypto businesses since Hong Kong has recently announced the creation of a blockchain hub for startups that create infrastructure for virtual currency transactions.
