Mainland China’s Commercial Bank Says “Ethereum Is A Digital Oil” | EVM News

The Industrial and Commercial Bank of China (ICBC) praised the Bitcoin & Ethereum blockchain technology & its use cases.

The Industrial and Commercial Bank of China (ICBC), headquartered in Beijing, is one of the world’s largest banks. Founded in 1984, it offers a wide range of banking services. ICBC follows China’s strict regulations on cryptocurrencies, avoiding involvement in crypto transactions and adhering to government policies.

A  new report by the Industrial and Commercial Bank of China (ICBC) suggests the swift evolution and growth of Bitcoin and Ethereum blockchain networks, marking a key milestone in the mainstream acceptance of cryptocurrencies across the world.

ICBC’s report draws attention to Bitcoin’s impressive rapid growth, comparing it to Gold due to its scarcity and resilience in the digital world economy. 

The China-based bank noted that both gold and Bitcoin have achieved all-time highs (ATH) this year, cementing their status as leading investment assets.

Bank’s report also praises Ethereum, referring to it as “digital oil” for its crucial role in powering various Web3 crypto financial applications and programs. The bank highlighted Ethereum’s ongoing technological advancements in security, scalability, and sustainability, which have significantly boosted its exposure and adoption in the world.

Many Crypto enthusiasts talked about this report and noted that mainland Chinese banks are still interested in crypto & blockchain technology to a big extent, despite a crypto blanket ban by the country’s central bank PBoC. 

Not only banks & institutions of mainland China but also the Chinese population love cryptocurrencies. Over the last 12 months, many local media reports confirmed that people from Mainland China visit Hong Kong-based offline stores to buy/sell crypto assets. 

Read also: Trump Pledges Global Support in Landmark Meeting with America’s Largest Bitcoin Miners & Bitcoin Media