The big Belgian bank KBC comes up with its own digital currency, but is it crypto? Insider on cryptography

Crypto Insiders have very few readers in Belgium and we now have some interesting news for them! Large bank insurer KBC will launch its own digital currency: KBC Coin. It was recently read in the morning.

Cryptocurrencies have a variety of uses. One of them is the easy arrangement of loyalty campaigns. Customers can earn codes and then exchange them for additional services. KBC Coin will be used for these purposes:

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Employees can also be rewarded with digital currency. KBC Coin’s plans were announced during a presentation on ‘Kate’, the KBC banking app. It was emphasized that the currency cannot be compared to cryptocurrencies such as Bitcoin (BTC).

“It is a“ closed loop. ”So it is not a currency like the euro that you can travel around the world in and make payments everywhere,” says CEO Johan Thijs. Whether the coin is in blockchain technology is still not clear at all.

KBC was working on another token in 2019, the Utility Settlement Currency (USC), now known as Fnality. KBC was one of 14 founders of the The project Develops a symbol for international interbank settlements.

In other news close to home VanEck announced on Friday It will launch two new investment products for cryptocurrencies on the Euronext exchanges in Amsterdam and Paris. Its products include cryptocurrency and Bitcoin Ether (ETH).