Belgian bank KBC announced to launch its own cryptocurrency

One of the largest insurance and banking companies in Belgium, KBC announced its plans to launch its own cryptocurrency.

Belgian bank KBC announced to launch its own cryptocurrency

The bank’s native cryptocurrency called KBC coin would be like a reward token that will allow the bank to develop interaction strategies with its customers, promote its platform, and compel users to adopt its services.

The announcement was published by the bank during a presentation of the first months of ‘Kate,’ the virtual assistant included in the banking app.

KBC Coin is not available publicly currently but it is already in the testing phase in private environment. The bank, however, has not disclosed further about the project.

In addition to the regulatory framework and the economic characteristics of the project, KBC is focused on the technological and privacy issues of its cryptocurrency. The CEO Johan Thijs said they wanted to “protect the identity of their customers,” providing users a platform that allows having complete control of their data.

This distinction is vital for the bank as it has maintained a cautious stance on cryptocurrencies for years.

The bank apparently considers security concerns over blockchain and cryptocurrencies. Long before the crypto boom started In 2015 which brought bitcoin and ICOs into the public spotlight, the Bank was already warning its clients about risks associated with trading bitcoin and other cryptocurrencies.

In addition to overcome the preconceptions, The KBC cited Central Bank Digital Currencies, a type of digital asset that is backed by a bank and functions as fiat money.

However, CDBCs are not entirely safe. Recently, news posted over Dubai Coin, a scam currency touted as a token issued by the Dubai government, spiked over 1000% in today despite warnings from the country’s administration saying it had no connection to the project.