A trade war misstep? China is vacating crypto battlefield to US banks

At the same time that China has declared war on cryptocurrencies, giant American banks appear to be embracing crypto — evident the final week of July with the news that crypto firm Lukka will provide State Street (NYSE:) Bank’s private fund’s clients with digital and crypto asset fund administration services. This follows forays into the crypto space from the likes of BNY Mellon (NYSE:) , JPMorgan (NYSE:) , Citigroup (NYSE:) and Goldman Sachs (NYSE:) among traditional bank heavyweights.

Is it too early to speak of trend and counter-trend? And if a trade war has broken out between the United States and China, as many believe, why is China turning its back on cryptocurrencies while some of the West’s largest financial institutions, long wary of crypto, appear to see fresh value in blockchain-based digital currencies?

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