Crypto Baijiu Bank Set For Take Off

China’s prized Baijiu liquor is about to enter the world of crypto as the team behind the Italian Wine Crypto Bank is set to launch the world’s first-ever Baijiu bank in September. The project is described as an innovative initiative that will bring together blockchain, NFTs, digital assets, and one of the most sought-after collectible Chinese liqueurs in the world. The bank will accept a wide range of cryptocurrencies, including BTC, ETH, ADA, BNB, LTC, TRN, DOGE, USDT, DAI, SHIB, BUSD, NANO, BTCV, BTT, XLM, TUSD, USDC, WBTC, and PAX USD.

According to Vinicio Eminenti, a prominent wine and spirits distributor, the revolutionary concept is being built on the expertise accumulated in the last few years with crypto wine banks. He is a partner of The I Factor LTD, a Hong Kong-based company that owns the trademark of the Crypto World Wine Bank and the Italian Wine Crypto Bank.

However, Baijiu, particularly the pedigreed varieties, is susceptible to counterfeiting issues. To address this, the company will use blockchain technology to track and monitor each bottle. Each bottle will carry an NFC crypto-tag that can track its movements and detect whether it has been opened or tampered with. The same blockchain technology implemented for the Crypto World Wine Bank will also be used.

Despite China’s hardline stance on cryptocurrency trading, the Baijiu bank will accept crypto payments from all over the world. However, the NFTs will initially be available on international platforms, and the company hopes that they will soon be traded legally on a secondary market in China as well. These NFTs are not cryptocurrencies, but digital collectible items with a key to redeem a bottle of Baijiu.