Are banks scared of crypto

[royalfestus]

I dont know if the news about bank-cryptocurrency  in China is true.  suddenly after managing the crypro regulation in china a lot of media are adopting cryptocurrency including the banks (Arch enemy). There are possibilities of adoption by financial institution and relevant trading companies that could give the coin so much use. I heard they already had a date for launch but cant imagine china going this far in short a while after all the reaction against the space in past months.  

[Youghoor]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

Banks are not really afraid of cryptocurrency. They just don't like the idea of decentralization where everybody can be in charge of their transactions without any third parties involved it the transaction.  They believe that with the introduction of decentralized platforms, people will no long need their services.

[erickkyut]

Banks are not aftaid of crypto. It is their number one nemesis. All of the major characteristics of crypto are the opposite of the banks such as decentralization, low transaction fees, control over the monetary system, etc. If crypto will become the main attraction in the monertary system in the future, banka will surely deplete if they will not do some innovations.

[barbara44]

Of course, banks are afraid of crypto because they cannot control it and because crypto can move the entire banking system

The system of cryptocurrency is just too strong for them to be able to control and I doubt if they have that authority to place a ban, only financial regulators which they are all under too has the right to pronounce ban on those coin and they have to even do it with the approval of government.

Government might be skeptical about the use of cryptocurrency but that would not mean that they are planning on banning it, so if the government itself has not pronounced the use of cryptocurrency illegal, I don't think there is any bank that can ever ban it. The worst they can do based on their own power is to refuse any transaction that has to do with cryptocurrency and not all bank will do this, so it may generate more power for some banks that would accept it.

[longtkhd]

Where banks were previously dismissive of Crypto, considering it a fad, the rapid growth over the last year has highlighted many weaknesses in the traditional banking system. Is their answer to modernise? Nope. We have all out war. Why? Because they are scared. And they have every right to be.Cryptocurrencies present a real threat to the fundamental model of banks, the financial middlemen, who make money charging you fees to store and use your money, which they lend out to others and charge interest on.Bitcoin is fast, it’s efficient, and it’s relatively low cost. However, I still believe that the bank offers more utilities than digital currency brings, so there is no need to worry because the bank is still a certainty to the community.

[Reid]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

It is not really about that.
It is the anti-money laundering law which they are scared about. The government closing them down when found they are permitting their customers to do transactions that will buy bitcoin as an example.
There is no traces there afterwards.
Once you bought bitcoin they will never know where this money will circulate. It could go anywhere or worse it would be used for illegal things specially creating a terrorist group. 

Try to be positive in every reason and maybe you wont get stress with this kind of thoughts.

[The3max]

They are already adopting blockchain technology, so I think they are embracing it because they feel the threat. They must be scared if they do nothing because crypto can really surpass them. If the banks banning your sale or freeze your crypto money, then that’s a normal procedure by AML, and the banks.

i guess its true,banks are scared about this reality ,they keep disrupting crypto activities
but in reality its the other way around. All they can do actually is just cooperate with the technology.

I agree with your point. Banks should partner with cryptocurrencies, which will help make payments publicly and transparently and quickly. However, legal issues are at the forefront, because blockchain technology cannot be controlled, banks fear this will lead to the loss of their money value.

[btcholder]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

I think also they are scared of crypto. If you check last couple of years, crypto market is rising very strongly. Crypto is one of biggest opponent for bank industry. That's why many banks try to create their own blockchain. They know sooner or later crypto will replace on bank and that's why they are trying to create their own blockchain.

[lobat999]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

I think also they are scared of crypto. If you check last couple of years, crypto market is rising very strongly. Crypto is one of biggest opponent for bank industry. That's why many banks try to create their own blockchain. They know sooner or later crypto will replace on bank and that's why they are trying to create their own blockchain.

Not all banks are scared of crypto since some are making efforts to adopt this technological innovation and use it to further strengthen their
business and never get left behind by competition. I guess only banks that don't support crypto technology should be scared if they aren't wise
enough to adopt to it. Imho.

[nicecrypto]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

I think also they are scared of crypto. If you check last couple of years, crypto market is rising very strongly. Crypto is one of biggest opponent for bank industry. That's why many banks try to create their own blockchain. They know sooner or later crypto will replace on bank and that's why they are trying to create their own blockchain.

Not all banks are scared of crypto since some are making efforts to adopt this technological innovation and use it to further strengthen their
business and never get left behind by competition. I guess only banks that don't support crypto technology should be scared if they aren't wise
enough to adopt to it. Imho.

i don't even think there are any bank as of now that will be afraid of crypto because they offer totally different services, infact, 95% of crypto don't even offer any services yet so why will banks be afraid? crypto still have a long way to go to have such influence, aside from btc and eth, most other crypto have nothing to offer, banks don't feel threatened by them.

[Tylev]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

I think also they are scared of crypto. If you check last couple of years, crypto market is rising very strongly. Crypto is one of biggest opponent for bank industry. That's why many banks try to create their own blockchain. They know sooner or later crypto will replace on bank and that's why they are trying to create their own blockchain.

Cryptocurrency does not even have the illusory ability to significantly affect the work of banks. Banks will always have enough of their work, which will not intersect with cryptocurrency. First of all, it is servicing and lending to the economy of the state, and in this regard, banks work closely with state authorities. The second area is banking services to legal entities of all forms of ownership. If someone thinks that business structures will switch to cryptocurrency settlements, they are mistaken. Business structures need banking support of accounting documents, which are then provided to the tax service and audit. These documents will not replace any blockchain. As a result, banks will cooperate with cryptocurrency in those areas that will be beneficial to the banks themselves. These are such as exchanging fiat and cryptocurrencies, participating together with cryptocurrency in payment and credit cards, and others.

[barbara44]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

I think also they are scared of crypto. If you check last couple of years, crypto market is rising very strongly. Crypto is one of biggest opponent for bank industry. That's why many banks try to create their own blockchain. They know sooner or later crypto will replace on bank and that's why they are trying to create their own blockchain.

I am not sure they are completely scared of cryptocurrency, because the blockchain technology ought to have been used by banks in a very long time, they will only be scared of cryptocurrency when it becomes means of legal tender, and since government is yet to pick interest in legalizing it, it is of no threat to them.

I even feel that banks are benefiting money in the cryptocurrency because most people are still holding it as means of asset now, and when they need to convert their profit, they convert both capital and profit into fiat and then store it in their banks, which means that banks will have more money to be able to give out loans to the public where they usually make their money from on interest. So, I think that banks are even more interested in cryptocurrency.

[paynercash]

Banks live on the savings people send and they will take that money to business or loan for profit. But if the virtual currency market thrives, people invest in this market instead of depositing the bank, where is the capital so that banks can turn around? So, does the virtual currency market scare them or not? I think this market will have an effect on the bank if it thrives.

[Ryker1]

Banks are not aftaid of crypto. It is their number one nemesis. All of the major characteristics of crypto are the opposite of the banks such as decentralization, low transaction fees, control over the monetary system, etc. If crypto will become the main attraction in the monertary system in the future, banka will surely deplete if they will not do some innovations.

Well, we have the same thought as well, and I think not just scared but really scared because if more people will know what bitcoin is. They might invest in it rather than investing in the banks that only have lowest interest rates in that case banks might be closed and all the people will transfer to invest in bitcoin to earn a big profit. Indeed, the fact that cryptocurrency might one and the big competitor of the Bank soon, that is the reason why they are afraid.

[milani]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

Of course bankers are afraid of the situation when banks may be replaced by some other institution or ways to keep and send money. But in my opinion it may happen some day, but not in the near future. Too many directives are connected to the banking system, too many people use the banking system for different things. So I think bankers are not too afraid because they understand their importance nowadays and that people will still be using the banking system more than anything like crypto for their everyday needs.

[Danslip]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

Of course bankers are afraid of the situation when banks may be replaced by some other institution or ways to keep and send money. But in my opinion it may happen some day, but not in the near future. Too many directives are connected to the banking system, too many people use the banking system for different things. So I think bankers are not too afraid because they understand their importance nowadays and that people will still be using the banking system more than anything like crypto for their everyday needs.

This conversation just remembered me the invention of the email which was the end of the mass mail post service. The same destiny is the first reason why banks are afraid of the crypto transactions, the faster mass adoption happens the end nears for the greedy bankers. The people have no bank accounts can adapt easily to the online crypto banking projects and this can cause a butterfly effect which is the dangerous for traditional banking, financial system.

The recent market situation is not easy to trade and bankers can take an advantage of the chaos. It is obvious to think about the power of the bankers to the governments, the new regulation rumors can be the reason for the next downtrend. Chaos trading is the hardest exam for the traditional financial market traders who usually traded the spot forex markets or the stock shares of Apple, Microsoft, Google.

[lumierre]

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

What is your thoughts on banks banning the sales of crypto do you think they are scared they will be replaced

Banks are not really afraid of cryptocurrency. They just don't like the idea of decentralization where everybody can be in charge of their transactions without any third parties involved it the transaction.  They believe that with the introduction of decentralized platforms, people will no long need their services.

Banks are not going to support Bitcoin, so the attacks to this cryptocurrency will be continued. The only fact that different representatives of the banking system decided to change their pointes of view does not mean much. However, bankers see their profits from being in the crypto market and they are taking steps to penetrate in it. This will attract new capital and customers.

[Doyenne]

Are you sure they are scared? I believe they don't understand their doom yet.

[Little_king]

Definitely yes , cos there is no biz that will be happy sent it customers been taken away and loosing income in that regard as crypto has made it easy to send money and receive money with borderless transfer and very low cost on like the huge fees and delay in banking system