Why are banks against cryptocurrency?

[IamAltcoinfan]

In recent years crypto is expanding and gaining popularity but banks are not ready to use these digital assets , assuming that it will bring risks .The main point is that crypto is volatile due to which banks sees this as a risk as the price is not stable sometimes and they also believe that this is not a stable investment .Moreover these banks make money over transactions but bitcoin does not need a third part for any transactions .Another main reason is decentralization .The decentralization removes the centralized authorities making the transactions fore flexible.

[Ojinga]

So what I'm ultimately getting out here, is that crypto currency can't go in line with banks. What are your thoughts towards this?

I think that only those cryptocurrency that are created by central banks and the regulator can go in line with banks. That is, CBDC and those cryptocurrency that they can control (emission, block and freeze accounts, track any transactions).

(0) BANKS ARE AGAINST CRYPTOCURRENCY BECAUSE THEY CAN'T MAKE MONEY FROM IT. Why should a bank, as a commercial organization (a business that makes money from money), be loyal to cryptocurrency, because of which they lose their commissions on transactions?

what makes you think banks can't make money from it? The banks are not the major problem here but the actual problem are the government. If crypto currency and central banks goes in line of agreement to have commission with each other's. They'll definitely benefit from the Bitcoin Just that the government haven't approved it yet, just as I said earlier they're scared of fraud and scams. Because the crypto currency it's a digital system which operates with regulative landscape. So some fear cryptocurrency can be used for illegal activities due to their anonymity, banks have strict anti- money laundering (AML) protocols and may hesitate deal with anything could raise red flags.

Banks will profit from cryptocurrencies through service charges on transactions. Some banks might also make money from hodling Bitcoin and other renowned coins. But this does not erase that they can also experience losses dealing with it because of the high risk associated with the sector. Customers dealing on crypto true centralized platforms like banks would have to undergo strict KYC, so the banks wouldn't be scared of scams or money laundering because it can easily be identified or traced.

The reason why banks don't deal with crypto is because the government has not approved it. Some countries have not been able to enact comprehensive regulatory laws that will bring the sector under the control of the government, so they are playing safe by restricting banks from joining the sector. The US ensured that they had a robust law to monitor and control the ETF before it was approved. Maybe in the future, more countries will be more friendly to Bitcoin after they have put control mechanisms in place.

yes you're at point at this, but does the government really thinks that if they approve Bitcoin and regulate the laws to work with the banks. There will be more damages and more illegal platforms claiming to work with the crypto currency that's the scard of scams, but all I know is that in the future if they finally come together the central banks and crypto currency things will be nice and transactions across the world will be more faster and cheaper than now. Cause most be will like to convert their money to coins and the more people are getting more knowledgeable with crypto currency the more banks are getting their percentage as well, and charges or rates will be more lesser while transacting to any where in the world. So right now it's left for the government to change things as soon as possible.

[Asiska02]

I don’t think banks are the ones against Bitcoin. It should be the government that is against Bitcoin because they don’t have control over it. The banks actually report to the government and because Bitcoin isn’t doing the same, they don’t like it. Because starting from tax and other things they’d have implemented or rule they’d have set, they can’t. Bitcoin takes out the middle man and the government can’t do nothing about it, no matter much they dislike it.

The government own and regulate the banks. All other private banks are been controlled and regulated by the central bank of that country, they can’t do or undo anything until they get the permission from them which makes them centralized under the government. Bitcoin have been able to close that bridge and make it difficult for government to regulate and keep rules for. One thing about government fighting bitcoin is that, what you don’t create, you can’t destroy it. The customer base of these banks which in turn replenish back to the central banks from revenues generated from their staffs through tax has become difficult and not optimally sustainable for them after the introduction of bitcoin, so they will fight bitcoin will all they have but cannot still achieve what they aimed at.

[Antotena]

FIRST WHAT'S CRYPTO CURRENCY? A digital currency in which transaction are verified and records maintained by a decentralized system Using cryptography, rather then by a centralized authority. The crypto currency are not centralized authority, so banks don't allowed them. Which are characters
in 6 ways.

Banks are not the one that hate  crypto, it's your government that hate crypto because they own the banks and the banks are for their own profits, so they policies people to avoid cryptocurrency or they dance to their music for not listening to the rules set aside and guess what, they love the taxes, isn't that hypocrite of them? Look at a whole 30% interest they want from crypto investment, their own system of investment isn't favouring people and because they don't want to lose people into crypto, they raise the taxes to discouraged people.

One thing you should know why Bitcoin/crypto stand is that it's a stand alone network, it doesn't need a single person permit before it can work, Bitcoin network has never stop working for once ever since I know it but my local banks has run out of network since yesterday until this morning before it finally come online and it has done this countless, this is to tell how failed banks has been but we didn't recognize this earlier until bitcoin came into limelight.

[G-aluminum]

Banks are often cautious over cryptocurrencies for several reasons, one major concern is that cryptocurrencies operate outside the traditional banking systems which can potentially challenge the bank role in financial transactions, it can also be harder for banks to monitor and regulate transactions raising concern about money, laundering , fraud and other illegal activities