What is the ramifications of Banks getting into Cryptocurrency?

[CryptoNewKey]

Lots of banks seem to be making the move into cryptocurrency. Does this mean it will become a new type of fiat or at least a centralised controlled political coin?

[vibingpositively]

Good one, I mean they can certainly try. But the nature of cryptocurrencies and how the market is means that people here do not want centralized coins. Ripple has done well for itself sure but how many more of those do you

think can exist? Certainly dont think every country could have their coin but there could be another one or two coins backed by most governments. I personally would not invest in it because I hate that concept of centralization

and letting governments control the power. This P2P network that has been built upon bitcoin is brilliant and would appreciate it if it stayed this way!

[merchantofzeny]

Lots of banks seem to be making the move into cryptocurrency. Does this mean it will become a new type of fiat or at least a centralised controlled political coin?

I don't know about other cryptos but for bitcoin, I don't think they'll be able to control it completely unless they stage a takeover attack on the miner side. They could slap it with regulations to make use of it harder but that can only go so far.

I think what they are trying to do now is buy "stakes" into bitcoins and other cryptos by hoarding coins, just like how they horde fiat. As for "projects" I think they are just trying to learn from the blockchain technology and apply it to their business.