Fiat, Banks and the future of Cryptocurrencies

[JohnBitCo]

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

Banks should merge crypto currencies with their system. They cannot just ignore them as digital currencies are here to stay. So it is better to develop a system in which both fiat and crypto should be regulated. This is the only way the banks will survive otherwise crypto will overcome fiat currency in the near future.

[ATMD]

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

Banks should merge crypto currencies with their system. They cannot just ignore them as digital currencies are here to stay. So it is better to develop a system in which both fiat and crypto should be regulated. This is the only way the banks will survive otherwise crypto will overcome fiat currency in the near future.

So to keep ahead of the game, it is best for banks to adopt crypto in the long run

[Don_Leonardo]

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain.  Do you think such a scenario is plausible?

nobody knows for sure mate! We'll see. It's like MGO's leap a few days ago. Seem like crypto is a complete mess or something

[KesoNie]

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain.  Do you think such a scenario is plausible?

nobody knows for sure mate! We'll see. It's like MGO's leap a few days ago. Seem like crypto is a complete mess or something

I think fiat and bank will be remain to be used while cryptocurrency will more features come and become more develop. The future of them are depend in the demand, so as long as many people are still using and believing to it, surely it will remain and possible last longer. Especially to cryptocurrency because its very profitable.

[Rexha]

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain.  Do you think such a scenario is plausible?

nobody knows for sure mate! We'll see. It's like MGO's leap a few days ago. Seem like crypto is a complete mess or something

I think fiat and bank will be remain to be used while cryptocurrency will more features come and become more develop. The future of them are depend in the demand, so as long as many people are still using and believing to it, surely it will remain and possible last longer. Especially to cryptocurrency because its very profitable.

Agreed. Since people still trust crypto and wait for the recovery it won't simply disappear in a second. Of course the market is so f*ckn insane nowadays but we just have to adapt and overcome it imo!

[reality18]

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

Banks should merge crypto currencies with their system. They cannot just ignore them as digital currencies are here to stay. So it is better to develop a system in which both fiat and crypto should be regulated. This is the only way the banks will survive otherwise crypto will overcome fiat currency in the near future.

Most banks are already operating with some form of digital currencies like the paypal. The banks choose centralization, one they can entirely manipulate to suit their interest. Cryptocurrency does not allow this. Maybe to avoid the conflict between decentralization of crypto and centralization of the banks, both must be allowed to coexist as separate financial platforms with each offering its unique services.

[deppil]

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

how do fiat and cryptocurrency combinations work? yeah I also think that crypto won't be able to replace fiat.
and legalization will not be obtained easily for crypto. but with much of bitcoin user. I'm sure the government will consider that

[DavidNiva]

I have not experienced such problems with the Bank. But I have friends from other countries who have been facing exchange problems lately. Those exchanges that work with Fiat constantly limit the list of countries to which Fiat can be sent after the exchange. They are motivated by the requirement of KYC.

maybe that kind of thing was only agreed upon for a country that was categorized as blacklisted, indeed such a state was forbidden to do any kind of trade, also transfers between countries, but that did not apply to all countries, only for certain countries, for us to transfer to any country has never had a problem.

[LincolnMikkel]

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain.  Do you think such a scenario is plausible?

nobody knows for sure mate! We'll see. It's like MGO's leap a few days ago. Seem like crypto is a complete mess or something

Better say December '17 BTC leap. That was absolutely shocking 

[Lexurdania]

In my opinion, in the future cryptomarket should be regulated by government. We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

[ausbit]

I think the one thing we should all look forward to is the stability of crypto currency. I mean more and more countries and companies are getting in on crypto currency so these money will bolster the price. Banks and other financial institutions are also looking into joining in on crypto currency but is waiting for regulators to go in first.

well, I think the development of fiat, and the bank will lead to cryptocurrency if its development on the internet. I have read a number of articles that are concerned with the development of fiat that are utilized by the blockchain, which is tantamount to combining fiat with crypto. well, whether it will be a development in the future, I think this will be a pretty good development.

Of course, banks will not use cryptocurrency until the state legalizes it and there will be no corresponding instructions for banks. I also think that in the future fiat and cryptocurrency will not only be forced to coexist with each other, but these types of currencies will be combined in various combinations to complement each other's capabilities. It will also be beneficial for cryptocurrency, which cannot replace the national money of states.

Banks have been getting more pro-crypto every day. I kinda like this version of banks because they have been showing promise of being innovative and actually caring about improving the quality of their "product" to the customers. I mean their product is not exactly a product but you know what I mean.

With crypto being more intertwined with the banks and them having trillions of dollars in funds for lobbying they could actually achieve a crypto currency law system that is beneficial to both them and us much quicker than what we could have done without them. That is why I think crypto should be focusing on getting help from bigger players and that way we can actually become something major instead of staying as a hipster currency. It is the only way we can get out of this sticky situation.

[TheUltraElite]

In my opinion, in the future cryptomarket should be regulated by government.

It would make it totally same at the stock market where government influential whales are going to manipulate the market while the common people are eaten in feeding frenzy. Regulation does have its bad effect but there are far more problems with regulation coming in, that too from governments, not that non-government regulation would by any good either.

We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

If you are investing in ICO you should do it at your own risk. Handing out your money to others in crypto will be surely without any return. However you are never sure that the person whom you sent the KYC to is a legit one.

[Argoo]

In my opinion, in the future cryptomarket should be regulated by government. We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

Not everything in cryptocurrency should be regulated by states. The basic principles of the existence of cryptocurrency, namely, its decentralization, relative anonymity and confidentiality should remain. ICO activities should be regulated in order to protect the rights of investors and other participants in the campaigns of the ICO bounty, but no one should interfere in the ICO process itself.

[nur rochid]

In my opinion, in the future cryptomarket should be regulated by government. We already seen too many scam ICOs this year and to protect investor money, government should regulating cryptocurrency. I am agree that exchanger should comply to KYC because many people think crypto is used for money laundering

Not everything in cryptocurrency should be regulated by states. The basic principles of the existence of cryptocurrency, namely, its decentralization, relative anonymity and confidentiality should remain. ICO activities should be regulated in order to protect the rights of investors and other participants in the campaigns of the ICO bounty, but no one should interfere in the ICO process itself.

but with the regulation of ico by the government, it can at least suppress fraud in ico, where it has caused many investors to be disappointed, and if noted this can make the market fall

[Semosuchi Tesongrato]

The day when governments will actually be able to regulate the crypto world will be the end of every real chance of gain and bitcoin will be a currency like any other: no longer decentralized, but under the control of a central bank. And goodbye to Satoshi's dream.

[Tylev]

The day when governments will actually be able to regulate the crypto world will be the end of every real chance of gain and bitcoin will be a currency like any other: no longer decentralized, but under the control of a central bank. And goodbye to Satoshi's dream.

Regulation of cryptocurrency does not always mean direct control of it. If by regulation we mean only the establishment of the legal status of a cryptocurrency, the determination of the order and conditions of its circulation within the state and, of course, taxation, and its basic principles of existence will not be affected, then it is quite normal for cryptocurrency and after that it can develop and enter in our life. Without such regulation, a cryptocurrency cannot develop anyway. Therefore, it is necessary to put up with such regulation.

[Greed Dev]

 I think banks won't be able to do that. because most banks are now made up of entrepreneurs' capital and they have no power to decide to destroy a big market like crypto. I think they have only one way: close cooperation between blockchain technology and banks.

[millgates]

ICO should run under the law, the developer who want to hold an ICO should comply with many jurisdiction atleast jurisdiction of their country. I don't recommend to invest in ICO which has no complete company profile and legit documents. Honestly I have no problem with KYC but you know that kyc make more complicated things in using exchange site so if there are some people who get problem with kyc then they have to be helped immediately and give them fast respond.

[TheUltraElite]

I think banks won't be able to do that. because most banks are now made up of entrepreneurs' capital and they have no power to decide to destroy a big market like crypto. I think they have only one way: close cooperation between blockchain technology and banks.

Banks are made like that but dont forget that big money holders are also gradually entering into cryptocurrencies and are enthusiastic about them. This makes it bullish surely but that does not mean that the banking system will stop. It will be there and more partnerships will happen which leads to adoption of blockchain based technology.

In the future blockchain tech will be something of a force to be reckoned with and maybe the governments would allow legally transacting bitcoin. Very bullish so to speak.

[Kiir]

I'd like to see them go, but there is NO chance banks are going away.

Shit, I bet at least 70% (And I may be generous) of all the people here has a debt at this very moment.
You're tied to the bank far more than you think.