[2018-03-23] 20 asian banks set to launch blockchain conglomerate by 2019

[tropyc]

Singapore and Hong Kong regulators have announced a new blockchain powered partnership involving 20 Asian banks.

1 min read: https://tropyc.co/pages/singapore-hongkong-blockchain-fintech-banks-conglomerate-2019

https://i.imgur.com/os8XWxn.jpg

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[cliffdex]

Don’t forget, banks are businesses and their main agenda is profit making. Government support these banks as the banks provide financial security to the government. Moreover, the government owns the public sector banks. Banks will go out of business if they stop printing money and rely on Bitcoins.
Nobody likes to reduce profit and suffer a loss consciously when they are running a business. Banks have heavily invested in a crypto currencies especially Ripple, and others still to come depending on the Government and investors.

[Fazlurkhan.kz]

Banks to some extent are getting more concerned about staying in the game and have started to consider cryptocurrencies as a threat and are taking necessary steps to prevent their eradication. One of these steps is what these Asian banks are going to implement so as to keep the faith of the common people in banks as it used to be before cryptocurrencies were introduced but still, these banks won't be providing complete control to the people like all other cryptocurrencies do and this would be a negative point for this step to fail.

[Crypdon]

This is exactly why it is not worth investing in ripple. Banks are not going to use to use someone else's creation as it is too risky and they have no control over it. if blockchain technology is going to be adopted they will simply create their own coin either as an individual establishment or in a collaborative group.

[bitart]

This is exactly why it is not worth investing in ripple. Banks are not going to use to use someone else's creation as it is too risky and they have no control over it. if blockchain technology is going to be adopted they will simply create their own coin either as an individual establishment or in a collaborative group.

There's no need to create a separated coin for each bank in order to be in complete control of it. If this happens, bank's won't accept each other's coins, even if they're in the same country and using the same fiat currency.
Banks won't create a coin but will develop a blockchain based solution. People won't be interested in bank coins, they only want quick and affordable transactions. They don't mind how banks would solve this, as long as the service of the banks' is cheap and reliable. Banks can make some advantage for themselves using the blockchain term in their advertisements.

[Razick]

We can always trust on asians to take the incentive when it comes to using future technology that is way ahead of it's time. They are never found lacking in situations like these and always make sure to be in and get ahead of the wave. I look forward to seeing more news like these from other parts although I am not surprised that asians were the first to do it.