Big Bankers Say Cryptocurrencies Do Not Threat The Global Financial Stability

[farwellbit]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

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[FanEagle]

I think stability aside it doesn't threat the fact that we are still digitalizing our current monetary system, me and my wife realized we didn't had any cash today for example, literally zero cash available at our house today, she was going some place where she has to use a parking lot and it was 2 bucks per hour which is not that much and don't get me wrong we have plenty in credit cards and debit cards I can put my car there and keep it there for a whole month without a problem yet in cash we had zero.

She took my debit card to withdraw some so she can pay in cash (parking lot doesn't take card) and that tells you how much we are moving away from cash to digital without crypto anyway. So it is definitely possible that banks are already ready for the crypto revolution more than we think they are.

[Hemady17]

Banking is a major system of monetary exchange carrying out economic activities and this is been a centuries. And now, cryptocurrency made its way to the world. A major shift has happened in how people can do business and make transactions. Suddenly, the value is able to be exchanged outside of the traditional banks in the flash of a mobile phone. I think this will become a threat if one country will not allow the existence of cryptocurrency to be a part of their economy. You, people will tend to look for a way that will make them hassle free.

[South Park]

I think stability aside it doesn't threat the fact that we are still digitalizing our current monetary system, me and my wife realized we didn't had any cash today for example, literally zero cash available at our house today, she was going some place where she has to use a parking lot and it was 2 bucks per hour which is not that much and don't get me wrong we have plenty in credit cards and debit cards I can put my car there and keep it there for a whole month without a problem yet in cash we had zero.

She took my debit card to withdraw some so she can pay in cash (parking lot doesn't take card) and that tells you how much we are moving away from cash to digital without crypto anyway. So it is definitely possible that banks are already ready for the crypto revolution more than we think they are.

We are definitely moving from a physical form of money to one that is digital but that is where it ends the similarities between fiat and bitcoin, banks have a monopoly and like any monopoly they do not want to lose it, but now a competitor has appeared that does not depend on them and in fact makes them obsolete and they are not sure how to respond, one day bitcoin is a huge threat to the monetary system and the next they think of it as if it is not a big deal, but deep down they know that bitcoin is the greatest threat they have ever faced and they are not sure they will win this battle.

[adzino]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

They do hate bitcoin and other crypto currencies. They feel threatened by their existence. Who said they aren't against it? Even VISA started to cut ties with companies that provided cards that can be recharged using crypto currencies. There are countries were the bank closes customers account if they find any transaction related to crypto currencies. I would say this is quite normal. We all know, bank will slowly be removed from existence if crypto currencies become mainstream.

[Lanatsa]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

They do hate bitcoin and other crypto currencies. They feel threatened by their existence. Who said they aren't against it? Even VISA started to cut ties with companies that provided cards that can be recharged using crypto currencies. There are countries were the bank closes customers account if they find any transaction related to crypto currencies. I would say this is quite normal. We all know, bank will slowly be removed from existence if crypto currencies become mainstream.

I disagree with you where even crypto currency becomes mainstream i cant really see that it would remove banks anytime soon.
As long theres government they wont let that thing to happen.They can ban all they want but getting rid with crypto isnt possible.
They do exist on both separate purposes so we should simply accept into that reality.

[MinMan]

First of all was there anyone that claimed that it is affecting the global financial stability? The main thing I have seen people complain most about is that Bitcoin can be used for money laundering and can also be used for other bad purposes and which will make the users unable to be traced since Bitcoin is anonymous (or pseudo anonymous as some would say… But still they won't be caught, with Bitcoin they can cover their traces pretty well. So it's still the same thing, it's anonymous.

[RealMalatesta]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

That part B of your first sentence is exactly the issue with ban, you think banks are created to really save your money, is that how they so much love us? The reason why they are after you saving your money with them is because of the profit they are making from our savings.

The charges alone give them millions of dollars as profit in a month, and not to talk of the interest they get back when they use our money as loan to big firms. If you don’t keep your money with them, how would they make profit for them to survive, be able to pay their staff salary and maintain their strictures, this has been their major fear.

[Fredomago]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

That part B of your first sentence is exactly the issue with ban, you think banks are created to really save your money, is that how they so much love us? The reason why they are after you saving your money with them is because of the profit they are making from our savings.

The charges alone give them millions of dollars as profit in a month, and not to talk of the interest they get back when they use our money as loan to big firms. If you don’t keep your money with them, how would they make profit for them to survive, be able to pay their staff salary and maintain their strictures, this has been their major fear.

It's all about benefits they won't care if they are not being affected it's a usual business that needs to be catered by the banks, they care if you are bringing them profits, from those billions of people who use their service surely it will always be for the benefits of the company and nothing away from that point.

[South Park]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

They do hate bitcoin and other crypto currencies. They feel threatened by their existence. Who said they aren't against it? Even VISA started to cut ties with companies that provided cards that can be recharged using crypto currencies. There are countries were the bank closes customers account if they find any transaction related to crypto currencies. I would say this is quite normal. We all know, bank will slowly be removed from existence if crypto currencies become mainstream.

Since bitcoin is a direct competitor to their business then it makes perfect sense for them to try to block its rise especially if those using bitcoin are using their services, however as long as the reasons for the creation of bitcoin are there then bitcoin will continue to thrive, for example banks want to charge huge fees for moving your money while bitcoin only requires a few dollars, banks want a monopoly while bitcoin is willing to compete against them and against thousands of other coins, so as long as they do not change they cannot kill bitcoin.

[Mahanton]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

They do hate bitcoin and other crypto currencies. They feel threatened by their existence. Who said they aren't against it? Even VISA started to cut ties with companies that provided cards that can be recharged using crypto currencies. There are countries were the bank closes customers account if they find any transaction related to crypto currencies. I would say this is quite normal. We all know, bank will slowly be removed from existence if crypto currencies become mainstream.

Since bitcoin is a direct competitor to their business then it makes perfect sense for them to try to block its rise especially if those using bitcoin are using their services, however as long as the reasons for the creation of bitcoin are there then bitcoin will continue to thrive, for example banks want to charge huge fees for moving your money while bitcoin only requires a few dollars, banks want a monopoly while bitcoin is willing to compete against them and against thousands of other coins, so as long as they do not change they cannot kill bitcoin.

Killing bitcoin is really just pointless yet it isn't really possible no matter how these big bankers would do.
We know on how big is the community that do supports bitcoins existence.They might say that Crypto doesn't give any thread then
I do see that it is just a fake cover up but deep inside they do know the risk that can possibly affect to their traditional service.

[indrakusumaindra]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

They just afraid that people will leave fiat currency and i do think cashless society is the future and bank just like to prevent it to happening. I do think bank should follow the developments of technology and they can build a crypto custody instead rather than trying to destroying it.

[fiulpro]

Maybe that's the real reason why they are influencing the governments to ban the cryptocurrencies in many places at the same time they are shutting down the cryptocurrencies savings when being deposited in accounts or even , those Which are used to sell , thats why they are not in a support of buying and selling the cryptocurrencies using their services.

If that's so then why are they saying this ?
On the contrary they are giving out statements to the press telling the general public to stop engaging in it as it might be difficult for them in the future.

[Lifestudent38]

Big Bankers Say Cryptocurrencies Do Not Pose a Threat to Global Financial Stability

The Financial Stability Board, a global inter-governmental body with over 20 member countries, has ruled that virtual currencies are not a threat to the world economy. The assessment could have an impact on India, whose central bank is part of the board.


FSB Says Cryptocurrencies Won’t Affect Global Financial Stability
While the crypto winter shows signs of dissipating, 2019 may bring good news for the cryptocurrency ecosystem in India. Highly unfavorable regulations imposed by the Reserve Bank of India, the country’s central bank, have forced many companies in the industry to leave or close down.

However, last week’s report from RBI gives new hope to the country’s crypto space, as all signs point to easing its stance on digital assets.

According to Quartz, the Financial Stability Board (FSB) has said that virtual currencies are not a threat to the world economy. The board, established in 2009 in the aftermath of the 2008 global financial crisis, includes finance ministers and central bankers from all of the G20 nations.

The board’s assessment came to light after RBI quoted the agency in a report released last week, Quartz reported. The FSB’s initial assessment indicated that crypto-assets currently do not pose a risk to global financial stability.


India’s Central Bank Could Be Easing Its Stance on Cryptocurrencies
Even though these assessments are not legally binding for any of the FSB’s member countries, they are usually adhered to in order to maintain global standards, said Quartz. With that in mind, the report was well received by the crypto community in India, who see it as a ray of hope for the following year.

India’s central bank has effectively banned cryptocurrencies, forbidding all banks operating in the country from providing services with companies in the industry.

Businesses and traders have been vocal about the need for more regulation in the industry, saying that the lack of transparency when it comes to the legality of the assets opens doors for government abuse.

On December 28, 2018, Pon Radhakrishnan, the minister of state for finance, told the lower house of the parliament that the country still hadn’t set a deadline for any norms regarding the industry.

However, Nischal Shetty, CEO of WazirX, an Indian cryptocurrency exchange, told Quartz that a lack of regulation isn’t always bad news.

    “It probably means that the government of India does not see cryptocurrencies as a matter of immediate concern, or something that needs to be regulated right away. This at least means that fears of a ban are not imminent,” he explained.

Cryptocurrency enthusiasts may want digital currencies to one day replace fiat. Yet, it seems that the G20 is not too concerned. Perhaps this will give crypto more time to flourish under the existing economic framework.


Reference: https://cryptoslate.com/big-bankers-cryptocurrency-not-threat-global-financial-stability/

The South African Reserve Bank has stated that Cryptocurrency will become a material threat to the financial system if the market capitalization exceeds $1 trillion... SA Resbank Consultation Paper on Cryptocurrency

[guoyu78]

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The South African Reserve Bank has stated that Cryptocurrency will become a material threat to the financial system if the market capitalization exceeds $1 trillion... SA Resbank Consultation Paper on Cryptocurrency

Different financial analyst with their own view to cryptocurrency, while some people sees it as threat to banks, some do not see it as threat, it all depends on the system of government operating in each country and how transparent they are in their financial dealings and to their citizens.

If you see any government fighting cryptocurrency, it is majorly because of tax, if they were transparent to their citizens and are treating them right, even if they use cryptocurrency to transact their businesses, they will still declare their monthly transaction to the government for them to be tax. People are embracing crypto more because of how government is threatening them in a hard way as regards tax. So crypt should not really be threatening to them, because its economy value to their country should make them forget their personal interest.

[BitHodler]

The South African Reserve Bank has stated that Cryptocurrency will become a material threat to the financial system if the market capitalization exceeds $1 trillion... SA Resbank Consultation Paper on Cryptocurrency

They don't realize how flawed the market cap metric in crypto is. The ratio between the market cap of a coin and the actual amount of money within its ecosystem is incredibly poor-- worse than penny stocks in some cases.

It will come down to how much use crypto enjoys, and what that use actually is. If we're stuck in speculation mode even when we do exceed the $1 trillion total crypto market cap, it will not form a threat to any government.

People need to see the value of crypto as disruptive currencies, not as gambling tools allowing them to potentially make big gains. I'm sure we are still many many years away from being at that point.

[Natalim]

I have always thought the same, cause I don't really see how cryptocurrency is affecting banks, though I do think that it might affect how much they make from transactions as a lot of people might starting opting for Bitcoin for making transactions. But apart from that there is no other way I think that cryptocurrency is affecting banks. If it was affecting them they would have started against it all this while and that would have led to the government stopping cryptocurrency once and for all.

They just afraid that people will leave fiat currency and i do think cashless society is the future and bank just like to prevent it to happening. I do think bank should follow the developments of technology and they can build a crypto custody instead rather than trying to destroying it.

That would not happen if the government would not allow it, let's think it this way, the world we are living is pretty regulated and if the government will ban bitcoin, things will look bad. The government will always protect their interest as fiat is the money they created, maybe I would believe that adoption of crypto will increase but it would not make fiat useless or make it inferior against crypto.

[bettercrypto]

Really? I don`t think so.
Bitcoin is a threat with them. Many people even I have already trusted to save money in bitcoin form than in banks. Either the banks have smaller interests. I trust bitcoin because I already cashed out many times. Though, the network clogs sometime, I still be able to send money with my family even I am only at my house. Cryptocurrencies are way better than banks.

[Nellayar]

Really? I don`t think so.
Bitcoin is a threat with them. Many people even I have already trusted to save money in bitcoin form than in banks. Either the banks have smaller interests. I trust bitcoin because I already cashed out many times. Though, the network clogs sometime, I still be able to send money with my family even I am only at my house. Cryptocurrencies are way better than banks.

Well, that is just a reverse psychology as I think. They want to have assurance with their clients that they are still capable of transacting money better than bitcoin and blockchain. That is just to persuade their investors to lend more money with them since they just want to emphasize that banks are good. Let us just see how they capable to address one`s need.
They want to have a friendly game battle because they will promote cryptocurrencies for their own purpose

[Leyss]

This is not just the big bankers. This was recently announced by the G20 countries on the results of the summit in Japan. In addition, it was stated that cryptocurrency can have a positive impact on the global financial system. This means that the states will continue the process of cryptocurrency legalization and we are expected by the general regulation of cryptocurrency at the level of intergovernmental organizations.