Big Bankers Say Cryptocurrencies Do Not Threat The Global Financial Stability

[kennen1113]

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.

I think this is true because even though bitcoin can be considered by everyone to become a place to store, replace this feature of the bank but the level of risk in this process is still too big when it is not a stable coin, even with many other crypto, this is similar, very few coins are stable. In addition, too much information deception and defamation about crypto the value of trust with crypto is still low while trust in the bank remains constant, that makes the bank not too much pressure or fear before this weak threat

[1714642767]

1714642767

[1714642767]

1714642767

[1714642767]

1714642767

[1714642767]

1714642767

[iMark]

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.

Really? because these conference was attended by many heads of state including my president and American president, very special if they also discussed about bitcoin. in my opinion, bitcoin does not threaten anything, but bitcoin improves the world economy, there should be someone who said that in that forum

[justdimin]

I guess they are saying it will not destroy global financial stability, thats not a bad thing. Everyone keeps reading this and hears "banks will survive crypto and crypto is not strong enough to destroy banks" but maybe they are just saying "crypto is the new financial revolution and banks will adapt to it", maybe they are actually coming around and thinking crypto is actually what would make banks better?

That is still a possibility and I think that will ripple into the near future. There are many banks working with blockchains now or at least making experiments on them, there are ones trying to build their own coins and there are even a lot of talks banks supporting Libra as well, so as you can see crypto is not a threat, they are right, crypto is actually a support for them.

[guoyu78]

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.

Really? because these conference was attended by many heads of state including my president and American president, very special if they also discussed about bitcoin. in my opinion, bitcoin does not threaten anything, but bitcoin improves the world economy, there should be someone who said that in that forum

If that was true, it would really be a welcome development, but I have not come across such news, I know that there was a G20 summit, but never new that cryptocurrency was part of the agenda discussed, if it was, we ought to have seen that on cryptocurrency news sites which I do visit most of them on a daily basis, but have not come across anything close to that, also if something like that happened, these are type of the fundamentals that usually increase the chance of bitcoin surging, but I don’t think the recent surge is any way related to this meeting, and I would have loved that he can post the ink to the source of his information, otherwise I would just count it has rumor, but if it were to be true, then we are another one step ahead.

[Tylev]

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.

Really? because these conference was attended by many heads of state including my president and American president, very special if they also discussed about bitcoin. in my opinion, bitcoin does not threaten anything, but bitcoin improves the world economy, there should be someone who said that in that forum

If that was true, it would really be a welcome development, but I have not come across such news, I know that there was a G20 summit, but never new that cryptocurrency was part of the agenda discussed, if it was, we ought to have seen that on cryptocurrency news sites which I do visit most of them on a daily basis, but have not come across anything close to that, also if something like that happened, these are type of the fundamentals that usually increase the chance of bitcoin surging, but I don’t think the recent surge is any way related to this meeting, and I would have loved that he can post the ink to the source of his information, otherwise I would just count it has rumor, but if it were to be true, then we are another one step ahead.

At the recent summit of G-20 countries, the issue of cryptocurrency was really discussed and a statement was made by the results of such discussion, which stated that cryptocurrency really does not represent a threat to global financial stability, and it was also suggested that it could have a positive impact on the economies of states.
Such an assessment of cryptocurrency by the world states creates good prerequisites for further price growth of cryptocurrency.

[TastyChillySauce00]

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.

Really? because these conference was attended by many heads of state including my president and American president, very special if they also discussed about bitcoin. in my opinion, bitcoin does not threaten anything, but bitcoin improves the world economy, there should be someone who said that in that forum

If that was true, it would really be a welcome development, but I have not come across such news, I know that there was a G20 summit, but never new that cryptocurrency was part of the agenda discussed, if it was, we ought to have seen that on cryptocurrency news sites which I do visit most of them on a daily basis, but have not come across anything close to that, also if something like that happened, these are type of the fundamentals that usually increase the chance of bitcoin surging, but I don’t think the recent surge is any way related to this meeting, and I would have loved that he can post the ink to the source of his information, otherwise I would just count it has rumor, but if it were to be true, then we are another one step ahead.

At the recent summit of G-20 countries, the issue of cryptocurrency was really discussed and a statement was made by the results of such discussion, which stated that cryptocurrency really does not represent a threat to global financial stability, and it was also suggested that it could have a positive impact on the economies of states.
Such an assessment of cryptocurrency by the world states creates good prerequisites for further price growth of cryptocurrency.

Crypto will not become a threat until it gotten big enough, the global leader could say that in public but im pretty sure they are already preparing regulations or some sort of thing, even Libra is now receiving pressure from various side there's no guarantee that the G20 countries will not take an action in the future.

[Ozero]

Such a statement by bankers just indicates that cryptocurrency poses no threat to banks. Bankers in this case, it makes no sense to lie. Just cryptocurrency has not yet become widespread in order to actively express itself. In addition, states are in no hurry to legalize it, and this also leaves an imprint on the attitude towards it. However, on the other hand, let it be so, why do cryptocurrencies conflict with conventional currencies. Better to help each other better.

[teosanru]

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 fact is that Cryptocurrencies are not affecting global financial stability due to the fact that it is still adopted at a very minuscule scale which is less than 0.1% of global finances. Just think if cryptocurrencies become even 2-3% of the total currencies in circulation think of how the money can be laundered into Cryptocurrencies and this would go out from the circulation as per the central bank. They wouldn't have the correct money supply statistics while framing their policies which means external dynamics could become reason of inflation and deflation.

[alyssa85]

Bankers just want to make money. In a world of negative interest rates and low volatility, cryptocurrency offers the chance to make loads and loads of money because of how volatile it is.

So bankers will not only embrace crypto, they'll try to be the dominant players in trading it.

Governments are different. Some (like in the United States) are relaxed because they believe the dollar is not under threat. The weaker govts that have capital controls in place (like China) have banned crypto because it loosens their control over people.

I know people think bankers and the govt are the same - but in reality they have very different interests.

[Anegg]

The less people believe that cryptocurrency is a threat the better for all of us. This causes a reduction in regulations surrounding its use and therefore allows greater freedom for anyone that holds crypto and makes the process of investing much easier for potential users.

Their statements are true for present time, Bitcoin really has not had any effect on the economy and makes up only a microscopic amount of the total transactions which occur. However, in the future it could pose a huge threat to regulated society, placing strain on banks and we will just have to wait and see how these bankers' views of bitcoin change when the realize its ability.

[ReiMomo]

Bankers just want to make money. In a world of negative interest rates and low volatility, cryptocurrency offers the chance to make loads and loads of money because of how volatile it is.

Probably because they can say that cryptocurrency does not threaten global financial stability due to lack of interest. I have a doubt, in the long run, they might regret what they say since cryptocurrencies for now and they will see now how good it is and very well known to many countries around the world. There are already many people investing in it because they find it more profitable rather than investing in the bank.

[Beparanf]

It is true that the cryptocurrencies doesn't give them a threat about the financial stability because the government is on their side and when they see that cryptocurrencies is taking over the financial institutions then they can just simply ask the government to do something so they can stop the revolution of currency.

Thhe stability is not seen yet globally due to no mass adoption. Like their government, many government still didn't see the use of cryptocurrencies or blockchain good effects and useful functions if use by their government in financial planning. I don't think they don't consider it as threat since they know that their government will never opt to chance their system or to be this advance to use crypto and blockchain regularly.

[Eclipse26]

No matter how much adoption cryptoccurency will get, most people are still dependent on banks and fiat and it can't even bother the global financial stability. Money will still continue to circulate and banks will still function. Even us. We're into cryptoccurency, but still we go to banks and we rely on them.

The popularity and population of crypto is not yet enough to be considered as a threat to them. As long as they're being supported by the government, they don't have to worry about it.

[Mumbeeptind1963]

Bankers just want to make money. In a world of negative interest rates and low volatility, cryptocurrency offers the chance to make loads and loads of money because of how volatile it is.

Probably because they can say that cryptocurrency does not threaten global financial stability due to lack of interest. I have a doubt, in the long run, they might regret what they say since cryptocurrencies for now and they will see now how good it is and very well known to many countries around the world. There are already many people investing in it because they find it more profitable rather than investing in the bank.

Also I think they find a good solution when the time comes that bitcoin is already knows all over the world and been already legalize. Maybe they will team up with other cryptocurrency, they will put withdrawal rates too more higher than usual. Add the fact that not all people now are do not know so much thing in bitcoin some of the rural areas do not have internet connection thats why traditional banking will always be the answer.

[barbara44]

It is not going to change much for USA because of dollars value that is true and it is gonna be a big challenge for China or Russia because they are doing fine. However for the middle countries it may change a lot of stuff.

Like maybe Greece will start to accept crypto taxes in crypto form, anyone who has profited anything from crypto has to pay taxes to government in form of that currency, which means the treasury will have a ton of bitcoins sitting around, yeah they may end up with a bad financial situation at one time but they would have a ton of crypto to cover those expenses and get out of recession.

There are a ton of countries who are not USA, UK, China and what not. You can't just hope Venezuela or Zimbabwe figures out a way with crypto neither, they are too far gone. So, anyone who is at the middle would take advantage of it.

[suzanne5223]

It is not going to change much for USA because of dollars value that is true and it is gonna be a big challenge for China or Russia because they are doing fine. However for the middle countries it may change a lot of stuff.

The last time I checked, the whole world economy is slowdown, rate of jobless people is high and every national currency is losing which was the reason why some wealthy people switch some of their funds into gold or invest in a mining farm. Cryptocurrencies are the best alternative for change globally.

There are a ton of countries who are not USA, UK, China and what not. You can't just hope Venezuela or Zimbabwe figures out a way with crypto neither, they are too far gone. So, anyone who is at the middle would take advantage of it.

We can't justify the capacity of cryptocurrencies through whats happening in Venezuela or Zimbabwe because the major cause of their problem there was bad government and I'm sure if the Zimbabwe government still allow cryptocurrency the state of their economy will be fair.

[Btcvilla]

Big Banker want to protect their investor keep save money in bank and never move their assets in bitcoin, but other side when bank member know how increase money by saving in bitcoin they will move soon their money from the bank to bitcoin, but have ready for take risk with bitcoin price when up or bitcoin down.

[redsun114]

It is true that the cryptocurrencies doesn't give them a threat about the financial stability because the government is on their side and when they see that cryptocurrencies is taking over the financial institutions then they can just simply ask the government to do something so they can stop the revolution of currency.

If the big players in the financial industries says that bitcoin does not pose any threat to them, I think we should just agree that it does not because they are the ones that knows every financial structure and they are able to tell what poses threat or not, and I think it really does not pose threat since it will be impossible for fiat to die, fiat system is too strong, and what can only be eliminated is the paper currency and not fiat itself.

I think Mr satoshi also knows this, and this is why he created bitcoin to be an ALTERNATIVE to the fiat system and not as replacement. Also know that we are dealing with human beings, they can easily be manipulated, and many of these banks will only end of creating cryptocurrency for the government which they will impose on people.

[Mike Mayor]

What does the Indian government want anyway? What are they so afraid of? Crypto can't possibley be that big that it can cause this much drama. It juts seems like drama for the sake of drama and everyone up in arms about something or another making a huge noise. Stopping banks from operation with crypto-related businesses is a bad idea. These businesses bring external money into the country and provide jobs. How can that possibly be a bad thing? Too busy arguing about nonsense to see this great opportunity for their country.

[karanggatak]

They can say whatever they want to say. They may see it as a shrimp for now but they'll act differently when they see its market cap starts to hit $1T or so.

Is this thread should be on Press?

Apple had $1T marketcap recently, then it crashed by 40% and guess what, the world didn't end, and even American economy didn't suffer from it. And crypto has low liquidity compared to stocks, so marketcap is even more meaningless in this case.

Crypto will not be able to threaten global economy and banks, because it doesn't have enough users. Bitcoin exists for 10 years and since the beginning people though that mass adoption is coming soon and the revolution will begin, but there's no signs of it coming. It's time to open your eyes and realize that crypto is a niche product that is not suitable for everyone and that majority of the population doesn't care about freedom or privacy.

yes I agree with you the existence of cryptocurrency will never threaten the stability of the global economy and banks. because cryptocurrency users when compared to bank customers is far more bank customers. and banks will always be supported by the government so it is unlikely that cryptocurrency will beat the bank. and some of our society is also not ready to make bitcoin and cryptocurrency the actual currency that we can use to shop. so I am sure we will always need banks and fiat money.