Big Bankers Say Cryptocurrencies Do Not Threat The Global Financial Stability

[Eugenar]

If we will base it today then it is true that cryptocurrencies do not have any threat for the global financial stability because the big banks and the governments still control the majority of the flow of economy. All of the big establishments and companies are registered and regulated under the government and because of that, government is still dominant here.

But I see your point is focusing on the present condition of the market, though, bankers opinion is based on their future preferences, we on the side of cryptocurrency sees a different view. Still the same that crypto will not impose threat to Global Financial Stability, but a threat to Bank operations and procedures. If most people will utilize cryptocurrency, how come banks manage fiats, or else, they should adopt blockchain technology to their systems.

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[Kambal2000]

If we will base it today then it is true that cryptocurrencies do not have any threat for the global financial stability because the big banks and the governments still control the majority of the flow of economy. All of the big establishments and companies are registered and regulated under the government and because of that, government is still dominant here.

But I see your point is focusing on the present condition of the market, though, bankers opinion is based on their future preferences, we on the side of cryptocurrency sees a different view. Still the same that crypto will not impose threat to Global Financial Stability, but a threat to Bank operations and procedures. If most people will utilize cryptocurrency, how come banks manage fiats, or else, they should adopt blockchain technology to their systems.

It has no impact for now, as only 1% of the total population knows Bitcoin, so it has no effect at all, unless majority of countries regulate and implement this as a legal tender, as well as the adoption becomes 50% and up, then it will have a big impact in the global financial. It is not yet a threat for now, if the bank will not adopt and won't accept cryptocurrency soon, then, this will be their biggest mistake in the future, they cannot control the number of users to use this soon, so they should do something about it.

[toast]

If we will base it today then it is true that cryptocurrencies do not have any threat for the global financial stability because the big banks and the governments still control the majority of the flow of economy. All of the big establishments and companies are registered and regulated under the government and because of that, government is still dominant here.

the country's economic system which is regulated by the government must have analyzed and studied the system used by the crypto currency and the possibility of the government has made a system to anticipate the development of crypto currencies and the consequences that would have been obtained by the country's economy if it had indeed threatened had of course been removed

[bitbunnny]

Well, I have to say I agree with that.
Cryptocurrencies are still not regulated in majority of countries and not introduced into economy and financial system. Don't also forget that relatively small number of people is using cryptocurrencies and the volume of funds isn't big. Also, many people are just holding their coins instead of placing them in real world so I can't see how all this together could influence the economic stability.

[Mometaskers]

Not in the near future. Adoption is still quite low to make an impact on the economy. In the meantime, the banks are preparing for eventualities by researching blockchain that would allow them to be more efficient and that might help them retain customers.

Just now I was reading a thread about China's plan for its own crypto. Cryptos might just go mainstream in the form of government crypto.

[sirminesalot]

Not in the near future. Adoption is still quite low to make an impact on the economy. In the meantime, the banks are preparing for eventualities by researching blockchain that would allow them to be more efficient and that might help them retain customers.

Just now I was reading a thread about China's plan for its own crypto. Cryptos might just go mainstream in the form of government crypto.

banks and crypto currencies everything that we cannot avoid if investing in crypto currencies because until now there are still many banks that refuse if crypto currencies can make banks experience something undesirable, of course they have made plans in anticipation of these problems

[Mometaskers]

Not in the near future. Adoption is still quite low to make an impact on the economy. In the meantime, the banks are preparing for eventualities by researching blockchain that would allow them to be more efficient and that might help them retain customers.

Just now I was reading a thread about China's plan for its own crypto. Cryptos might just go mainstream in the form of government crypto.

banks and crypto currencies everything that we cannot avoid if investing in crypto currencies because until now there are still many banks that refuse if crypto currencies can make banks experience something undesirable, of course they have made plans in anticipation of these problems

OK I got a bit confused with what you're trying to say there but if you are agreeing, then thanks. In business you really have to anticipate big changes. That meant not just preparing for what competitors are trying to do but also what would happen in your industry. For example the Klaytn Governance Council had certain Asian banks as members. Wouldn't be surprising if banks were active in the formation of similar initiatives.

[panganib999]

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.

Virtual currencies aren't really a threat, in fact it portrays and could offer lots of benefits and advantages to the economy in terms of boosting it. Cryptocurrencies already saved some country's business men and investors from the crisis theat certain countries are going through such as  inflation, economic crisis and such. If there would be any threat that the government could see, that is the decentralization of some coins making them lose control over it, but the threat of replacing fiat with cryptos are not to be bothered about for there are lots of things the cryptocurrency should enhance.

[spike420211]

First, they said obvious things, the share of bitcoin in a market economy is negligible compared to other financial giants. However, how much noise around this little bubble creates!
Even if Bitcoin threatened them in the most direct way, they would say one thing, that everything is okay, but acted in such a way as to take control or limit the influence of cryptocurrency, which they are now doing.

[Memminger]

First, they said obvious things, the share of bitcoin in a market economy is negligible compared to other financial giants. However, how much noise around this little bubble creates!
Even if Bitcoin threatened them in the most direct way, they would say one thing, that everything is okay, but acted in such a way as to take control or limit the influence of cryptocurrency, which they are now doing.

It is not that much of a threat at the moment but maybe when the market volume of the cryptocurrencies would rise then it would be something massive that would influence greatly in the economy, industry and the welfare of the people.

[kapalmabur]

First, they said obvious things, the share of bitcoin in a market economy is negligible compared to other financial giants. However, how much noise around this little bubble creates!
Even if Bitcoin threatened them in the most direct way, they would say one thing, that everything is okay, but acted in such a way as to take control or limit the influence of cryptocurrency, which they are now doing.

It is not that much of a threat at the moment but maybe when the market volume of the cryptocurrencies would rise then it would be something massive that would influence greatly in the economy, industry and the welfare of the people.

we have entered the era of digitalization, so now the government should think about it more deeply,
I like China, Japan and Korea, even Singapore, they are all developed countries and support this technology, blockchain can change the world,
I don't believe that the US does not will support Bitcoin and its technology, hopefully the US government can realize that bitcoin is not a threat

[Mumbeeptind1963]

Not in the near future. Adoption is still quite low to make an impact on the economy. In the meantime, the banks are preparing for eventualities by researching blockchain that would allow them to be more efficient and that might help them retain customers.

Just now I was reading a thread about China's plan for its own crypto. Cryptos might just go mainstream in the form of government crypto.

Yes it is, cryptocurrency is not yet used worldwide, there still some problems that it is needed to be fix so that the whole world can adopt it, but the thing is it is not really a threat to bank, economy and financial stability of a country not unless it will be legalized and accepted as one of the major currency in every country, until it is not yet legal then it could not be a threat.

[AicecreaME]

I almost choked myself up with water when I've heard the word "stability" from banks, I mean, really? that's the funniest joke I've ever heard if they are going to tell it's a joke instead of acting like a tough one against cryptocurrencies. I didn't know that stability means getting killed with inflations or by their monetary policies that lets them do whatever they want from their own currency.

I know this big banks are shaking up inside but pretending nothing is happening in their business for people not to panic and continue to support their "Scheme" by stealing people's money secretly.

[Driggers95]

Not in the near future. Adoption is still quite low to make an impact on the economy. In the meantime, the banks are preparing for eventualities by researching blockchain that would allow them to be more efficient and that might help them retain customers.

Just now I was reading a thread about China's plan for its own crypto. Cryptos might just go mainstream in the form of government crypto.

Yes it is, cryptocurrency is not yet used worldwide, there still some problems that it is needed to be fix so that the whole world can adopt it, but the thing is it is not really a threat to bank, economy and financial stability of a country not unless it will be legalized and accepted as one of the major currency in every country, until it is not yet legal then it could not be a threat.

But what we almost realize is that cryptos can't overcome its drawbacks because over the years, the government has spent a lot of time exploring and understanding that crypto is a system that includes these special features, destruction or containment is impossible. Fortunately, crypto has only grown within a relative range that does not exceed government limits, people only know how to use it for investing, rarely applied to real life when usefulness is not popular and inappropriate, so the bank does not feel the threat is certain when it is just an investment project for some people, not at a global level.

[deisik]

I almost choked myself up with water when I've heard the word "stability" from banks, I mean, really? that's the funniest joke I've ever heard if they are going to tell it's a joke instead of acting like a tough one against cryptocurrencies. I didn't know that stability means getting killed with inflations or by their monetary policies that lets them do whatever they want from their own currency

Let's admit it, major fiat currencies are pretty solid (as in rock-solid)

I mean currencies like the US dollar, Euro, Swiss frank, maybe a couple others. Indeed, they are all strictly inflationary in the long term, but the inflation rates in the range of 2-3% yearly are quite bearable and don't make a lot of difference within the timespan of a few years

Things are quite different with the rest of the bunch but as long as you can save your money in these "hard" currencies (by diversifying your cash portfolio), you can consider yourself more or less protected. The point is, whether Bitcoin will be a safe haven in case of a global financial meltdown remains an entirely open question

[Broly46]

Big banker said crypto do not threaten their big fat wallet full of cash. Billions dollar in cryptos market cap is child play compare to trillions dollar they have amassed, they don’t even need to take any action yet, not until crypto slowly put some dent into their stronghold.

[davinchi]

cryptocurrency is not yet used worldwide, there still some problems that it is needed to be fix so that the whole world can adopt it, but the thing is it is not really a threat to bank, economy and financial stability of a country not unless it will be legalized and accepted as one of the major currency in every country, until it is not yet legal then it could not be a threat.

It is not a threat to them because they know that many people that are using cryptocurrency now are using it as digital asset and yet to be using it for payment and when it comes to the use of it as digital asset, we all know that in the end of the whole thing, people don’t keep the coin in the wallet, but rather, they change it to fiat and still keep it in the traditional banking system, so even the money they pull put off the bank into the cryptocurrency is being returned back to the bank with so much profit on it and thereby giving the bank more money to do the business that they like, but the day that bitcoin will start being used as currency is the time that banks will start feeling it as many people, will prefer to keep their money in their own personal wallet.

[mersal]

Big banker said crypto do not threaten their big fat wallet full of cash. Billions dollar in cryptos market cap is child play compare to trillions dollar they have amassed, they don’t even need to take any action yet, not until crypto slowly put some dent into their stronghold.

They care about the things that is why banks influencing governments to restrict the usage of crypto and asking for complete ban but still the debate is going on many countries.If they thought cryptos won't threat the world's banking sector then why they were doing those to crypto currencies.

[panganib999]

Members of G20 group of nations' central bamk governors and ministers  had a meeting about it in fukoka Japan, and their discussion touched cryptocurrency space, economoc growth and financial stability. Financial leaders aimed to align anti-money laundering and discussed counter the funding of terrorism so that money won't be used for any ill intended activities. In this meeting they've also discussed that cryptocurrency doesn't affect or not even stand as a threat, in the contrary they even see that it has a great potential. They even admitted that technological innovations like these that underlies to the crypto aasets can deliver financial benefits to the financial stability system. They even brought up the concerns about the loss of funds of some users of crypto due to hacking and urged the FSB to work on enhancing cyber resilence.

[kaya11]

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?

" that majority of the population doesn't care about freedom or privacy."

They can't just stop from being a slave of the capitalists, how would they feed theirselves and their family. Only the rich are able to and they are just few, by the way they did'n have a slight chance to have a revolution, they are contented on what life they have. Worst is they even see crypto as a threat to their wealth. Interested people that wants a change are only a few, I include myself. The people who suffered great lost from the capitalist world, they want change too, and one day maybe the change we want isn't unreachable anymore through crypto.