Is there any real use for bank-backed cryptocurrency ?

[okala]

You can send money in every place around the world with smaller fee compare fiat.
Imagine if you have business and you can compare between fiat and crypto's fee

Also people want to put away for bank because they love decentralized paradigm

You are right what make crytp the first choice is the ability to send and receive money from any where and at any time with small fees compared to the traditional financial method where there is restrictions and high fees been charge for each transactions. But to say the bank will back any cryptocurrency that I can not say exactly what will happen in the future.

[The Cryptovator]

If a crypto-currency backed by bank, then will it not called centralized? I think so, I know people's will more interested is such as currency created. And one more think, if bank think to create crypto-currency then most likely they will create stable coin like fiat because of volatility. If volatility remain same then what is the benefits of backed by bank? Crypto-currency wasn't created for centralized.

[muratsink]

in my opinion, until today, no bank covers crypto or creates crypto. however, some banks have made plans to stabilize their existence in the future when digital currencies receive huge recognition from the world.

I think banks in my country are interested in crypto, but they are still thinking about the public who are not ready to accept this technological innovation.

[Pattart]

I have not seen an official announcement of any bank developing they own cryptocurrency, and to say they stands against crypto have always been a negative side I will not expect any new development of bank creating their own cryptocurrency because the nature of cryptocurrency is decentralized and at that the bank will not be able to control the affairs of such coin even if they own it as long as it operate on the blockchain.

I have read a few number of articles about some bank accept cryptocurrency to deposit in their account. i dont know its true or not. for around me there is no use of cryptocurrency freely backup by bank. I think it takes a long time to reach that condition

[Tylev]

Beginning with the fact that cryptocurrency was originally built in some sort as a mean to avoid banks and the bureacracy related to those kind of thing, is there any use for bank to launch their crypto, why would people who are searching for a non-centralized way to manage their asset to join centralization expert like JPM or other  

Soon we will see various options for using cryptocurrencies, including banks. Therefore, it is not surprising if banks issue their centralized national cryptocurrency. About the release of their cryptocurrency talked in Sberbank of Russia. This just coincides with the recent law in Russia allowing ordinary citizens to use only the local cryptocurrency.
To such a cryptocurrency, I think, should be treated calmly. It is unlikely that it can harm the decentralized cryptocurrency, but it can draw the attention and interest of people to it.

[Alpinat]

There will always be some people that will be like us; liking crypto and believing in cryptocurrency. Bank backed will not be easy but for sure there are many people that are thinking about it. They can't just do it because the value of bitcoin and also the legalization. Somethings in bitcoin industry will not happen because of govenrment.

[lyks15]

People like in investing of not centralized investment like i  crypto as simple as they can have a good or big incone in investing on it unlike in the legal or centralized investment like bank investment who will give you a very small amount of investment income even your investment is already invested in other big venture investment. So people will always choose where they are get a good income.

[timerland]

Beginning with the fact that cryptocurrency was originally built in some sort as a mean to avoid banks and the bureacracy related to those kind of thing, is there any use for bank to launch their crypto, why would people who are searching for a non-centralized way to manage their asset to join centralization expert like JPM or other   

They're likely not targeting the people who actually care about decentralization anyways.

What bank-backed cryptocurrencies are in essence are just an easier way to account for the liabilities of a bank. Moving these accounts off a centralized database and onto the blockchain could result in benefits like security and reduced costs for the bank, not to mention that they can take advantage of the buzz around crypto.

Also, it's very likely that in the future banks will increasingly be utilizing blockchain technology in a centralized manner, especially in the case of backed tokens that only have their value derived from a bank's assets. These should co-exist alongside bitcoin, and have differing usage cases that don't necessarily have to conflict.

[Argoo]

All news about bank backed cryptocurrencies are telling that they are gona be some stablecoins like USDT or TUSD but that ones would be used to cut some expences and fees for the bank that issued them without any serious relation to the other crypto world. Which means it would have no impact on the Bitcoin price. Banks are just finaly using blockchain to cut their costs.

Yes, I also agree with you. The cryptocurrency created by banks is likely to be more like a stable cryptocurrency if such a centralized cryptocurrency is supported by the state and has national status. Only the centralized cryptocurrency of individual state bodies and commercial structures will create their own centralized cryptocurrency, which can bring profit to their owners. It is difficult to predict the popularity of such coins and the demand for them.

[romero121]

The technology that is behind bitcoin is highly efficient when compared to the traditional system that we use in the banking industry. We cannot say that there isn't any use of bank backed cryptocurrency, because already there were few banks that have adopted the technology and now it's been under use for transactions within the country. Likewise the small level of adoption when increases big can experience a big change with the bank backed cryptocurrency.

[Irvinn]

If a crypto-currency backed by bank, then will it not called centralized? I think so, I know people's will more interested is such as currency created. And one more think, if bank think to create crypto-currency then most likely they will create stable coin like fiat because of volatility. If volatility remain same then what is the benefits of backed by bank? Crypto-currency wasn't created for centralized.

If banks issue their centralized cryptocurrency, then most likely it will be a stable coin, which will be equal to their usual national currency. Although there may be exceptions, depending on what goal the bank has set for itself.
Banks can also provide fiat cryptocurrency exchange services. From this, the cryptocurrency will not become more centralized.

[Sirait]

some rumors say that the BANK does not want cryptocurrencies to remain because it will disrupt their business, and some more rumors say that some BANKS are developing their own cryptocurrencies. but I so sure that in the future BANK will use cryptocurrency and adopt Blockchain Technology, maybe my belief will be strengthened by the number of ICO appearances that use the BANK concept and the more stable coins appear.

[kotajikikox]

There will always be people who would be interested in a cryptocurrency which is backed by banks since they might feel it would be more secure in nature and because of the big names involved.

So, it might take off if enough investors are interested in such a currency.

I agree with mate popularity us powerful.get people.encourage, but we need to accept at this moment banks tie up.with crypto is very impoetant and uaeful because they it to convert digital currency into fiat.

[Deylandra]

an asset backed crypto currency cannot take advantage of expanding the money supply like bitcoin or other alt coins can.

[n0ne]

some rumors say that the BANK does not want cryptocurrencies to remain because it will disrupt their business, and some more rumors say that some BANKS are developing their own cryptocurrencies. but I so sure that in the future BANK will use cryptocurrency and adopt Blockchain Technology, maybe my belief will be strengthened by the number of ICO appearances that use the BANK concept and the more stable coins appear.

As said, both exist. There are banks that are opposing bitcoin fearing that it'll slow down their business. With this a calculation is made and from that a clear data is taken stating the loss of banks in terms of transactions and the fee for the same. Moreover on the other side there are lot of financial firms work creating their own cryptocurrency. I've come across boscoin which is one such initiative and this is used for transactions within the country and for cross border transactions bitcoin is used.

[incomefromcoins]

Bank-backed cryptocurrency will be a stable coin which in return a centralized cryptocurrency in complete control in hands

[Vishnu.Reang]

There can be multiple uses for a bank-backed crypto-currency. For example, it will make the conversion of crypto to fiat much easier (first we need to convert the decentralized crypto to the bank crypto, and then the latter to fiat currency). Also, in case the banks support their own versions of crypto-currency, it will become difficult for them to justify the continued hostility towards the decentralized cryptos. Eventually, they may be forced to accept the existence of such currencies.

[ZloiRediska]

There can be multiple uses for a bank-backed crypto-currency. For example, it will make the conversion of crypto to fiat much easier (first we need to convert the decentralized crypto to the bank crypto, and then the latter to fiat currency). Also, in case the banks support their own versions of crypto-currency, it will become difficult for them to justify the continued hostility towards the decentralized cryptos. Eventually, they may be forced to accept the existence of such currencies.

I think that banks are interested in cryptocurrency technology. It is necessary to solve only a few problems and then this technology can be applied on a planetary scale. I think that in 5-10 years blockchain and cryptocurrencies will be used everywhere!