First crypto Bank in the world

[Tash]

There is no need for a Bank. Everyone operates his own bank and can control his money straight out of his wallet.
https://www.relayx.com/card


First few words on Bitcoin Whitepaper, person to person e-cash system.
It does not say peer-to-bank-to-peer.

A Peer-to-Peer Electronic Cash System....

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[shoreno]

im not indian but i find this great and my salute to the indian country because no matter how the complicated the status of crypto in thier place they still end up with a plan like this  whilst ours and other countrys that have a normal status of crypto didnt have the courage or they havent think of this idea but its nice that you posted this because they may get a glimpse of this and also may start thier own . cant wait for this to happen but for now i think ill continue stacking sats and btc so that when that moment comes when we have a btc bank i have lots of funds to store in it

[Anonylz]

Sounds great to those who don't mind about kyc and regulations, for those who wants to keep their privacy, i don't think this news is any better than having your crypto in cex and going through the required kyc process, however, i guess this is one of the sacrifice to be made to gain mass adoption - regulations.

[Shasha80]

The purpose of creating Bitcoin by Satoshi Nakamoto is to eliminate third parties when financial transactions occur. So we can control our own finances
and become our own bank. If crypto transactions carried out in banks are no longer decentralized, surely the bank wants to control its users. Therefore,
we do crypto transactions, we don't need a bank, so using a bank is only for cashout.

[Obito]

Sounds great to those who don't mind about kyc and regulations, for those who wants to keep their privacy, i don't think this news is any better than having your crypto in cex and going through the required kyc process, however, i guess this is one of the sacrifice to be made to gain mass adoption - regulations.

At least in this one, the clients are safer because their money that is in this crypto bank is going to be insured. I mean what is the difference between a KYC on other exchanges and this crypto bank? I doubt that there won't be a lot of difference. It is not sacrifice, this is part of the innovation, more like crypto banking as I like to call it.

[Lucius]

Why do we need a bank if Satoshi wanted to create a decentralized bankless system!? Bitcoin is meant to be bankless why should we go back to the old days. Creating the central authority to control cryptos is not a good idea. It can be only possible if the bank by itself is decentralized.

Because most people are not ready to separate from the current financial system, in other words, they are not ready to be their own bank. At the same time, various companies see in all of this their opportunity to make money, and they don’t care at all why Satoshi invented Bitcoin. While we all know the saying "not your keys, not your coins", we also know that it's a big responsibility that many are not up to - people lose Bitcoin every day using desktop, mobile and even hardware wallets - and so for some of them it definitely makes sense that there is a crypto bank.

Of course, I don't like the idea either - BTC has become too centralized in the sense that large quantities are stored on crypto exchanges and custodial wallets - and if we know that they all operate in accordance with the law, that same law could at any time freeze all those funds.

[Lordhermes]

Isn't this news be having disruption from the India government? because recent news around the corner about cryptocurrencies ban in India, although since it gonna go decentralized, a single F2F or rather peer to peer system can be created for easy transactions from all customers end. Invariably, assurance had be covered that many adoption of cryptocurrency will occur in the future, many country will join in the train of development crypto currency banks.

[MWesterweele]

im not indian but i find this great and my salute to the indian country because no matter how the complicated the status of crypto in thier place they still end up with a plan like this  whilst ours and other countrys that have a normal status of crypto didnt have the courage or they havent think of this idea but its nice that you posted this because they may get a glimpse of this and also may start thier own . cant wait for this to happen but for now i think ill continue stacking sats and btc so that when that moment comes when we have a btc bank i have lots of funds to store in it

I do already have suspicions that one day we will going to have a crypto Bank, and finally it went on reality however i didn't expect that it would be risen first on India for I am expecting that it would be materialize first in the US country or somewhere Americas or Japan. However, whether where it were built or risen this was still a good news for the crypto world. It doesn't matter anyway where it was, and i do hope that each country could also have a crypto Bank already in future.

[bittraffic]

Though we tend to back away from this type of related to banks, regular people will actually use this type for they trust bank over their own for keeping a wallet and password. Sad reality when it comes to regular people who will not really learn the technical side of crypto. Even today that it's obvious how much banks had provided them the lowest interest rate, they pay for keeping their funds to the banks.

[hopenotlate]

Some already stated but what's the point of being into Bitcoin, and cryptocurrency in general, and putting the into a Bank or using banking service ?
Let's not forget the sentence "Chancellor on Brink of Second Bailout for Banks" included in the genesis block by Satoshi Nakamoto, he basically created the idea of overcoming third party organizations by the use  cryptocurrencies and blochckain technologies.

[nightxglow]

I never knew crypto bank is a thing. I mean, i never even think about it before. Other than accepting the transaction of cryptocurrency, what else will the bank do?
I think one of a few things crypto currency known for is the technology-based, or known to be really digital. We can do everything about it online, like the transactions, opening account and such. And even more, crypto has no shape, so people won't need to go to bank to "take it out" as well, unlike cash. So i don't get it why we need a bank, like the physical bank. But well, i might be wrong. We still don't know what will it be, since it's the first right? Maybe it might be a great idea to open a cryptobank. I might see how it goes.