All world banks need bitcoin now big solution

[OpenCryptoSystem]

They need bitcoin to use it reseve asset.
So if. China bank needs eur currency they dont need direct buying or exchanging china fiat to eur or find correspondent intermediary bank to do transactions.

They can do the transactions with btc or eth works too.
Btc can replace all wire and swift transfers between banks.
When jp morgan want to send funds to japan they just send btc their wallet.
And its a instant world transactions

[Ziskinberg]

Banking institution are under the regulation of the central bank and central bank is created by the government, so why would a government allow bitcoin to be a reserve, it's risky asset and banks are usually insured by the government so it does not really make sense.

I understand that other private institution are doing that, but banks, I doubt they win.

They would create their own centralized digital coins but would not trust or allow bitcoin to be their reserved.

[OpenCryptoSystem]

Banking institution are under the regulation of the central bank and central bank is created by the government, so why would a government allow bitcoin to be a reserve, it's risky asset and banks are usually insured by the government so it does not really make sense.

I understand that other private institution are doing that, but banks, I doubt they win.

They would create their own centralized digital coins but would not trust or allow bitcoin to be their reserved.

If tgey are scared of btc price up and down then they can use stable coins. Like. USDT as reserve currency.and as reserve assset USDT Can fix price risk problem for banks

[kezinaur14]

Banks can put as many prohibitions as they want

But even they can't really prove that x y or z transaction within their bank was done to BUY or SELL bitcoin, p2p platforms that connect bitcoin users in a certain country help "hide" this part from them, at least until they embrace btc or are taken out of the equation entirely.

[bitmover]

They need bitcoin to use it reseve asset.
So if. China bank needs eur currency they dont need direct buying or exchanging china fiat to eur or find correspondent intermediary bank to do transactions.

They can do the transactions with btc or eth works too.
Btc can replace all wire and swift transfers between banks.
When jp morgan want to send funds to japan they just send btc their wallet.
And its a instant world transactions

Yeah, but what if China doesn't want to spend money to buy EUR?
They can just print more of their fiat money and buy some EUR.

They cannot just print some more bitcoin to buy EUR for free

Central banks also wants to control inflation rates at their will. Inflation is basically a tax on money holdings. If they decide to use BTc, they will lose that extra taxes.

They can also control the economy with inflation, and they would lose that control if they convert to btc.

Demand for BTC will not come from government or bank, but from the people and other companies.

[OpenCryptoSystem]

They need bitcoin to use it reseve asset.
So if. China bank needs eur currency they dont need direct buying or exchanging china fiat to eur or find correspondent intermediary bank to do transactions.

They can do the transactions with btc or eth works too.
Btc can replace all wire and swift transfers between banks.
When jp morgan want to send funds to japan they just send btc their wallet.
And its a instant world transactions

Yeah, but what if China doesn't want to spend money to buy EUR?
They can just print more of their fiat money and buy some EUR.

They cannot just print some more bitcoin to buy EUR for free

Central banks also wants to control inflation rates at their will. Inflation is basically a tax on money holdings. If they decide to use BTc, they will lose that extra taxes.

They can also control the economy with inflation, and they would lose that control if they convert to btc.

Demand for BTC will not come from government or bank, but from the people and other companies.

If not btc then USDT

[avikz]

They need bitcoin to use it reseve asset.
So if. China bank needs eur currency they dont need direct buying or exchanging china fiat to eur or find correspondent intermediary bank to do transactions.

They can do the transactions with btc or eth works too.
Btc can replace all wire and swift transfers between banks.
When jp morgan want to send funds to japan they just send btc their wallet.
And its a instant world transactions

Lol! It really doesn't matter what we think or what banks think! The banking system is a highly regulated system and it all matters what their respective government wants! If a government is open to crypto system, then you will see banking system adopting cryptos and vice versa. Till date, we couldn't find any single government who are open about the crypto system's inclusion to banking system. Rather we have seen strong resistance from many governments around the world. If you know Ripple, they are trying to hit this exact gap by enabling their clients to send funds worldwide through their cryptocurrency and as far as I know there are few Banks in their client list.

But even if the cryptos are a good value proposition for the banks in regards to the global money transfer, I don't think they will be using it in any way because cryptocurrency removes the need for an intermediary and banks do exactly that! So it's a threat to their business!

[Mauser]

I agree with you, with the recent rally in bitcoins and shift of institutional investors switching into crypto currencies. There is no way around it for central banks. Sure they are going to try and create their own digital currencies, but it is all about the investors willing to put money in them.

[Rengga Jati]

It's not as easy as you say. Bitcoin is decentralized and banking is centralized. so, I am not sure that they will openly need Bitcoin. So far, even in some countries, the use of Bitcoin as a means of payment has not legalized because it is possible that the bank will find it difficult and complicated with the arrangement and payment methods with Bitcoin. Moreover, banks are once again under the rules of a country, so any decisions must be based and there must be a legal umbrella. And of course, this will become complicated again with regard to the regulations.

What they usually do is adopt a blockchain technology system. So that they can reach customers and needs more quickly.

[sunsilk]

They need bitcoin to use it reseve asset.

Yeah, that's what we can easily think but the banks won't just rely upon an asset like bitcoin. Few of the banks are recognizing it as a good asset but not all of them see it as what those few banks look at bitcoin.

So if. China bank needs eur currency they dont need direct buying or exchanging china fiat to eur or find correspondent intermediary bank to do transactions.

Your description literally says that there's already no use for fiat because we have bitcoin. But we're good from what we can see with bitcoin, is used for transfers and investment whichever is the best for you.

They can do the transactions with btc or eth works too.
Btc can replace all wire and swift transfers between banks.
When jp morgan want to send funds to japan they just send btc their wallet.
And its a instant world transactions

Instant, that word would be some people will argue to you because it isn't yet but it is safer than other transactions. They adopt or not, bitcoin or blockchain or both. We knew that someday bitcoin and blockchain technology will keep growing and it's just started being noticed by these corporations.

[Yum Bravo]

This is difficult to achieve. The credibility of Bitcoin is far from the level of currency or gold. Even if the bank holds Bitcoin, the public will not accept it.

[yhiaali3]

It is difficult at the present time for governments and banks to accept Bitcoin because they are completely against it, Bitcoin is decentralized while the government and banks want centralization and control so I think that most governments in the world will not move to bitcoin but to digital currency because the digital currency is centralized and this is what they like, so I think in the future Near all governments will work to create their national digital currency.

[Jawhead999]

This is difficult to achieve. The credibility of Bitcoin is far from the level of currency or gold. Even if the bank holds Bitcoin, the public will not accept it.

Before public will refuse/not accept bank controlling Bitcoin, they can't do it since it's decentralized.

But if you mean Bank, institutional, entity, companies, or government want to holds (buy) Bitcoin, they can... just like we (someone) can buy or sell Bitcoin on an exchanges.

[Obito]

There isn't a lot of world bank to go around though, AFAIK there is only one World Bank and that is its name. Maybe OP is referring to national or state held banks.

I agree with you, with the recent rally in bitcoins and shift of institutional investors switching into crypto currencies. There is no way around it for central banks. Sure they are going to try and create their own digital currencies, but it is all about the investors willing to put money in them.

They have to be careful about considering this though, cryptocurrency is still volatile as it is so governments can't simply jump in with the public funds because they know that there will be a backlash among the populace. CBDC is some sort of control experiment as to how will the public react when they implement this kind of thing.

[Kittygalore]

This is difficult to achieve. The credibility of Bitcoin is far from the level of currency or gold. Even if the bank holds Bitcoin, the public will not accept it.

This could be an easy thing if the government were to invest on creating more Special Economic Zones to do some economic experiments like UHC(Universal Healthcare), UBI(Universal Basic Income) and the topic of today which is a Cryptocurrency Dependent Economy. It is not a matter of credibility because bitcoin has proven itself time and time again that it can bounce back and that a hope for a stable market is possible. Banks will not hold bitcoin because it does not generate dividends like stocks when they are holding it and it is also their natural enemy, not to mention that governments will not do anything remotely close to this because some of them do not see how this kind of things could help them stay in their position in the state.

[JoKleinTopper]

Banking institution are under the regulation of the central bank and central bank is created by the government, so why would a government allow bitcoin to be a reserve, it's risky asset and banks are usually insured by the government so it does not really make sense.

I understand that other private institution are doing that, but banks, I doubt they win.

They would create their own centralized digital coins but would not trust or allow bitcoin to be their reserved.

the governments know bitcoin is promising so they are coming for it. I think the governments will always will in that we are governed by them

[DoublerHunter]

the governments know bitcoin is promising so they are coming for it. I think the governments will always will in that we are governed by them

^ That is not easy as that, government institution who is always wanted to regulate all form of currencies under their control and knowing that BTC is a decentralized nature that no one will have control. As long as BTC is not regulated yet, the government will not able to adopt this currency, they always afraid of the threat caused by BTC. Banks are under-regulated by the government, I don't know if they will use this.
Nevertheless, probably the time will come that the government implement regulations through the users of BTC but not directly to the BTC itself.

[Distinctin]

I believe it will not happen, banking are purely for centralized system, not for decentralized.

Maybe other institution but for banking institution, that's a complete insult to them.
Government, banking institution, and other related business all of them are regulated, once regulated it's always centralized.

They would not trust bitcoin on their future because reserve suppose to be stable, strong, and not prone to manipulation, bitcoin does not possess all of that.

[Karartma1]

Banks need to admit their defeat and let their clients have these very simple things:

• No restrictions when moving fiat in/out of exchanges: my money in the bank, my rules, if I want to buy crypto that's my business not theirs
• Insured custody of crypto holdings for investment, inheritance and so on
• Collateralized loans where I can lend/borrow against my holdings

If they don't offer these services new fintech companies like Nexo, BlockFi, neo banks like SEBA/Sygnum, will eat their crypto-friendly user base.
The battle is over, they lost. We need banking services to unlock the full power of our crypto with no hassles.

[cryptoknightt]

and it looks like it will happen, where big companies have started investing and buying bitcoin, let's call it grayscale and skybridge have started to do it.
It looks like the mass adoption of blockchain and crypto will begin this year.