Why don't banks work with cryptocurrency?

[24Kt]

because banks always hate cryptocurrencies and think that electronic money is an unclear kind of money roughly "black money" for money laundering criminals so banks and laws in many places are still elusive. Concerned about the long-term viability of BTC, because BTC has no stable value and at any moment it will burst like a bubble.

Aside from that, their clients will find out that dealing with crypto will incur them very cheap fees especially cross-border payments. Fiat transfers are still expensive as compared to crypto. And also, since the government can't control all the transactions in crypto, for them, there are still blind spots and they don't know how to tackle it yet. But I guess, slowly, the concept of blockchain technology will be applied to banking industry.

[Ruvi2000sew]

Government-controlled central banks are in charge of banks, and they are supervised and controlled by the government. Bank transactions must include the usage of interest or commissions, from which they might profit, and the use of cryptocurrencies will impact their own interests. Because bitcoin is decentralized and anonymous, it will be impossible to trace encrypted transactions, such as those used for unlawful transactions. Furthermore, the price of cryptocurrency is fluctuating, making it difficult for banks to make a consistent profit.

[iv4n]

Government-controlled central banks are in charge of banks, and they are supervised and controlled by the government. Bank transactions must include the usage of interest or commissions, from which they might profit, and the use of cryptocurrencies will impact their own interests. Because bitcoin is decentralized and anonymous, it will be impossible to trace encrypted transactions, such as those used for unlawful transactions. Furthermore, the price of cryptocurrency is fluctuating, making it difficult for banks to make a consistent profit.

I think that crypto usage is already taking a cut from banks and governments all over the world, and in future that cur will become bigger. I don't think it will be an easy road, until now we had a clear passage because many didn't get all this seriously, but that is changing and I think we will see some greater obstacles before crypto conquer the world.

[Qikiye]

Banks have been directly opposed to cryptocurrency since the beginning of the cryptocurrency journey. Because banks always think that cryptocurrency may take their place. Moreover Banks always give  antisocial The activity directly blames Bitcoin.

[BuNga_cute]

Banks have been directly opposed to cryptocurrency since the beginning of the cryptocurrency journey. Because banks always think that cryptocurrency may take their place. Moreover Banks always give  antisocial The activity directly blames Bitcoin.

I agree most banks are always afraid their system will be replaced by cryptocurrency, whereas from the beginning crypto was created not
to replace the banking system. But as an alternative payment, which makes it easy for users to make financial transactions faster and cheaper.
That's because financial transactions using crypto don't need to go through a third party, as long as we use them. So it is indeed very difficult
to expect banks to cooperate with crypto, but it is not impossible for this to happen. I still believe in the future banks and crypto can co-exist,
although it will take a long time for that to happen.

[AndySt]

Government-controlled central banks are in charge of banks, and they are supervised and controlled by the government. Bank transactions must include the usage of interest or commissions, from which they might profit, and the use of cryptocurrencies will impact their own interests. Because bitcoin is decentralized and anonymous, it will be impossible to trace encrypted transactions, such as those used for unlawful transactions. Furthermore, the price of cryptocurrency is fluctuating, making it difficult for banks to make a consistent profit.

I think that crypto usage is already taking a cut from banks and governments all over the world, and in future that cur will become bigger. I don't think it will be an easy road, until now we had a clear passage because many didn't get all this seriously, but that is changing and I think we will see some greater obstacles before crypto conquer the world.

This process is not so unambiguous and develops in different directions. There have been and will be obstacles in any case, because issues of public administration and monetary policy are vitally important for any government and therefore no one is going to arrange constant experiments in this area. The activities of the banking system are clearly regulated by the state and therefore it takes some time for a viable regulatory framework to be formed and banks could safely work with cryptocurrencies without fear of negative consequences from the regulator due to actions in this area. When all this is more or less settled, then it will be possible to talk about some kind of expansion or narrowing.

[Sir Legend]

Banks have been directly opposed to cryptocurrency since the beginning of the cryptocurrency journey. Because banks always think that cryptocurrency may take their place. Moreover Banks always give  antisocial The activity directly blames Bitcoin.

True, if banks legalize and accept bitcoin then it is the same as inviting people to leave banks because people can control their own assets without needing the help of banks, I believe that a lot of negative news about crypto is mostly from sponsoring banks, this I've seen economic discussions on television who campaigned negatively about bitcoin.

[Kimonoe]

Banks have been directly opposed to cryptocurrency since the beginning of the cryptocurrency journey. Because banks always think that cryptocurrency may take their place. Moreover Banks always give  antisocial The activity directly blames Bitcoin.

True, if banks legalize and accept bitcoin then it is the same as inviting people to leave banks because people can control their own assets without needing the help of banks, I believe that a lot of negative news about crypto is mostly from sponsoring banks, this I've seen economic discussions on television who campaigned negatively about bitcoin.

and don't forget to rate the bank, because banks are under the control of the government, where we know the system between banks and bitcoin is contradictory so for now the government doesn't want to lose control, so many countries have created their own digital currency, but this system seems only camouflage of the country's real money

[bryant.coleman]

and don't forget to rate the bank, because banks are under the control of the government, where we know the system between banks and bitcoin is contradictory so for now the government doesn't want to lose control, so many countries have created their own digital currency, but this system seems only camouflage of the country's real money

Well.. so many countries have come up with Central Bank Digital Currencies (CBDCs), but it needs to be seen how successful they will be. China was the first, and they introduced the e-CNY (digital Yuan) shitcoin. And immediately after that, they implemented a crackdown against Bitcoin in China. But these measures didn't resulted in any improvement in the acceptability level of e-CNY. The writing on the wall is clear. Whether they like it or not, CBDCs will be considered as a variant of fiat currency and they will not be able to replace genuine cryptocurrencies such as Bitcoin.

[albon]

In my opinion, banks do not work with cryptocurrencies because they are currencies that have been developed in complex ways and cannot be traced, as they are anonymous and there is no control over the transactions made by users and may be used in many crimes such as money laundering and cybercrime..etc. They look at Only the dark side. As for the bright side of these currencies and this giant technology, they do not look at.

[Smartvirus]

It isn't a had thing to say that banks haven't been able to endorse cryptocurrencies simply because, the government haven't legalised it just yet. Its that simple to understand. Until the government of a nation rounds up cryptocurrency for a legal tender, banks would find it difficult to Its operation within there systems as, the banks are an instant of the government that functions under the control of the central Bank which serves government's purposes. The fact that, the decentralized nature of cryptos and the constantly fluctuating market environment plays a role, the government is the major force behind it not being endorsed by most financial institutions.

[Hamphser]

It isn't a had thing to say that banks haven't been able to endorse cryptocurrencies simply because, the government haven't legalised it just yet. Its that simple to understand. Until the government of a nation rounds up cryptocurrency for a legal tender, banks would find it difficult to Its operation within there systems as, the banks are an instant of the government that functions under the control of the central Bank which serves government's purposes. The fact that, the decentralized nature of cryptos and the constantly fluctuating market environment plays a role, the government is the major force behind it not being endorsed by most financial institutions.

You are right but i've seen some banks in my country does really accept nor allowed crypto payments or transactions not like in most of those banks are blocking or closing up accounts which are in relation with those crypto transactions which is something that not new considering that decentralized things is never been compatible with highly regulated or centralized things.

Why would really bother? This is something which isnt needed for only one that do need to exist.They do serve out different markets which its understandable
on why there's some sort of competition, erring between the two.

[Shamm]

  Although bank had a big responsible for the community they are just the one who holds the money cycling in the community and even there's a big Taxes by the Government it can't still bankrupt there bank because of the people who invest big and they just do the same thing. So the Cryptocurrencies is out of their mind and they just focus the local money.

[tyz]

My instinct is telling me that some of the banks may partially be working with cryptocurrency, they might not bring it to the table for everyone to see but some might be trading anonymously.

I have the feeling that they are in but since they know is risky, they wouldn't disclose it to the public especially when they know that central banks will harm their reputation.
Sometime before the ban of bitcoin in my country, some bank workers were expelled for risking and using customers money to buy bitcoin and after the last collapse, they couldn't balance sheet the money they took for investment.

No, it is well-known that many banks are interested in Bitcoin and crypto currencies in general. This was confirmed by various studies. 

Although many banks tend to be conservative and have viewed crypto with skepticism, they are increasingly driven by their own customers to offer crypto products. That's one reason. The other reason why many are still reluctant is the regulatory gap. Banks need secure legal foundations. These are not yet so elaborated and implemented in all areas that many banks cannot invest in crypto at all, even if they want to.

[bryant.coleman]

PayPal has started working with cryptocurrencies and it proved to be very profitable for them. So I am not sure why the banks can't do the same. It is not necessary for them to take a decision to exclude modes of payment other than fiat currency. And although it is true that cryptocurrencies threaten the current banking model, there are a few sectors where both the sides can benefit from cooperation. Cryptocurrency is still in early adopter stage, and if the banks incorporate it into their platform, then in the long term they will benefit.

[oHnK]

PayPal has started working with cryptocurrencies and it proved to be very profitable for them. So I am not sure why the banks can't do the same. It is not necessary for them to take a decision to exclude modes of payment other than fiat currency. And although it is true that cryptocurrencies threaten the current banking model, there are a few sectors where both the sides can benefit from cooperation. Cryptocurrency is still in early adopter stage, and if the banks incorporate it into their platform, then in the long term they will benefit.

If we talked about banking, we will collide with the ego of the institution, how can an institution that is formed on the basis of economists who understand centralization become the recipient of the notion of decentralization.  Crypto is an innovation that disrupts institutions such as banking.  There will be no need for a bank if Crypto is used massively.  There is no need for a bank teller and a sloppy customer service when we make small transactions.

[CapGelatik]

PayPal has started working with cryptocurrencies and it proved to be very profitable for them. So I am not sure why the banks can't do the same. It is not necessary for them to take a decision to exclude modes of payment other than fiat currency. And although it is true that cryptocurrencies threaten the current banking model, there are a few sectors where both the sides can benefit from cooperation. Cryptocurrency is still in early adopter stage, and if the banks incorporate it into their platform, then in the long term they will benefit.

This is indeed still an interesting topic of conversation about cryptocurrencies with banks,
when talking about benefits I think if both of them work with each other maybe they will get their respective benefits,
and in the future of course this will continue to be interesting and let's wait for further news

[arallmuus]

No, it is well-known that many banks are interested in Bitcoin and crypto currencies in general. This was confirmed by various studies. 

It seems that the survey in the article was addresed by bankers ( most likely bank officers ) in general not 'banks' in particular and also the survey was fielded this year according the article so yeah alot more people are getting interested with crypto because the overall marketcap of cryptocurrency has been growing significantly compared with last year

Although many banks tend to be conservative and have viewed crypto with skepticism, they are increasingly driven by their own customers to offer crypto products.

Everyone suddenly wants a piece of 'cryptocurrency' after the marketcap increased so they can get some profit out of it huh

[Fatunad]

PayPal has started working with cryptocurrencies and it proved to be very profitable for them. So I am not sure why the banks can't do the same. It is not necessary for them to take a decision to exclude modes of payment other than fiat currency. And although it is true that cryptocurrencies threaten the current banking model, there are a few sectors where both the sides can benefit from cooperation. Cryptocurrency is still in early adopter stage, and if the banks incorporate it into their platform, then in the long term they will benefit.

This is indeed still an interesting topic of conversation about cryptocurrencies with banks,
when talking about benefits I think if both of them work with each other maybe they will get their respective benefits,
and in the future of course this will continue to be interesting and let's wait for further news

They could work if banks would be accepting but due to decentralized aspect then it not really surprising that they would really be deciding the opposite.
Its not really needed for only single thing will exist because both could really serve up different markets depending on someones choice and preference.
When it comes to blockchain technology then this is something which is really considerable for banking system to adopt.

[DibiaVxosis]

Because the majority of them afraid of crypto regulation, thats all. Crypto is still a shady thing in almost every country

At first I think it's because the bank regulation doesn't work with crypto, the bank rules doesn't fit with crypto so banks sees it as a threat, and also another reasons banks doesn't work with crypto is because it's decentralised and gives users full access to thier money which bank in turn sees as a crime names money laundering. Also since banks is a centralised entity it's been afraid of working with bitcoin because there feel bitcoin is being used for illicit activities.