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[V-t.Ester]

Unfortunately all the indications are that banks don’t like crypto and don't want crypto adoption only if it's not CBDCs. They can’t control it and get commissions from transactions, from profit and from mining. Their expression of outrage makes sense as they lose money that must fill them. In El Salvador central bank immediately provided mobile app with obligatory KYC (to control crypto resources and people, who use them). China that seemed for me loyal to crypto, this year banned BTC mining and USA wants to do the same. What is this if not anxiety of banks that doesn’t get commissions and can’t have a total control among money their people use?

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[michellee]

If banks could only do it easily but certain regulation towards certain countries stop this that's why we can see it having difficulty to happen. But I believe in future we can see this to happen but we need first to see a major adoption and also many countries to make it as their legal tender but for now its hard knowing government is skeptical about this technology.

That is why we hard to see the innovation from the banks related to crypto and they need the order from the government to start integrating crypto into their system. The major adoption will come soon. Maybe next year, we will see a big adoption everywhere, giving more opportunities for crypto to grow more. As long as the government can open their mind about the new thing, I think that can help crypto enter their finance system after the government sees some country's success implement or adopt crypto to their finances. It will attract the government to try learning.

They are not waiting for the "governments" order. They just don't want to touch crypto currencies right now because of various complicated reasons. There are already few banks that has integrated crypto currencies and are in testing phase. More banks will eventually adopt crypto currencies as they are fully aware that these currencies are the future. They know if they don't accept crypto currencies, they will eventually lose their power. So embracing crypto currencies is inevitable. But do we actually want them to adopt crypto currencies? Because banks and decentralization isn't a good match. If banks take over crypto currencies, decentralization will somewhat be lost.

But no matter what, the banks are still under the government and they can not do something without telling the government. If they have already integrated cryptocurrencies and are in the testing phase, maybe they only need agreement from the government to be fully adopted by the banks. Maybe they will announce that they also build their own system in blockchain so that they can collaborate with the crypto. Whether they want to adopt cryptocurrencies or still need time to adopt cryptocurrencies, that will be up to them.

[iv4n]

My nation's diasporal remittance dropped by about 80% because the people suddenly discovered the banks are fleecing them and ths diasporal remmitance makes up part of my nation GDP so the apex bank governor is confused in a bid to trying to save his job, he makes too many mistakes with cryptocurrency traders track down. He has failed too. You can't stop a technological advancement.

It's what happens with many countries... at least from what I read in the news around! And the numbers are rising, as you are saying, nobody can't stop technological progress, banks and governments are slowing it down, but they can't stop it! Simply people alone discover new opportunities that can make life easier for them, and in many ways cheaper... so I agree that bank sector is confused in trying to save their jobs, and they will be able to do it for some more time, but I guess their future is already decided!

[Renampun]

yep imo they are very scared of crypto...

Until now crypto is still a hot discussion in various countries, pros and cons occur everywhere, seeing the current situation, banks are afraid of people adopting crypto so that they lose the money they have been enjoying.

[DOH!]

Oh, they were ready to worry when intermediaries and bank staff departments would have to be unemployed. Mass adoption of blockchain in financial matters won't be earlier and easier, but it's almost certainly created that scenario. Banks being "removed" of their powers over traditional finance would be almost. Not to mention, the regulations to create a balance between benefits and risks have been imbalanced, and it is natural to change. It's difficult to say simple or more complex changes in the future but here we are, a way to choose a future of exceptional value - bitcoin and crypto

[syedzakir]

Yes they are because crypto currency is not even in the control of banks. They are a great system and maintaining a check and balance of assets of people their income and their other activities with the help of their bank account details as they could provide it to the local government in any case .
But with crypto currency no one is having information about the assets a person is having. So Banking system may be failed in the case.

[uneng]

yep imo they are very scared of crypto...

Until now crypto is still a hot discussion in various countries, pros and cons occur everywhere, seeing the current situation, banks are afraid of people adopting crypto so that they lose the money they have been enjoying.

These are the central and public banks which benefit themselves from the precarious inflationary system of fiat currencies.

But not all banks think like that. I believe many private banks would like to adopt cryptocurrencies into their services platforms, also operating like exchanges, because it will mean an extra profit for them.

In the case of central and public banks it's not interesting because they are direct concurrents to cryptocurrencies. If investors move funds to bitcoin and altcoins it means the traditional investments which benefit the establishment will lose demand, and consequently value.

That is why USA Federal Reserve is so worried about attracting investors again through better interest rates.

[skarais]

This is a good reason why banks are afraid of crypto adoption in my opinion because they don't want to lose so many investors. Banks operate with their customers' money where they just manage all the customer's money in order to profit from it. Obviously they will be very scared when most of the customers want to withdraw their money from the bank just to invest in crypto and this is the reason why they dislike crypto adoption even though the government can assume that it will only disrupt the economy.

I watched some video where there were some anti-bank people explaining how banks work. That makes sense, I guess, but anyone who believes in banks doesn't seem to care about that. Banks offer security while crypto is very risky and this is the reason why some people trust banks over crypto.

[dothebeats]

They may be worried about the rise of cryptocurrencies but certainly not afraid. They are still a highly trusted entity in the financial world and are still the go-to place when people need quick loans and safekeepers of money. Also, ultimately banks can adapt to changes and create their own digital currencies and market it heavily to the people, which I expect to be received fairly by the masses. In this day and age where a lot of people wanted to be 'free,' you'd be surprised by a lot of people still enslaved by the system without them knowing it.

[Dragonfund]

The advancement of cryptocurrency can never be sway away from banks, that credit will surely goes to them but again I must say that they are afraid of the traction on how crypto is moving.
Do you know that the way crypto is been rush, if that adoption is static or continues, we will see crypto physical exchanges by 2030. It's very possible and then the use of banks will become absolute.
Banks should be dining with crypto hit regulations and government policy wouldn't allow them and by the time they do, I don't know if may be it night be late for them already.
Long live cryptocurrency. 

[TheGreatPython]

We have seen a lot of such activities as they have said, that we’re carried out and at the end the culprits were found within a short time. I don’t think that these criminals would even want to make use of cryptocurrency if they want to do such, they would prefer to make use of other methods that they have been using before cryptocurrency was introduced. And I know for sure that a lot of them are making use of banking method, and still yet they have not been caught at all.

If these people are making use of banks and not being caught, doesn’t that mean that the banks themselves are bad and contributing to all these things? Because a lot of cases of big scammers, and the methods that they used to pull their money was through banks.

[DrBeer]

Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.

Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)

[Ultegra134]

Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.

Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)

Cryptocurrencies are a mean of payment, but they are often considered as assets, due to their nature of being volatile, which makes them a great investment. Take Bitcoin for instance, due to its high value, its transactions can't be applied on a daily basis, they are not affordable, nor efficient, since they can take quite a few hours to confirm.

[Coyster]

The thing is, the government wants to be in absolute control, so with the growth and development of Bitcoin they ought to be worried/afraid, the Bitcoin network offers its users the right to be their own bank and control their funds themselves, of course the government do not like this, they want their citizens to solely use currencies printed, controlled and distributed by themselves, that's why the government will stop at nothing to discredit Bitcoin by spreading one propaganda or the other. CDDC's were created in reaction to that fear and worry by the government, they want to provide their citizens an alternative digital currency to Bitcoin, and convince them to use it, but the thing is that central bank digital currencies are centralized and no better than fiat currencies controlled by the government. The government will definitely continue to fight to hinder the growth of Bitcoin, there will be more sanctions and regulations, but i am afraid the network is definitely heading for mass adoption as more and more people come to the realization of the benefits of being their own bank.

[D-law]

The banks might not be scared as we see here, they're are controlled by the government and the government make rules and regulations guiding what should be done and not done.
They have still got plans to do whatever they want with what goes in,out, and around them countries.
The funny part is that crypto currencies have come to stay banks should merge with them upgrade to crypto currencies terms and adapting to the current trend.
I think with this they can stay longer and people who are scared will want to invest and save more in cryptocurrency.

[bitgolden]

The thing is, the government wants to be in absolute control, so with the growth and development of Bitcoin they ought to be worried/afraid, the Bitcoin network offers its users the right to be their own bank and control their funds themselves, of course the government do not like this, they want their citizens to solely use currencies printed, controlled and distributed by themselves, that's why the government will stop at nothing to discredit Bitcoin by spreading one propaganda or the other.

I would say that as long as they can handle the regulations then there would not be a problem for governments. I mean they can't feel out of control when all they have to do is write laws regarding crypto and how it could be used. Look at all the websites that asks you to fill out the KYC form, do you really think that exchanges want that? That is something that governments asked them to ask and they got all of our information that way.

Coinbase literally gives all of our information on how much we traded and what we traded to IRS and SEC just to make sure that we are paying our taxes and not illegally making some money from somewhere. All in all I would say that governments should not worry about crypto at all, if you follow their rules then they are in control and if you do not follow their rule then they will put you in jail so it is quite simple really.

[Kimonoe]

Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.

Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)

Cryptocurrencies are a mean of payment, but they are often considered as assets, due to their nature of being volatile, which makes them a great investment. Take Bitcoin for instance, due to its high value, its transactions can't be applied on a daily basis, they are not affordable, nor efficient, since they can take quite a few hours to confirm.

it is a fact for now bitcoin is more inclined as an investment tool, not as a means of payment. I think the bank will move according to orders from the government, I think for now there are still many considerations to legalize it, because there are still many obstacles that must be perfected as you mentioned

[DaveF]

Painting the picture with too broad a brush.

Are *some* banks afraid of Crypto? Yes.
The same way they were afraid of the internet and online banking and banks that had no physical branches so they could compete for the same customers without a lot of expenses.
Some banks are VERY friendly to crypto:
https://www.americanbanker.com/payments/news/signature-bank-raises-its-bet-on-cryptocurrency

Are some central banks afraid of Crypto? Yes.
The larger ones that can't adapt fast enough, or have certain rules or controls that force them to operate in a way that crypto makes more difficult if not impossible.

Some other thoughts and comments:

Without data, do you doubt that over the past 2-3 years people have begun to invest and store cryptocurrencies more often? Do you think the 2.5 trillion contributed to the cryptocurrency industry are all speculators?

2.5 trillion for you or me is a lot of money. For a world wide economic instrument it's not a lot.

Since when did central banks care about their consumer base? If they were that virtuous, I would expect them to exercise a slight bit of financial responsibility ever now and then, but they seem immune from that. Traditional currencies are the biggest scam there is -- built in inflation rate and uncontrolled printing ensures that the value of one's funds decreases year over year.

The 1 CUSTOMER of a central bank is the government of that country. They are supposed to follow, more or less, what the government wants. In theory the government is supposed to be working for the good of the people, but that discussion is for another thread.

-Dave

[jostorres]

Painting the picture with too broad a brush.

Are *some* banks afraid of Crypto? Yes.
The same way they were afraid of the internet and online banking and banks that had no physical branches so they could compete for the same customers without a lot of expenses.
Some banks are VERY friendly to crypto:
https://www.americanbanker.com/payments/news/signature-bank-raises-its-bet-on-cryptocurrency

Are some central banks afraid of Crypto? Yes.
The larger ones that can't adapt fast enough, or have certain rules or controls that force them to operate in a way that crypto makes more difficult if not impossible.

I would guess that banks who are too late to participate in this will be getting results similar to being late to online banking as well. As we have all moved to using our mobile phones for most payments (at least in my nation) we are facing even less and less card payments, let alone cash payments and that will result with crypto getting closer.

As soon as there is a regulation saying banks could be used as crypto wallets, we will be able to spend our crypto anywhere all around the world thanks to our bank and that is the most important part. Any bank that will not do it will end up being left behind and that will result with them not being used a lot, and eventually people will leave to other places that does offer this chance. Let's see what happens but I do not agree that "afraid" is the right word, there are ones who care, and there are ones who do not care, the ones who do not care will end up losing a lot of money.

[DrBeer]

Since with the adoption of crypto there is no room for a middleman, they don't like that idea so they will not accept it so easily but I don't think they are afraid, crypto gives freedom and anonymous which is the total opposite of banks, don't expect a friendly approach from them, they will always try to paint a negative picture before the public but only those who are determined regardless of what is published can discover the true nature of crypto and its benefits.
Besides, the vast majority still use the banks so I don't see what they should be scared of.

Why should banks be afraid? Cryptocurrency is not even a means of payment! And technology - this is how banks will use blockchain technologies instead of classical banking processing. So the blockchain did not really do anything to become a threat to fiat money and its distribution systems (banks)

Cryptocurrencies are a mean of payment, but they are often considered as assets, due to their nature of being volatile, which makes them a great investment. Take Bitcoin for instance, due to its high value, its transactions can't be applied on a daily basis, they are not affordable, nor efficient, since they can take quite a few hours to confirm.

No, cryptocurrency is not a means of payment. This is a kind of virtual means, with an absolutely artificial price, which is not allowed by the state to be used as a means of payment, and does not have the status of a currency or its equivalent. Sweets and shells can also be a means of calculation in a kindergarten children's group. I hope you understand the difference? Until states recognize cryptocurrency as a means of settlement, everything else is our common fantasies, while we ourselves are pumping this speculative entity from our wallets