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[Emitdama]

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.

Is it really necessary for banks to be the ones who will be holding our cryptocurrency for us? A decentralized cryptocurrency like bitcoin doesn’t need a bank to hold it for us, you can hold it for yourself and don’t need banks to hold it for you. And I also don’t think that we need banks playing the exchanger role in the market or do we?

When I got to know about Bitcoin I never saw it as a competition for the fiat, I simply saw it as another option, which is better. I don’t know why a lot of people these days has changed what it is all about, and they are now making it seem like bitcoin was created to be a competition. If bank should start accepting cryptocurrency, I am not going to have my coins stored in a bank, I’d rather have it stored in a private wallet where I would have my private keys and be in control.

[Mahanton]

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.

Is it really necessary for banks to be the ones who will be holding our cryptocurrency for us? A decentralized cryptocurrency like bitcoin doesn’t need a bank to hold it for us, you can hold it for yourself and don’t need banks to hold it for you. And I also don’t think that we need banks playing the exchanger role in the market or do we?

When I got to know about Bitcoin I never saw it as a competition for the fiat, I simply saw it as another option, which is better. I don’t know why a lot of people these days has changed what it is all about, and they are now making it seem like bitcoin was created to be a competition. If bank should start accepting cryptocurrency, I am not going to have my coins stored in a bank, I’d rather have it stored in a private wallet where I would have my private keys and be in control.

No its not necessary and i highly doubt that they would really be accepting it unless if its approved by the government since we know that these institutions are heavily regulated which its normal that they would abide all the rules and laws on where government do set out which it isnt surprising.Speaking with being afraid then i dont see Banks would be because they are just mediums but purely focused on fiat which had been always the thing since from the start. If they were tend to adopt or accept crypto then it would be always needing that approval by the government which is always been the standard.

[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.

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

That's just the point - objectively, cryptocurrencies, besides the fact that they are not yet as convenient as payments with usual cards, for example. Plus, have several problem areas, one of them, for example, the impossibility of returning or blocking an incorrect transaction. Well, and the status of a crypt at the state level - for now, one can only dream of the status of a means of payment equated to money.
BUT ! This is how an investment tool is - the ideal solution in the digital world!

[Lizzylove1]

Bankers are thieves who have been fleecing off the people for ages and today a better alternative than they offer is here, they are scared they won't be able to keep up with their extravagant lifestyle hence condemn crypto and fight it, Someone should educate them they have lost the war already. You can't stop a technological advancement.

[titular]

There is no way most banks could support cryptocurrency. While of course, we have countries that will embrace what bitcoin brings, we can't forget that we are threatening the very system that many powerful people built their foundation upon. We can't expect them to go down with a fight.

It's almost laughable to hear banks say that cryptocurrency enables fraud and money laundering. They love to throw that around yet they neglect to mention how much of those same activities transpire within their 4 walls.

[bonyaserg]

Personally, I can say that cryptocurrency came into our life very unexpectedly and everyone is trying to understand how to act and take the right step towards positive results. And now the task of many banks is to change their financial system for the development of digital technologies. So that banks can also profit from cryptocurrency, as a large number of people are already investing in cryptocurrency. Than to invest your finances with interest in the bank. And from this it follows that investing in cryptocurrency becomes a profitable business than using banks where people received a percentage of the deposit.

[kryptqnick]

They were dominant for a while and only had to worry about the competition between each other (in places where there are many banks with significant populatiry). Now there's a way to send money online without a bank, so they can unite against the common enemy. That being said, I don't think they're being reasonable. People like banks, they like that there's an institution responsible for their funds and being able to consult them about those funds. With cryptos, you have to be responsible and look for answers, and it's harder to correct mistakes if you made them. Also, the state relies heavily on banks in many cases. For example, in my country, and many others, you can no longer receive an official salary or scholarship without a bank account. So I think the threat is overestimated.

[el kaka22]

There is no way most banks could support cryptocurrency. While of course, we have countries that will embrace what bitcoin brings, we can't forget that we are threatening the very system that many powerful people built their foundation upon. We can't expect them to go down with a fight.

It's almost laughable to hear banks say that cryptocurrency enables fraud and money laundering. They love to throw that around yet they neglect to mention how much of those same activities transpire within their 4 walls.

It is not about supporting or being against it. Banks are not after being right or doing the right thing. They do not want to offer the best things to customers and help them earn a lot of money. Only thing they care about is making more and more money. To be fair, it is not an easy job neither, if you had 10 billion dollars in cash, turning that into 20 billion dollars in cash would be very hard, you could buy stocks with it and sell it but that would hurt the market if you did it all at once.

So, they are doing something risky and useless, they shouldn't do it at all, simple savings/loan combo would have been enough. In anyway, if they see that crypto would profit them a lot, they would quit all of the complaining about crypto all at once, and "support" it all of a sudden. Not because they like it, just because it would mean more profits.

[Zilon]

If the central banks are concerned about how their citizens gets scammed through crypto currency I would say it's not safe with fiat either because which ever way we decide we have scam experts who go about their business without trace. Presenting crypto currency in negative lights wouldn't stop investors as the find it safer for their personal data and how the move large funds without any middle man or intermediary.

[DoverDoane]

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 don't think banks are afraid of cryptocurrencies, but there are some things that hinder them. First, they have to adjust to their country's rules because there are still many countries that prohibit cryptocurrency transactions as a means of payment or something else, both cryptocurrencies are volatile, making it difficult for banks to manage them.

[Alisha-k]

I wouldn't say banks are afraid of adopting crypto but I'd rather say banks are unlike crypto currency are centralized and so subjected to the countries rules and regulations, the can't just adopt crypto if it's not accepted in the country where the operate.

[DrBeer]

....

As a potentially competing technology, I agree that today's settlement model is probably losing out to cryptocurrency models. But who prohibits central banks from adopting competing technologies and legislatively "squeezing" cryptocurrency? To force the exchanges to comply with the legislative exchanges, or to work only "on black" and to prosecute by law - and the "black exchanges" will not last so long ... The fact that an interesting asset for accumulation is - I am sure that the real income from THOUGHTED accumulation is much less than 50% of the total the number of crypt holders, which means the satisfaction rate is not very high, there are more fairy tales and "stories" create a beautiful picture

[Argoo]

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?

Of course, banks don't like cryptocurrency because cryptocurrency is actually a competitor to the banking system. At the same time, cryptocurrency does not pose a threat to the existence of banks. After all, the banking system is under the full protection of the state and is practically part of the state system of power. Banks can provide services in cryptocurrency, but they will not actively support it.

[laredo7mm]

If you know there is something that can take away your main source of income then what will you do? You will be afraid and worried about yourself and everyone you are responsible for. Bank generates income by borrowing people's money with low interest and lending them with high interest. They use people's saving to run their business. So if people can use the crypto wallet to do all those things that they can do with the bank then why they will use a bank. If the use case of banks is less demanding they will be shut down for sure which is a concerning matter to them.

[tygeade]

If you know there is something that can take away your main source of income then what will you do? You will be afraid and worried about yourself and everyone you are responsible for. Bank generates income by borrowing people's money with low interest and lending them with high interest. They use people's saving to run their business. So if people can use the crypto wallet to do all those things that they can do with the bank then why they will use a bank. If the use case of banks is less demanding they will be shut down for sure which is a concerning matter to them.

Yup you are correct, the banks are going to be scared of cryptocurrency because they think that it is going to take away their source of income. But, I don’t really think that is going to be the case. Cryptocurrency is not really going to wipe out the banks like a lot of people think. I think that there’s still going to be the need for banks, and there are some very important roles that they will always continue to play in the economy.

So, they wouldn’t go away because of that. And moreover we are now seeing the release of central banks digital currencies, which is going to be issued by the banks as well, so they’re not really going away, they’re still going to be there. I only see cryptocurrencies to serve as an alternative, and not a replacement.

[Raflesia]

If the central banks are concerned about how their citizens gets scammed through crypto currency I would say it's not safe with fiat either because which ever way we decide we have scam experts who go about their business without trace. Presenting crypto currency in negative lights wouldn't stop investors as the find it safer for their personal data and how the move large funds without any middle man or intermediary.

In this case, the real reason may not come from the bank but from the government side and the rules they make.
The reason they are too worried about crypto is because they are really very difficult to control and there are even some prominent figures who do say that they hate crypto especially bitcoin because they are very difficult to control.
banks are now almost completely under the control of the government, like it or not they have to run in accordance with existing government regulations

[stomachgrowls]

If the central banks are concerned about how their citizens gets scammed through crypto currency I would say it's not safe with fiat either because which ever way we decide we have scam experts who go about their business without trace. Presenting crypto currency in negative lights wouldn't stop investors as the find it safer for their personal data and how the move large funds without any middle man or intermediary.

In this case, the real reason may not come from the bank but from the government side and the rules they make.
The reason they are too worried about crypto is because they are really very difficult to control and there are even some prominent figures who do say that they hate crypto especially bitcoin because they are very difficult to control.
banks are now almost completely under the control of the government, like it or not they have to run in accordance with existing government regulations

Banks are highly regulated thats why whatever government perceptions and views it may be then they would be always following with that thats why its not really surprising that those things on which

government do hates on would be always the things that they would be hating too thats why its not really surprising that they would be having those kind of impressions too but i have seen some banks

do really deal up with crypto but of course it would depends or vary on that countries government point of view or impressions towards crypto.

[Oceat]

I do think that banks are afraid of cryptocurrency especially Bitcoin, somehow since they've been releasing different regulations to control who's using Bitcoin. If the worldwide adoption of Bitcoin happen, maybe they would try to ban users from using cryptocurrency. Although, El Salvador is different from us but they welcome Bitcoin wholeheartedly despite of the volatility of the market.

Somehow, I do think that what if banks would change their perspective instead of forcing something that would lead to chaos in the long run? I'm not saying it's not hard but it's not that easy too since the people are all divided in ideas and beliefs. Since not everyone has the same point of view.

[Tumanggor]

Bankers are thieves who have been fleecing off the people for ages and today a better alternative than they offer is here, they are scared they won't be able to keep up with their extravagant lifestyle hence condemn crypto and fight it, Someone should educate them they have lost the war already. You can't stop a technological advancement.

banks are very afraid of crypto adoption. Banks are legal loan sharks that have been approved by the government for hundreds of years

when the cryptocurrency has been adopted, the bank function is completely absent anymore. or maybe banks now will become a place to store crypto assets

the conclusion is that banks should accept cryptocurrencies and try to make them survive and exist in the future, there's no point fighting crypto

[Vaskiy]

I do think that banks are afraid of cryptocurrency especially Bitcoin, somehow since they've been releasing different regulations to control who's using Bitcoin. If the worldwide adoption of Bitcoin happen, maybe they would try to ban users from using cryptocurrency. Although, El Salvador is different from us but they welcome Bitcoin wholeheartedly despite of the volatility of the market.

Everywhere there'll be opposition as well as acceptance. El Salvador too isn't an exception, the people haven't welcomed bitcoin wholeheartedly. There were protests, but the government was strong on the decision. Later people realised the goodness out of the growth of bitcoin price which brought in good sum of money. Now slowly people are getting adopted to it.

Salvador street protest breaks out against bitcoin adoption

Somehow, I do think that what if banks would change their perspective instead of forcing something that would lead to chaos in the long run? I'm not saying it's not hard but it's not that easy too since the people are all divided in ideas and beliefs. Since not everyone has the same point of view.

Some part of the World banks have started to support bitcoin transaction. The lastest being the German bank on the development of infrastructure to support bitcoin and other cryptocurrencies investment directly from the savings bank account. Maybe in the future more other banks can go with similar decision.

German savings banks want to enable Bitcoin for 50M clients