Do you see banks joining Crypto currencies soon?

Ahmedo24

Verified member
It no longer doubt that Crypto currencies are on the rise and some Exchange platform are richer than some banks in Africa . Many people prefer taking the risk of trading and Investing into Crypto currencies now considering the margin of profit in it after some time especially if you are patient. It is already for seen by many people that very soon bank deposit will decline so if this eventually come to reality do you see banks joining Crypto currency trend especially in Africa though some banks in the US are already allign to Crypto currencies.. share your opinion on this. Thanks
 

Josemendez

Verified member
As for me , I don't think that banks will ever give their support to cryptocurrency because the use of cryptocurrency has taken away many investors from them . People no longer feel comfortable with saving their money in banks . They prefer storing it in cryptocurrency where it will yield much profit within a short period of time.
Banks may only want to establish a taxation strategy together with the government as a counter measure to cryptocurrency investment. Banks have also been on the verge of fighting off cryptocurrency by creating central bank digital currency ( cbdc)
 

Ahmedo24

Verified member
If paypal been a financial institution can legalize cryptocurrencies I think it is high time government of different countries promotes cryptocurrencies and advise youths to engage the use of cryptocurrency and though at their own risk because they need to and you need to understand the risk in trading cryptocurrencies as they are highly volatile no doubt people have made money through cryptocurrency but at the same time people have lost money why trying to make money from cryptocurrency so it is very important that the government make people are aware of the challenges or the nitty gritty of cryptocurrency such that everyone investing in it will be full day aware of the kind of risk he or she is taking.
 

gochenko8

Member
I agree that for banks in Africa to adopt cryptocurrency or to integrate cryptocurrency into their transactionary system. I think it will take a very long time for us to see such happening in African Banks because banks in Africa are so outdated In their infrastructural development. Most of them don't have the capacity to do simple banking operations they always have network issues, banking are quite difficult for them to do, how much more complicated digital assets like crypto-currencies it will take them a very long time for them to achieve that.
 

Bookwormlux

Valued Contributor
the banks are already aware of the fact that cryptocurrency is taking the lead but being the fact that the government of their respective countries are yet to legalize the use of cryptocurrency that is the more reason why most of the are not into it yet don't be surprised that most of these banks will see today I already doing it behind in the back door so but they are not doing it officially so let's see how it goes soonest because because the market capitalisation of cryptocurrency over of over 1 trillion dollars is just what gives me rest of mind.
paypal had to adopt cryptocurrency because members of the platform already living the platform and use the exchangers to invest in Crypto currencies.
You are right about this. With the way crypto currencies are gaining more acceptance, I believe more countries would legalize them because I do not see any need for all the restrictions when citizens are already embracing it. In fact, crypto currencies have changed the narrative for so many youths that would have been unemployed if they were waiting for their governments to provide job opportunities for them, but they have decided to venture into crypto currencies and it paid off.
With rich people like Elon musk promoting crypto currencies again, it sure means that our there would be a lot of acceptance around the world.
 

Ahmedo24

Verified member
I think when banks come to realize that more attention is now drifting towards crypto currencies, they would definitely join in the moving train due to the fact that they won't want to lose their customers.
A lot of us have had our own share of the excesses from banks and things like that have made us to embrace crypto currencies without any fear because we find more comfort with them. When banks realize this, they would either adopt crypto currencies too or they would adjust their strict terms and come up with policies that would make customers return to them again.

PayPal also adopted crypto currencies, so banks would do same soon.
the banks are already aware of the fact that cryptocurrency is taking the lead but being the fact that the government of their respective countries are yet to legalize the use of cryptocurrency that is the more reason why most of the are not into it yet don't be surprised that most of these banks will see today I already doing it behind in the back door so but they are not doing it officially so let's see how it goes soonest because because the market capitalisation of cryptocurrency over of over 1 trillion dollars is just what gives me rest of mind.
paypal had to adopt cryptocurrency because members of the platform already living the platform and use the exchangers to invest in Crypto currencies.
 

Bookwormlux

Valued Contributor
It no longer doubt that Crypto currencies are on the rise and some Exchange platform are richer than some banks in Africa . Many people prefer taking the risk of trading and Investing into Crypto currencies now considering the margin of profit in it after some time especially if you are patient. It is already for seen by many people that very soon bank deposit will decline so if this eventually come to reality do you see banks joining Crypto currency trend especially in Africa though some banks in the US are already allign to Crypto currencies.. share your opinion on this. Thanks
I think when banks come to realize that more attention is now drifting towards crypto currencies, they would definitely join in the moving train due to the fact that they won't want to lose their customers.
A lot of us have had our own share of the excesses from banks and things like that have made us to embrace crypto currencies without any fear because we find more comfort with them. When banks realize this, they would either adopt crypto currencies too or they would adjust their strict terms and come up with policies that would make customers return to them again.

PayPal also adopted crypto currencies, so banks would do same soon.
 

Ahmedo24

Verified member
This is possible, all those who are saying their claim, should provide an example too.

From my side, The RBI had decided to ban other cryptocurrency and start its own, however this depends on government's decision. In 2018, RBI banned cryptocurrency in India, but the Supreme court overruled that decision. RBI wants to start digital version of Indian currency (might be stablecoin) however they do not have knowledge of Blockchain; everything depends on government's decision and court's ruling. Governments and Banks cannot stop time based change, they just have to adjust.
I quite agree with you that evidence is needed so that people can actually get the right information with back, I am fully aware of the supreme Court judgement last year. My fear with the RBI coin project is that if it is a stable coin and they want to ban Crypto Currencies then there is high possibility that the stable coin won't grow because if the most people using the internet see no reason for holding it it will just be there . I suggest they allow Crypto currencies trend to grow their own stable coin.
 

Yugocean

Valued Contributor
This is possible, all those who are saying their claim, should provide an example too.

From my side, The RBI had decided to ban other cryptocurrency and start its own, however this depends on government's decision. In 2018, RBI banned cryptocurrency in India, but the Supreme court overruled that decision. RBI wants to start digital version of Indian currency (might be stablecoin) however they do not have knowledge of Blockchain; everything depends on government's decision and court's ruling. Governments and Banks cannot stop time based change, they just have to adjust.
 

leejay

New member
It no longer doubt that Crypto currencies are on the rise and some Exchange platform are richer than some banks in Africa . Many people prefer taking the risk of trading and Investing into Crypto currencies now considering the margin of profit in it after some time especially if you are patient. It is already for seen by many people that very soon bank deposit will decline so if this eventually come to reality do you see banks joining Crypto currency trend especially in Africa though some banks in the US are already allign to Crypto currencies.. share your opinion on this. Thanks
 

Victor001

Active member
Personally, I dont see banks paving way or becoming a sub to cryptocurrency because the channel of operation in banks is less automated and most time requires physical approach as well as relationship exposure amongst investors.
The crypto is fully automated and will deny the banks benefits they gain from investors. Though if they choose to adapt the number of confirmatory will be much to make their sector valid in every exchange.
 

cmoneyspinner

Active member
If you Google this topic about banks and cryptocurrenct, you'll find a lot of interesting reports.

There were 2 reports that came out. One in October 2020 said that central banks want to create their own digital currency. The next month in November in a report in Cointelegraph.com it said the idea was already dead because central banks did not want to give “their citizens the privacy and democratic freedom a truly decentralized digital currency”.

Another report during the last quarter of 2020 said Indian banks were beginning to offer crypto banking.

I think everyone wants to join the party!
 

IamDozzy

Active member
It won't be long before Nigerian banks jump on this Bitcoin rush because it is one of the advancement of the 21st century for financial institutions. When the Central Bank of Nigeria finally releases its strong hold on Nigeria banks, don't be surprised seeing Nigerian banks purchasing crypto currency because the Return on Investment (ROI) is astronomical. Just the other day, the richest man in the world Elon Musk tweeted about Bitcoin and it shot up.
 

Ralphjoe

Active member
For banks in Africa to adopt cryptocurrency or to integrate cryptocurrency into their transactionary system. I think it will take a very long time for us to see such happening in African Banks because banks in Africa are so outdated In their infrastructural development. Most of them don't have the capacity to do simple banking operations they always have network issues, banking are quite difficult for them to do, how much more complicated digital assets like crypto-currencies it will take them a very long time for them to achieve that.
 

Snazzy001

Member
Gradually bitcoin is taking over .it is very possible for banks to involve in bitcoins since it is something thay can also contribute to the growth of the bank should it be faced with bankruptcy or any unforseen happenings.i urge us all to also invest in bitcoins because am sure we are not going to regret.
 
D

Deleted member 28873

Guest
Today, Big banks are investing in Bitcoin to
study and analyze blockchain technology.
This idea is shared by many and maybe one
of the reasons why one of the biggest
American banks is entering into the crypto
game strong.
Bank of America has made several
statements declaring that they’re investing
the most in blockchain and crypto. As of
today, Bank of America has possessed the
most live patents in the blockchain space.
Bank of America clearly sees the potential
that the technology has, and once it is
accepted by the mainstream corporate
culture they will have the most to gain.
 

Ahmedo24

Verified member
Yes it's possible, in the long run many banks will have to incorporate crypto transactions into their businesses. One thing about these financial institutions is that they are so much interested in profit making, and will always cue into any business venture that they believe have the capacity to improve their balance sheet.

I believe that many banks are currently monitoring the progress of cryptocurrencies, and will look for a way to join in. Some days ago VISA International announced that they are working on how their customers can link their crypto wallets to their Visa card and withdraw cash from ATMs. So there's lots going on and very soon we will get to know about them.
That's true , I am very sure if not for the central bank and government regulations most banks would have key in to Crypto currencies for a long time, I knew of a bank in my country that once employed blockchain technology to test run their activities all in the aim to make banking services more effective which i termed as a feasibility studies on Crypto currencies.
The update from Visa recently is actual going to make life more easier for Crypto currency enthusiasts to swap Crypto currencies to fiat currencies leaving banks for more empty.
 

Donkiz

Active member
Yes it's possible, in the long run many banks will have to incorporate crypto transactions into their businesses. One thing about these financial institutions is that they are so much interested in profit making, and will always cue into any business venture that they believe have the capacity to improve their balance sheet.

I believe that many banks are currently monitoring the progress of cryptocurrencies, and will look for a way to join in. Some days ago VISA International announced that they are working on how their customers can link their crypto wallets to their Visa card and withdraw cash from ATMs. So there's lots going on and very soon we will get to know about them.
 

Ahmedo24

Verified member
JP Morgan have their coin already. Its a USA bank and their coin is named JPM Coin. Their coin would partly be used for their daily transactions. As long as a Bank have blazen the trail then we expect other banks to also come up with the same. We do expect banks in Africa to join the trail but it would take a long period for them to integrate it and effectively start using for exchange. Cryptocurrency is here to stay as a future we envisage is now.
Thanks for your update , I didn't know the bank already has a coin in the name, I just searched for the coin in my trust wallet and I discovered it was available though I don't it is compatible because it is a TRC 10 based . I also wish to know if the coin is a stable coin or Crypto currency coin.
If other strong banks can emulate JP Morgan it will be wonderful though I guess the challenge is that most countries are yet legalized Crypto currencies especially in Africa otherwise some banks would have try it.
 

greatguy1

Active member
JP Morgan have their coin already. Its a USA bank and their coin is named JPM Coin. Their coin would partly be used for their daily transactions. As long as a Bank have blazen the trail then we expect other banks to also come up with the same. We do expect banks in Africa to join the trail but it would take a long period for them to integrate it and effectively start using for exchange. Cryptocurrency is here to stay as a future we envisage is now.
 
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