Will banks use privacy coins ?

[lepbagong]

Lol. Banks are extensions of the government and as such would not touch privacy coins with a long pole. Things might change in the future, but that is the prevalent thought now

It is not easy to change the rules in the bank authority because it is a government institution that will always be bound by very strict rules before doing or changing the rules. It's true mate that the bank is an extension of the government to be able to connect with many people to complete their needs. It is very difficult to be able to determine that Privsi coins will be used by banks, still need time to be able to change that.

[KaliLinux]

Interesting perspective. I also believe that eventually banks will start using cryptocurrencies. Due to the Bank Secrecy Act, I will they will need to use privacy enhanced ledgers. This is why I will eventually banks will start adopting private coins like Monero or Pandora Cash. To keep their ledgers safe and hidden for other actors. Then, having this kind of ledger they might pursue to allow certain users to have more privacy in their financial transactions.

It doesn't necessarily have to be a privacy coin even if the Banks want to offer crypto services to their customers and we have had a couple of Banks even in the USA that is already doing this.
Best Crypto-Friendly Banks in the USA
however I don't believe that even with this, they will still do away with fiat transactions, this is for them not to miss out on what crypto trading is bringing right now.

[Alcor]

Banks are starting to use privacy coins more and more. They are looking to improve their customer service and they want to be able to keep their customers’ information secure. They also want to be able to track their customers’ transactions. Privacy coins allow banks to do all of these things.

Privacy coins and the state banking system are absolutely incompatible, as they operate on opposite principles. You can also talk about the partial use of ordinary cryptocurrency by banks, but they will definitely not use privacy coins. Absolute anonymity is not for the banking system. Therefore, in some countries that are even considered cryptocurrency-friendly (such as Japan), privacy coins are prohibited. The situation with such coins will only get tougher as states regulate the circulation of cryptocurrencies.

[Afony]

What are privacy coins that cannot be determined by a transaction, so the banking system does not need it at all. It is more profitable for them to see every transaction and monitor all processes in the bank.

[Speaker]

What are privacy coins that cannot be determined by a transaction, so the banking system does not need it at all. It is more profitable for them to see every transaction and monitor all processes in the bank.

Absolutely right, that's why many of them are developing CBDC... the perfect tool for monitoring cash flow.

[Senin]

Lol. Banks are extensions of the government and as such would not touch privacy coins with a long pole. Things might change in the future, but that is the prevalent thought now

It is not easy to change the rules in the bank authority because it is a government institution that will always be bound by very strict rules before doing or changing the rules. It's true mate that the bank is an extension of the government to be able to connect with many people to complete their needs. It is very difficult to be able to determine that Privsi coins will be used by banks, still need time to be able to change that.

Banks may use some common cryptocurrencies in their business, but they will never deal with privacy coins. On the contrary, there is a very high probability that states and their governments will prohibit the use of privacy coins such as Monero, Scash and others. Governments will always strive to control the circulation of cryptocurrency whenever possible, and privacy coins make it virtually impossible to do this.

[gunhell16]

I am thinking about this.
Step 1 - banks discover blockchain - Checked.
Step 2 - banks integrate blockchain internally - Checked.
Step 3 - customers will have digital wallets from banks -  Not there yet.
Step 4 - banks integrate privacy coins internally.
Step 5 - customers will have privacy coins in their digital wallets from banks

We know that all banks are under government authority, meaning that even if they make their own coin, for me it is useless. Because that control is there, it seems as if there is no difference in the banking system.

But if the bank adopts a blockchain platform, maybe I can say that other communities can support the cryptocurrency business industry that we live in. Then that's what the CBDC is doing too, if I'm not mistaken.

[KryptoBull]

We are now seeing banks adopt support for crypto services and it seems like the US wants the entire crypto market to be managed through traditional banking system.
CBDC will come soon but will not be able to replace crypto, and banks will not use anonymous coins but will be popular tokens such as BTC, ETH, ADA, DOT, SOL... Maybe they will create a token internally to trade with each other, or use XRP for this purpose.

[damsix]

Privacy coins are really hated by various regulations, including from the SEC in the US, perhaps also in various parts of the world. For this privacy coin, there are some who oppose it because the validity of Bitcoin and Altcoins is still being questioned to this day.
Banks already have their own transaction systems and banks are experiencing a dilemma regarding the Blockchain system which is currently popular. It's very happy for discuss like this , LOL
Even many banks are now adopting Blockchain for every transaction, but this is just a rumor or maybe it has already been done but secretly.

[zilzylian]

privacy coins like monero are delisted from some cex exchanges and i think banks will not accept privasj coins because of some rules about money laundering, in the future privacy coins can compete if there are countries that support these coins

[Jaephoenix]

I dont think so. Privacy coins have received a lot of hate and criticism from government agencies because of their use by criminals like money launderers, hackers, drug pushers, child traffickers etc. So it's less likely the same government or it's agencies would utilize such financial instruments. No never is the word

[de_prof]

I dont think so. Privacy coins have received a lot of hate and criticism from government agencies because of their use by criminals like money launderers, hackers, drug pushers, child traffickers etc. So it's less likely the same government or it's agencies would utilize such financial instruments. No never is the word

Privacy coins can't be tracked their transaction.
I think won't use privacy coin.
Money laundering, criminal activities will be there.
But It's just opinions, maybe bank or government have another policy

[MrSpasybo]

I dont think so. Privacy coins have received a lot of hate and criticism from government agencies because of their use by criminals like money launderers, hackers, drug pushers, child traffickers etc. So it's less likely the same government or it's agencies would utilize such financial instruments. No never is the word

Yeah, there are a lot of reasons why banks don't use privacy coins:
+ Privacy coins are being counted by governments as dangerous objects for the economy: they can become a tool for money laundering and terrorist financing;
+ Privacy coins are being suppressed: exchanges are delisting privacy coins one after another, most recently, OKX just announced to delist them;
+ Banks can use public blockchain networks such as Ethereum and Ripple. They are experimenting to understand the technology and value of blockchain;
+ Banks can issue their own CBDC to compete with stable coins.

[Evgenklm]

It's hard to imagine banks actively adopting confidential coins. They are likely to be cautious about using such means due to potential risks associated with inadequate regulation and the possibility of illicit activities. The banking industry traditionally prefers stability and transparency, making the integration of confidential coins unlikely in the short term.

[DrBeer]

Since the work of banks is strictly regulated by the state, it is unambiguous that the state will not allow any uncontrolled money surrogates or any alternatives to the financial, managed monetary system. State = power = management and control of money flows.
That is why, unfortunately, I am pessimistic about the prospects of the possibility of "free circulation" of cryptocurrencies. I understand the dreams and belief in a decentralized free community, but as long as the concept of STATE exists, there will be no uncontrolled systems that directly or indirectly influence power and control. And the monetary system is one of the pillars of the state.