Altcoins Talks - Cryptocurrency Forum
Further Discussions => Banks & Cryptos => Topic started by: Mahindra on July 05, 2021, 06:21:30 AM
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The extensive use of cryptocurrency in the financial world has instigated banks and other financial institutions to adapt to the cryptocurrency market. Banks have initiated to embrace the functionalities of a cryptocurrency and are interested to integrate blockchain technology into their existing financial system. The decision is taken to attract potential investors who usually deal with other parties through millions of dollars of assets and money. These institutions have also started launching smart tokens and payments through cryptocurrency to increase funding in their digital wallets. Multiple reputed banks have started using cryptocurrency in these recent years and some are also making plans to get involved with blockchain technology. Analytics Insight provides a list of top banks interested in using cryptocurrency with blockchain technology. information (https://www.analyticsinsight.net/top-banks-interested-in-using-cryptocurrency-with-blockchain/)
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The extensive use of cryptocurrency in the financial world has instigated banks and other financial institutions to adapt to the cryptocurrency market. Banks have initiated to embrace the functionalities of a cryptocurrency and are interested to integrate blockchain technology into their existing financial system. The decision is taken to attract potential investors who usually deal with other parties through millions of dollars of assets and money. These institutions have also started launching smart tokens and payments through cryptocurrency to increase funding in their digital wallets. Multiple reputed banks have started using cryptocurrency in these recent years and some are also making plans to get involved with blockchain technology. Analytics Insight provides a list of top banks interested in using cryptocurrency with blockchain technology. information (https://www.analyticsinsight.net/top-banks-interested-in-using-cryptocurrency-with-blockchain/)
When we critically look at what cryptocurrencies are becoming these days, one could guess that this move by banks getting into cryptocurrency adoption is inevitable. We know they might see it as a contender initially but wh doesn't want to have a piece of what cryptocurrencies bring to the table? Now countries are adopting and some still working out the process of adopting it while mega Institutions have joined in and little wonder while the Banks are joining in too.
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Banks will show interest in cryptocurrency only when states legalize it and banks are given detailed instructions on how much and how exactly cryptocurrency can be used. At the same time, this will also be the case if banks see their material benefit and in a sufficient amount. So far, we can say that the attitude of banks to cryptocurrency is ambiguous, as are their governments.
At the same time, blockchain technology has long been appreciated by both banks and governments of almost all countries. The banking system, government agencies and entire sectors of the economy are actively using blockchain technology in their activities.
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Banks' interest in Blockchain has been around since Bitcoin in 2009. I think banks can not need to create new tokens, they can use existing blockchains to save costs and we can see that there are already many blockchains that support USDT, XRP for example has long This bank and platform partner is well known to many people.
If the Bank creates a new blockchain with a new token but does not accept Bitcoin, then it is very detrimental, because Bitcoin transactions like crypto exchanges have many customers and of course if the bank does the same then they will benefit from every transaction.