Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: apolinar on May 05, 2022, 12:57:53 PM
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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
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As a matter of facts, banks are already in fear about a strong competition on the Blockchain technology. I think the earlier the banking sectors introduce the Blockchain into their system, the better survive eminent competition. Some bank has started introducing Bitcoin to their customers in the US and gradually they may begin the developments of their Blockchain in near future.
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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.
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As a matter of facts, banks are already in fear about a strong competition on the Blockchain technology. I think the earlier the banking sectors introduce the Blockchain into their system, the better survive eminent competition. Some bank has started introducing Bitcoin to their customers in the US and gradually they may begin the developments of their Blockchain in near future.
it's good news if the banks has started to introduce bitcoin in their customer.
It will have good effect for crypto world.
But I think It's just several banks, because the government don't allow bitcoin and crypto yet.
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I think the banks should adopt Blockchain technology or allow bitcoin and altcoin for their customer.
Maybe we can buy crypto by banks.
But I agree with the opinions above, It needs government regulation.
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Banks are tools of governments, and governments don't like privacy coins like XMR or DASH. If accepting crypto, banks will choose BTC, ETH or stable coin, they will not accept privacy coin.
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Banks are tools of governments, and governments don't like privacy coins like XMR or DASH. If accepting crypto, banks will choose BTC, ETH or stable coin, they will not accept privacy coin.
I agree with you, even big exchanges like Coinbase are removing privacy coins, as we know, all transactions in the world are almost entirely using Dollars, I don't know what they (Banks) are thinking.
There are still many ideas that haven't been put to use on blockchain, whether governments are afraid of transparency or they're afraid that crypto is out of control. This is a question for many parties, because until now cryptocurrencies such as BTC have not been legally recognized for their transactions.
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I can say with confidence that banks will not use decentralized privacy coins. These coins are simply incompatible with banking. If banks need to strengthen privacy, they will implement something of their own and centralized.
Banks have implemented and will continue to implement blockchain technology, as it gives them the opportunity to dramatically improve the efficiency of their banking system. Therefore, here the OP is trying to combine what can never be combined in the operation of the banking system.
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Banks are tools of governments, and governments don't like privacy coins like XMR or DASH. If accepting crypto, banks will choose BTC, ETH or stable coin, they will not accept privacy coin.
You're right, privacy coins asuch as XMR and DASH can't be tracked.
I think the government didn't agree with this coins , Banks will never accept privacy coins.
Yeah, BTC, ETH, BNB are better being allowed in banks
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Banks will never be adopting privacy coins all because governments are more wary with privacy coins than the usual cryptocurrencies...and banks are under the regulating power of the government so they will never ever want to destroy the kind of relationship they got with the governments for decades. But I am seeing the possibility of banks having their own wallets which their customers or clients can download and use. I think am already seeing this now a big reality with some financial institutions especially those who are into remittance or money transfer business but of course am not sure if they are decentralized or not.
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maybe what should be considered before banks adopt crypto is the volatility of the price of this cryptocurrency, because this will be a financial problem in the banking world if banks actually adopt crypto as an official means of payment, and can affect the stability of financial institutions
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maybe what should be considered before banks adopt crypto is the volatility of the price of this cryptocurrency, because this will be a financial problem in the banking world if banks actually adopt crypto as an official means of payment, and can affect the stability of financial institutions
That's the fact, crypto is volatile.
Maybe banks can use stable coins not allow privacy coins,.
It will happen soon.
because at several countries blocked privacy coins, suspect for illegal activities.
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Decentralized privacy coins and banks, these concepts are simply incompatible. Banks will never use them. Banks have completely different principles of work and the secrecy of information about customers for the banks themselves does not suit them. Also, decentralized cryptocurrency in general is not suitable for them.
For their purposes, they will use their own digitized currencies, as well as various regional currencies at the interstate level.
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Decentralized privacy coins and banks, these concepts are simply incompatible. Banks will never use them. Banks have completely different principles of work and the secrecy of information about customers for the banks themselves does not suit them. Also, decentralized cryptocurrency in general is not suitable for them.
For their purposes, they will use their own digitized currencies, as well as various regional currencies at the interstate level.
You're right, I also agree with your opinions banks will never use privacy coins.
Almost all bank are centralized system.
Maybe banks will have stable coins , but not privacy coins.
that's my opinion.
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The privacy coin is well suited to centralized authority. The banking system is highly centralized and they do not want to publicize their user data. But the bank will make sure they can track everything else. It will not be something like an open blockchain where everyone can see any transaction. Banks can use something like a partially private coin.
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The privacy coin is well suited to centralized authority. The banking system is highly centralized and they do not want to publicize their user data. But the bank will make sure they can track everything else. It will not be something like an open blockchain where everyone can see any transaction. Banks can use something like a partially private coin.
That's true, privacy coins won't share private data, never.
Banks won't agree and allow privacy coins.
It also needs the government regulations and I think will never happen. I agree with this opinions
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The privacy coin is well suited to centralized authority. The banking system is highly centralized and they do not want to publicize their user data. But the bank will make sure they can track everything else. It will not be something like an open blockchain where everyone can see any transaction. Banks can use something like a partially private coin.
That's true, privacy coins won't share private data, never.
Banks won't agree and allow privacy coins.
It also needs the government regulations and I think will never happen. I agree with this opinions
I think banks will accept stable coins that centralised system.
Because many investors will withdraw in stable coins.
For privacy coins, I don't think bank will use it.
It's more risky because this coins can be misused by scammers.
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some banks already offer crypto custody services i don't think they will ever adopt privacy coins they could not justify flows, movements to governments, control institutions and could be accused of aml themselves
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some banks already offer crypto custody services i don't think they will ever adopt privacy coins they could not justify flows, movements to governments, control institutions and could be accused of aml themselves
I think the government and the bank didn't accept privacy coins.
At the last we heard about several news that said privacy coins will be used for illegal activities.
So, I think It will never happen.
Banks will accept stable coins such as USDT, BUSD, DAI etc
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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
What do you mean privacy coins dude? You mean creating their own altcoins it is because nowadays cryptocurrency was too trending now? Is that what you're trying to emphasize to your topic here? Due to if Yes, I doubt that the majority of the banks will do use privacy coins.
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some banks already offer crypto custody services i don't think they will ever adopt privacy coins they could not justify flows, movements to governments, control institutions and could be accused of aml themselves
I do not think decentralization goes with the bank. Banking system is a company whoes intention is to make money by selling service. They will use crypto if they saw their is profits in it. I am not sure how privacy coin will got their interest but if it did then it will be good for crypto. Till now it seems bank doesn't like crypto.
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some banks already offer crypto custody services i don't think they will ever adopt privacy coins they could not justify flows, movements to governments, control institutions and could be accused of aml themselves
I do not think decentralization goes with the bank. Banking system is a company whoes intention is to make money by selling service. They will use crypto if they saw their is profits in it. I am not sure how privacy coin will got their interest but if it did then it will be good for crypto. Till now it seems bank doesn't like crypto.
You're right banks won't allow decentralised system in their products, So I think privacy coins will never been accepted by banks. Never ...
Privacy coins cannot be tracked, It can be used for criminal and illegal activities, I agree with this.
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some banks already offer crypto custody services i don't think they will ever adopt privacy coins they could not justify flows, movements to governments, control institutions and could be accused of aml themselves
I do not think decentralization goes with the bank. Banking system is a company whoes intention is to make money by selling service. They will use crypto if they saw their is profits in it. I am not sure how privacy coin will got their interest but if it did then it will be good for crypto. Till now it seems bank doesn't like crypto.
You're right banks won't allow decentralised system in their products, So I think privacy coins will never been accepted by banks. Never ...
Privacy coins cannot be tracked, It can be used for criminal and illegal activities, I agree with this.
That more possible not happen is banks will accept stable coins.
not privacy coins.
Because privacy coins has been banned at several countries.
That's my prediction, It will happen soon.
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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
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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
Yep, I think bank will never touch privacy coins.
We know banks always focus ion transapancy, and we know privacy coins are private coins that cannot be tracked.
So, I think It will never happen, I agree with this opinion
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Agree with this opinion, Banks are extensions of the government
Banks can use privacy coins, If the government allow.
But I think It's impossible to happen.
The government will refuse privacy coins.
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I don't understand what is meant by privacy coin here, but if it can benefit the bank and the bank's customers then it might happen. Crypto development is very fast, even Banks must follow the development of this Cryptocurrency. If not, the Bank will be left behind, because from time to time more and more people are using Cryptocurrencies.
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Of course they will... at least use it in internal interbank settlements. It can be fast, cheap and safe and shouldn't scare us.
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Of course they will... at least use it in internal interbank settlements. It can be fast, cheap and safe and shouldn't scare us.
It is clear that banks will not use privacy coins, because it would be contrary to the basic principles of the banking system. It is no coincidence that Japan and some other states have already banned the use of privacy coins in their country. Privacy coins such as Monero, Dash and others are almost impossible to trace and control, and this is of great concern to states.
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Of course they will... at least use it in internal interbank settlements. It can be fast, cheap and safe and shouldn't scare us.
It is clear that banks will not use privacy coins, because it would be contrary to the basic principles of the banking system. It is no coincidence that Japan and some other states have already banned the use of privacy coins in their country. Privacy coins such as Monero, Dash and others are almost impossible to trace and control, and this is of great concern to states.
Agreed, I also agree bank won't use privacy coins.
Such as monero ,dash etc.
Because They can't be tracked and will be misused by illegal activities, I agree with this reason.
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point number 3 is the possibility that if the bank implements a blockchain wallet then it will be very good, it's just that such a program will turn off bank finances instantly because we know that until now banks can get a lot of money because there is a monthly fee withdrawal that is taken from savings so if you apply a wallet blockchain for free then it will make the financial circulation in the bank collapse because there is no money income.
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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
It's impossible to happen, Bank won't use privacy coins.
Private coins cannot be tracked, Bank and the government will against this.
So, forget it. It will never.
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LAlthough the privacy coin will never be listed, the transactions made by the bank don't seem to be transparent, the bank doesn't give everyone access to the account, I mean I can't see how much money my friend has saved when I want to transfer money to his account.
Banks only want blockchain, but they also need stable coins, but I don't know how long they will last using the ancient system, in the future blockchain era will enter every company and they will make coins like China[/size]
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Although the privacy coin will never be listed, the transactions made by the bank don't seem to be transparent, the bank doesn't give everyone access to the account, I mean I can't see how much money my friend has saved when I want to transfer money to his account.
Banks only want blockchain, but they also need stable coins, but I don't know how long they will last using the ancient system, in the future blockchain era will enter every company and they will make coins like China
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there will be no very significant changes to banking, because there are still many who require transactions that occur in banking, the possibility of the system will change by itself, certainly can happen because the need for renewable technology is indeed needed. but for all transactions that have existed in the banking sector, the possibility of being replaced will not occur. many still need banking for other transactions.
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Banks have already started using blockchain as a technology, but this has nothing to do with the use of cryptocurrencies.
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Decentralisation, in my opinion, is inconsistent with the bank. The banking system is a business that makes money by selling services. If they see profits in crypto, they will use it. I'm not sure how privacy coins would spark their interest, but if it does, they will be beneficial to cryptocurrency. Until now, it appears that banks are afraid of cryptocurrency.
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It's impossible to happen, Bank won't use privacy coins.
Private coins cannot be tracked, Bank and the government will against this.
So, forget it. It will never.
I agree, not even privacy coins even many banks prohibit transactions in Cryptocurrencies, even though this is a common thing.
Actually, there are still many who don't understand what a privacy coin is, and according to it it will be a debate if it turns out that there are conventional banks that use it.
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Bank always use transparency for their transaction, So I think Bank will never use private coins. I agree with this.
In my opinion bank will accept stable coins, maybe.
Let's see.
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The privacy coin is well suited to centralized authority. The banking system is highly centralized and they do not want to publicize their user data. But the bank will make sure they can track everything else. It will not be something like an open blockchain where everyone can see any transaction. Banks can use something like a partially private coin.
Privacy coins such as Monero will not be used by the banking system, and this is clear. Most likely, they will advocate a complete ban on such cryptocurrencies. Now, some states, such as Japan, have long banned the use of privacy coins. Further regulation of cryptocurrencies by states will most likely put them outside the law.
The banking system and privacy coins are completely incompatible.
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First you need to come to an understanding of what will be regulated and how.Banning is the easiest thing...especially what you don't understand
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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.
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why the privacy coin?
banks do know about blockchain but to adopt it as a currency and introduce it to society I think it's impossible where there are still many governments who refuse so I think it's one thing that is impossible if banks implement savings and coin privacy like you said
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why the privacy coin?
banks do know about blockchain but to adopt it as a currency and introduce it to society I think it's impossible where there are still many governments who refuse so I think it's one thing that is impossible if banks implement savings and coin privacy like you said
I think OP just ask the possibility the bank will use privacy coins, But I think It will never happen.
As you said many government still refused crypto currency, maybe If they will accept, bitcoin and stable coins are the best choice.
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Over the past 15-20 years or so, we've seen banks completely eliminate all fees associated with accessing your own money. Even to the point of reimbursing ATM fees if you happen to use another bank's ATM.
Will they ever eliminate all fees associated with transferring crypto from one platform to another??? I doubt it. Not really answering the question you asked, but something that is a mild frustration.
For crypto to truly be the basis of our financial system, there would have to be quite a few changes that I don't think many people, as well as the big banks are ready to make yet.
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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.
Where have you seen banks use privacy coins like Monero, Zcash, Dash and others. In some countries, such as Japan, these coins are banned from circulation altogether. The banking system and privacy coins are not compatible at all. Banks will never have anything to do with privacy coins. Banks will work with cryptocurrencies with full identification of their customers.
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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.
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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 (http://creditdonkey.com/crypto-friendly-banks.html)
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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
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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
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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.
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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.
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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.
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Now, on the contrary, we see an attack by states on coins with a high level of anonymity and confidentiality. Some states are simply banning them, while others are gradually making their circulation more difficult. Therefore, the risk for owners of such coins is constantly growing. And since banks are practically part of the state system, it is absolutely impossible for the banking system to use such coins.
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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
Confidentiality and banks are two different concepts. I don’t think that they will focus on confidentiality, I think they are simply doing all these actions in order to somehow compete with cryptocurrencies or counteract them. Although it may simply be in words, it will not be in reality.
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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
It has been on the list for long now yet some considered but generally not still happening , but I love that Idea of costumers having digital wallets from banks so they will be added to being cashless living though there is credit and debit cards yet not like digital wallets that is also functions as online direct paying.
Now, on the contrary, we see an attack by states on coins with a high level of anonymity and confidentiality. Some states are simply banning them, while others are gradually making their circulation more difficult. Therefore, the risk for owners of such coins is constantly growing. And since banks are practically part of the state system, it is absolutely impossible for the banking system to use such coins.
sorry but what kind of risks are those? i am an owner of coins and have been using for years though lucky for us because we have not banning crypto in use here in my country.
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If banks do not follow the current trend, then this business will be doomed to failure. They have no other choice. Although the banking system today is taking an active part in helping the government control the cryptocurrency market and users.
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As a matter of facts, banks are already in fear about a strong competition on the Blockchain technology. I think the earlier the banking sectors introduce the Blockchain into their system, the better survive eminent competition. Some bank has started introducing Bitcoin to their customers in the US and gradually they may begin the developments of their Blockchain in near future.
banks are currently thinking about how in the future this bank will still be used by everyone, therefore banks are now introducing bitcoin to their customers so that the bank company does not fall even if the bank has a relationship with bitcoin in the future the bank will progress and many people will still use it... more and more Day by day the world will progress and technology will also advance faster and it will be easier for everyone to carry out transactions just by opening their cellphone or computer, they can make transactions quickly and easily.
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It seems that in the future this will be used to prevent theft or use a lock code that only we understand. Due to the increasing need for organization in the future, coins in the future will be intended to protect stored assets or money.
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The possibility of banks using these coins can be applied, by calling for security in transactions. In my opinion, this is something that can be discussed for the convenience of bank shareholders.
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The possibility of banks using these coins can be applied, by calling for security in transactions. In my opinion, this is something that can be discussed for the convenience of bank shareholders.
However, when banks start using their own coins for alternative payments or other transactions, they must first obtain permission for use by the government because, so far, only a few countries can implement this and not all countries can use their own coins for existing bank purposes.
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The possibility of banks using these coins can be applied, by calling for security in transactions. In my opinion, this is something that can be discussed for the convenience of bank shareholders.
However, when banks start using their own coins for alternative payments or other transactions, they must first obtain permission for use by the government because, so far, only a few countries can implement this and not all countries can use their own coins for existing bank purposes.
Ultimately it depends on how the coin is built, if the coin is built on a crypto platform it requires a lot of permissions because we all know crypto has never been approved as legal tender in some countries.
But if the coin is only built on Fiat and affiliated with fiat, it becomes a coin like the E-Wallet that has been widely circulated.
Coins are only used for internal payment purposes and cannot be withdrawn or made into other payments.
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Probably not.
The reason is banal - any anonymity, or rather non-transparency of money flows, is a "violation" for the state. The banking system strictly complies with the regulatory norms of central banks, and cannot afford such violations, as it is essentially tantamount to revocation of the banking license. In today's world, even the "last aplot of anonymity of money" - Swiss Banks, actually canceled this "feature". And the culprits of all this are ... the people themselves! Because we tend to use GOOD solutions for bad things. I think in the modern world this trend (deanonymization) will gain strength
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Probably not.
The reason is banal - any anonymity, or rather non-transparency of money flows, is a "violation" for the state. The banking system strictly complies with the regulatory norms of central banks, and cannot afford such violations, as it is essentially tantamount to revocation of the banking license. In today's world, even the "last aplot of anonymity of money" - Swiss Banks, actually canceled this "feature". And the culprits of all this are ... the people themselves! Because we tend to use GOOD solutions for bad things. I think in the modern world this trend (deanonymization) will gain strength
If we look back at recent history, we can see many examples where banks have done (and continue to do) what they want, because they know it will not have major consequences or problems with states or governments. How many banks have protected money from traffickers (of all kinds) or laundered those fortunes?. There are many examples, and this has not only happened in Swiss or European banks, it has happened anywhere in the world. And what have been the consequences? At most, the resignation of some intermediate position, they have never wanted to reach the top.
Banks and governments have always done what they wanted, it would not seem strange to me if they used privacy coins. Transparency laws are for others, the people.
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Probably not.
The reason is banal - any anonymity, or rather non-transparency of money flows, is a "violation" for the state. The banking system strictly complies with the regulatory norms of central banks, and cannot afford such violations, as it is essentially tantamount to revocation of the banking license. In today's world, even the "last aplot of anonymity of money" - Swiss Banks, actually canceled this "feature". And the culprits of all this are ... the people themselves! Because we tend to use GOOD solutions for bad things. I think in the modern world this trend (deanonymization) will gain strength
If we look back at recent history, we can see many examples where banks have done (and continue to do) what they want, because they know it will not have major consequences or problems with states or governments. How many banks have protected money from traffickers (of all kinds) or laundered those fortunes?. There are many examples, and this has not only happened in Swiss or European banks, it has happened anywhere in the world. And what have been the consequences? At most, the resignation of some intermediate position, they have never wanted to reach the top.
Banks and governments have always done what they wanted, it would not seem strange to me if they used privacy coins. Transparency laws are for others, the people.
It's silly to deny that banks, not infrequently, do very bad things.
I can't speak for all banks in the world, but two examples are enough for me:
- In my country, Ukraine, the banking sector was restructured in 2014 -2018. The reason is banal - high corruption, illegal schemes, and other things that the corrupt government has created. At first, the banks and their "patrons" tried to "solve the issue" at the highest level, but were rejected. It came to sabotage of the banking sector, which could have a very negative impact on the whole country. An example is the forced nationalization of the major bank PrivatBank. Its owner, after the schemes of embezzlement of millions of dollars from the state were revealed, began to threaten that "tomorrow he would stop the work of the bank", which meant millions of pension accounts and tens of millions of accounts of citizens. In the morning, the bank was handed over to the state, and the owner was put on trial.
- Switzerland, after dialogs with FinCEN (Financial Crimes Enforcement Network), decided not to bring the situation to a conflict and started to fulfill their demands. This was a smart move, otherwise we would have heard about the closure of many Swiss banks.
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From my experience and views of the crypto market and government regulations, it is highly unlikely that a government would allow banks that they are controlling to trade or be involved in any privacy coins or tokens. Hell, many exchanges like Binance are even delisting them
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It's silly to deny that banks, not infrequently, do very bad things.
I can't speak for all banks in the world, but two examples are enough for me:
- In my country, Ukraine, the banking sector was restructured in 2014 -2018. The reason is banal - high corruption, illegal schemes, and other things that the corrupt government has created. At first, the banks and their "patrons" tried to "solve the issue" at the highest level, but were rejected. It came to sabotage of the banking sector, which could have a very negative impact on the whole country. An example is the forced nationalization of the major bank PrivatBank. Its owner, after the schemes of embezzlement of millions of dollars from the state were revealed, began to threaten that "tomorrow he would stop the work of the bank", which meant millions of pension accounts and tens of millions of accounts of citizens. In the morning, the bank was handed over to the state, and the owner was put on trial.
- Switzerland, after dialogs with FinCEN (Financial Crimes Enforcement Network), decided not to bring the situation to a conflict and started to fulfill their demands. This was a smart move, otherwise we would have heard about the closure of many Swiss banks.
Unfortunately that doesn't happen only in your country. In my country, Spain, the situation is very similar or simply the same. Many banks (Santander, Banesto and others) have sold products to clients as investments that over time have proven to be scams. And what happened? Nothing... At most, some really cheap fine and some small sentence that hasn't even sent anyone to prison. Even so, the banks continue with their bad practices, with governments and political parties as accomplices, because they know that they go unpunished and that they will always find some legal way to not really pay for the crime they have committed.
I also believe, although I do not have recent data, that these practices are carried out in all banks in the world.
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I don't understand why banks have to use privacy coins?
In fact, for Fiat alone, banks have opened their eyes wide if it is an asset that is visible to the public.
There is no need for banks to create Privacy coins, just cryptocurrency that has Privacy coins because I am sure that Banks do not need Privacy coins.
In terms of use alone, how could that happen? because everyone in the general public has different assessments, especially when it comes to regulations from various banks throughout the world.
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Now, on the contrary, we see an attack by states on coins with a high level of anonymity and confidentiality. Some states are simply banning them, while others are gradually making their circulation more difficult. Therefore, the risk for owners of such coins is constantly growing. And since banks are practically part of the state system, it is absolutely impossible for the banking system to use such coins.
Obviously, they are losing sovereign power and slavery they are used to the people and that is why they are busy trying to enforce law agency to ban privacy coins. Even Okex exchange will soon offload some truck of privacy coins due to regulations and I pity what is happening next because privacy is going to oblivious state where will no longer able to do anything privacy around us and how to manage finance without anyone intruding.
I thought they said privacy is a right and it's in constitution, it becoming the opposite of what they say or perhaps because crypto doesn't have a constitutional right yet and that's why they are abusing the privilege and we can't talk just like the way mixers are been hunt down despite been hosted on clearnet space. I spit on these government.
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Now, on the contrary, we see an attack by states on coins with a high level of anonymity and confidentiality. Some states are simply banning them, while others are gradually making their circulation more difficult. Therefore, the risk for owners of such coins is constantly growing. And since banks are practically part of the state system, it is absolutely impossible for the banking system to use such coins.
Obviously, they are losing sovereign power and slavery they are used to the people and that is why they are busy trying to enforce law agency to ban privacy coins. Even Okex exchange will soon offload some truck of privacy coins due to regulations and I pity what is happening next because privacy is going to oblivious state where will no longer able to do anything privacy around us and how to manage finance without anyone intruding.
I thought they said privacy is a right and it's in constitution, it becoming the opposite of what they say or perhaps because crypto doesn't have a constitutional right yet and that's why they are abusing the privilege and we can't talk just like the way mixers are been hunt down despite been hosted on clearnet space. I spit on these government.
Basically, the government should not have the opportunity to regulate the movement of cryptocurrency use, but currently, as technology develops, the use of cryptocurrency is increasingly increasing until finally the government is trying to regulate its movement, plus getting support from whales who can move cryptocurrency price movements on exchanges, so that all the government's statements about cryptocurrency seem to have a serious impact.
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It's silly to deny that banks, not infrequently, do very bad things.
I can't speak for all banks in the world, but two examples are enough for me:
- In my country, Ukraine, the banking sector was restructured in 2014 -2018. The reason is banal - high corruption, illegal schemes, and other things that the corrupt government has created. At first, the banks and their "patrons" tried to "solve the issue" at the highest level, but were rejected. It came to sabotage of the banking sector, which could have a very negative impact on the whole country. An example is the forced nationalization of the major bank PrivatBank. Its owner, after the schemes of embezzlement of millions of dollars from the state were revealed, began to threaten that "tomorrow he would stop the work of the bank", which meant millions of pension accounts and tens of millions of accounts of citizens. In the morning, the bank was handed over to the state, and the owner was put on trial.
- Switzerland, after dialogs with FinCEN (Financial Crimes Enforcement Network), decided not to bring the situation to a conflict and started to fulfill their demands. This was a smart move, otherwise we would have heard about the closure of many Swiss banks.
Unfortunately that doesn't happen only in your country. In my country, Spain, the situation is very similar or simply the same. Many banks (Santander, Banesto and others) have sold products to clients as investments that over time have proven to be scams. And what happened? Nothing... At most, some really cheap fine and some small sentence that hasn't even sent anyone to prison. Even so, the banks continue with their bad practices, with governments and political parties as accomplices, because they know that they go unpunished and that they will always find some legal way to not really pay for the crime they have committed.
I also believe, although I do not have recent data, that these practices are carried out in all banks in the world.
Unfortunately, we have to admit that banks, as elements of the global banking and financial system, have a very strong lobby, are deeply and strongly corrupt, and the state very often finds another “touching story” about how it is impossible to punish a bank because.. and here is a whole series options - from “they are not to blame” to “what are you talking about? If we deprive them of their license and bankrupt them, the entire banking system of the country will collapse.”
But it all depends on the government and its goals. for example, in my country, banks that accept money from the public as deposits have a choice - to become a member of the “deposit guarantee fund” or not. This means that the bank is ready to take certain steps, open its data to auditors, and comply with certain steps. As a result, investors receive a minimum guarantee of the return of their funds. At the same time, depositors also have the right, when choosing a bank for a deposit, to request from it a document confirming the status of a participant in this fund. And if the bank does not, the depositor most likely will not make a deposit in this bank.
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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
To be honest, I still did not understand why to use private cryptocurrencies inside the bank. How will they distinguish these internal transactions? and why would they hide information from themselves? And private cryptocurrencies like monero and zkash are outlawed in many places. Yes, and even if private cryptocurrencies are used, sooner or later they will be banned everywhere, because they are used only for illegal business.
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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
I'll make an assumption - but these statements are somewhat misleading. Let me explain !
Step 1: Banks are opening up blockchain. Verified.
- Banks use part of the technology but not a blockchain of general use like bitcoin or etherium.
Step 2 - banks integrate blockchain internally - verified.
- See above - only for limited purposes, and within private blockchains.
Step 3 - customers will get digital wallets from banks - not yet.
- They won't. More precisely, they will not get a cryptocurrency wallet in the classical form, for example on the bitcoin blockchain. They can get either a CBDC or an address for deposit/storage of cryptocurrency as some kind of asset or surrogate, but not money.
Step 4- Banks will integrate confidential coins internally.
- No. This is against the regulations of all central banks. There will be no anonymous transactions within the state run banking sector. No more than the CBDC will allow. Now the entire financial system is actually fighting the alternative and anonymous financial system that cryptocurrencies have become. And the state always wins, as it creates laws.....
Step 5- Customers will get confidential coins in their digital wallets from banks.
- To summarize the above - understand that this item will not happen either.
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If banks do not follow the current trend, then this business will be doomed to failure. They have no other choice. Although the banking system today is taking an active part in helping the government control the cryptocurrency market and users.
Everyone should adapt to this period where developments continue to renew themselves, so banks should also do that, but it must be adjusted to the situation of each country, where regulations can be different.Although it is true, as you say, banks have no choice but to continue to adapt to developments.
Once again, ultimately everything is determined by the government, which actually regulates banking, whether it wants to do it or not, because policy cannot be defeated by the development of renewable technology.
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If banks do not follow the current trend, then this business will be doomed to failure. They have no other choice. Although the banking system today is taking an active part in helping the government control the cryptocurrency market and users.
Everyone should adapt to this period where developments continue to renew themselves, so banks should also do that, but it must be adjusted to the situation of each country, where regulations can be different.Although it is true, as you say, banks have no choice but to continue to adapt to developments.
Once again, ultimately everything is determined by the government, which actually regulates banking, whether it wants to do it or not, because policy cannot be defeated by the development of renewable technology.
However, I am sure that banks will not develop into the world of cryptocurrency because the circulation of money in banks is very private and not everyone knows the circulation of money that is already in the bank. The banks will still use local currency and do not want to take the slightest risk; in fact, it seems like the government is trying to control cryptocurrency circulation.