The coordination between banking institutions and cryptocurrency is still uncertain. Crypto exchanges don’t believe in creating connections with banks to avoid losing their identity, though sometimes its appears that they are inseparable.
According to Ron Karpovich, the head of the e-commerce department at JPMorgan, the crypto sector will depend on the banking institutions to transfer funds from place to place. In the same manner, blockchain can be employed in financial institutions to enhance and quicken the payment system happening in banks.
More than 2 billion people don’t use banking institutions and around 5 billion have access to smartphones, as per the report by Forbes. This means that it is very easy for these 5 billion plus people to make a transaction using their phones using the so-called digital currencies and blockchain technology. The technology is secure, transparent, cheap and fast.
Crypto is Useless, Inefficient & Risky
Cryptocurrency enables users to have digital wallets, a regulation base and a controlling structure. Some forward-thinking people have come up with great idea of combining mobile firms with banking systems, whereby the banks will have various services including crypto and will further offer a series of services such as prepaid credit, postpaid billing, mobile money platforms, and many others.
Since the crypto industry is still embryonic, it has therefore been characterized by being a total turmoil, disorderly, risky, speculative, dirty, useless, inefficient etc. by major giant such as Bank of Italy. In fact, the institutions are not happy at all with how digital currencies are being used.
Some of them have even reached at an extent of warning their customers not to carry out any business using digital assets including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and other major cryptocurrencies. For instance, in January this year, Reserve Bank of India forced its users to abandon dealing with digital currencies.
Read the details in the article of Coinidol dot com, the world blockchain news outlet:
https://coinidol.com/cryptocurrency-banks-inseparable/