Why Cryptocurrency & Banks are Inseparable

[Goodcat49]

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/

[tonymillions84]

in one way other the other. crypto and banks will work hand in hand because they solve the same purpose. both crypto and fiat are means of settling depts and payments. the only different is the mean the means of execution, process involved and mode of transfer.

[Fenix]

Cryptocurrency can exist without banks, but it will develop better if it cooperates with banks. Banks will provide services in the cryptocurrency, first of all it concerns the services of the exchange of cryptocurrency for common currency. If banks provide these services, people will trust cryptocurrency more. It will be mutually beneficial cooperation, since banks on the exchange of cryptocurrency will have their own commission.

[Alcor]

After the spread of cryptocurrency on our planet, in any case, it will have to coexist peacefully with the current banks. There is no other way for banks and cryptocurrency. They after all should exist in one society. Banks will definitely provide certain services in cryptocurrency and this will increase the interest of people. However, this will occur gradually after the legalization of cryptocurrency by the states.