Are Banks Around The World Finally Starting To Feel The Threat From Crypto?

  • Ripple recently had announced that it has managed to transfer a whopping $24 million in between the United States and Mexico.
  • The Chief cashier of the Bank of England has now warned everyone and all the central banks that they must act quickly to prevent the big tech companies.
  • The cryptos use blockchain technology, which is an open ledger.

There has been an incident at the Bank of England that clearly shows how fast the crypto and other digital methods of payment are progressing.

The Chief cashier of the Bank of England has now warned everyone and all the central banks that they must act quickly to prevent the big tech companies from soon dominating the sector of the digital payments, which of course, also includes the crypto sector.

The banks now actually feel the threat for real because the speed at which the digital payments and crypto and blockchain are developing and changing the world every day is just phenomenal.

Even though many of the central banks around the world in a survey have said that they would like to introduce a crypto version of the national currency of their country, if they haven’t already started working on one such crypto, they want to work on it and make it a reality as soon as possible.

They also said that they would not mind launching these national cryptos soon as these technologies are highly secure.

The cryptos use blockchain technology, which is an open ledger. What are essential means is that suppose you and all your friends have a copy of the same ledger, and that ledger gets updated in real-time as soon as anyone makes a transaction.

Such a technology can’t also be fooled since it is being updated in real-time for everyone. Data, once written on the blockchain, cannot be altered or deleted.

Also, Ripple recently had announced that it has managed to transfer a whopping $24 million in between the United States and Mexico. Such news is surely something the traditional banks should worry about because shortly, this tech is surely going to make them run for their lives, and they will have nowhere to run.

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Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.

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