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- The September 2020 report of Chainalysis for the global crypto adoption shows cryptocurrencies are a global phenomenon
- The banks need to understand that cryptocurrencies are going to become part of the banking system
- Exchanges like JPMorgan Chase and crypto exchanges Gemini and Coinbase have already collaborated
The finance world is often sceptical of cryptocurrencies and it’s technology. This makes the traditional finance world afraid of the crypto world. But it has no denied that a newer generation of banks and the finance is approaching towards us. The pace of this approach varies from country to country, but it is.
The crypto adoption in the world is at increasing tremendously. The September 2020 report of Chainalysis for the global crypto adoption shows cryptocurrencies are a global phenomenon. It isn’t long when the future generation will walk into a bank and have banking facilities with both fiats and the crypto assets. Exchanges like the Kraken exchange and banks Silvergate Bank have already taken steps in this direction.
Concern Among the Authorities
Sir Jon Cunliffe, Deputy Governor of Bank of England in March 2020, expressed concern that the stabelcoins linked to large platforms and social media can potentially weaken the supply of credit to the economy through the banking system. The bank has also shown concern for digital currencies like Libra and other newer payment forms that can replace the traditional banks.
What Does Shall Banks do?
The wave of cryptocurrencies had already hit the world, and it is bringing new technological advancements at a rapid speed. The banks need to understand that cryptocurrencies are going to become part of the banking system. Sooner they start its integration into their system, better their chances of not fading away with the time. Countries like China, Japan, France, England, and many others are already on a path of developing their Central Bank Digital Currencies (CBDC). In addition to that, adoption and availing of the crypto services within the banks shall also be considered by various financial institutes.
Exchanges like JPMorgan Chase and crypto exchanges Gemini and Coinbase have already collaborated. The bank has already accepted the crypto exchanges as their customers, and it’s not long before the others will follow. Germany isn’t far behind than the US, their more than 40 institutes have offered to provide crypto services under the new legislation. The decentralized finance sector of the cryptocurrency is another spectrum that holds potentially endless opportunities for the future.
The banking system will last long as customers will never stop to get advice from a banker on various issues. But only the banks with crypto and fiat services will last as the future may show that the customers will hold more wealth in the crypto than the fiat.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
