Primary reason for this is the government regulation towards cryptocurrencies. Banks are fully aware of sanctions being thrown to institutions practicing unregulated form or medium of exchange. Unless they see concrete laws and guideline on how government would handle cryptocurrencies, Banks would not touch this.
- When banks do not report, government sanctions are meaningless and I can say that every year, government organizations probably receive relatively large amounts of money from banks, punishment is sometimes just a valid piece of paper and does not affect the operation of the bank but openly working with non-regulated assets will get mixed reviews. Therefore, most banks are very strict with their organizational principles, do not arbitrarily work with crypto but voluntarily act as intermediaries. 
Topic: Why don't banks work with cryptocurrency? - page 8. (Read 1792 times)
I think that banks count cryptocurrency still a high risk asset. They are more afraid, that one day altcoins creator will perform an exit scam or will drop the price to zero, and the banks will have to cover all losses and negotiations with customer, instead of altcoins creator. There are no major support for crypto, compared with, for example, with US dollar. Who is behind US dollar ? Whole country. Who is behind dogecoin? No idea.
If I have $10,000 on my account, they cant just disappear or turn useless or crap. If I had 100,000 dogecoin on my bank account, there is a chance that one day they will become untransferable or useless. I will blame bank for that.
You are half right, not all cryptocurrencies are managed by the creator, for example, bitcoin, etherium, but banks do not work with them. You are right about one thing, banks are afraid of uncontrolled volatility and this is the main reason. When they develop a crypto currency that cannot be devalued under any circumstances, banks will be the first to capture the entire crypto market. For example If I have $10,000 on my account, they cant just disappear or turn useless or crap. If I had 100,000 dogecoin on my bank account, there is a chance that one day they will become untransferable or useless. I will blame bank for that.
http://prosh.info/smart_eng.html
I think that banks count cryptocurrency still a high risk asset. They are more afraid, that one day altcoins creator will perform an exit scam or will drop the price to zero, and the banks will have to cover all losses and negotiations with customer, instead of altcoins creator. There are no major support for crypto, compared with, for example, with US dollar. Who is behind US dollar ? Whole country. Who is behind dogecoin? No idea.
If I have $10,000 on my account, they cant just disappear or turn useless or crap. If I had 100,000 dogecoin on my bank account, there is a chance that one day they will become untransferable or useless. I will blame bank for that.
If I have $10,000 on my account, they cant just disappear or turn useless or crap. If I had 100,000 dogecoin on my bank account, there is a chance that one day they will become untransferable or useless. I will blame bank for that.
Virtual currencies in some areas lack legal control, and the characteristic of cryptocurrency is that of peer-to-peer payment. From the bank's point of view, this will increase management costs.
Banks are always under the jurisdiction of the government, and banks will not choose to accept decentralized currencies without government approval.
Banks are always under the jurisdiction of the government, and banks will not choose to accept decentralized currencies without government approval.
Banks did not accept any cryptocurrency because we all know that banks has a high standards about Money and cryptocurrency is a Volatile and they don't know if it is fake or not. But in reality Cryptocurrency is not fake you can buy any what you want using your cryptocurrency.
They are still considering the risks that will be accepted from characteristics that have not been fully accepted by the banking system, so they are still opposed to being official in the bank. Something between the real and the unreal (not formed) could be the reason the bank still rejects it. Primary reason for this is the government regulation towards cryptocurrencies. Banks are fully aware of sanctions being thrown to institutions practicing unregulated form or medium of exchange. Unless they see concrete laws and guideline on how government would handle cryptocurrencies, Banks would not touch this.
I would say on the contrary, that the main reason for banks not working with cryptocurrencies is that the state does not regulate cryptocurrencies yet;) The banking sector is critical for the functioning of the economy in any state, so the state, represented by regulators, treats any innovations in this area with great caution and suspicion. Also, banking activities are strictly regulated by the state, and as you correctly noted, there is currently no sufficient regulatory framework in this area. Therefore, banks are not in a hurry to take initiatives in this area, because excessive initiative can be punishable here. 
Banks have the means of injecting large liquidity to market slowly without anyone just like the way SpaceX was silently buying and accumulating bitcoin until they later made announcements and then everyone jumped in for quick gains.
However, central frown at banks activities in bitcoin because they believe they are very important to the society and doesn't want them to risk customers saving into bitcoin or Cryptocurrency since there is high chance of loosing the money and the bank may be liquidated the moment they can provide cash to customers.
However, central frown at banks activities in bitcoin because they believe they are very important to the society and doesn't want them to risk customers saving into bitcoin or Cryptocurrency since there is high chance of loosing the money and the bank may be liquidated the moment they can provide cash to customers.
Banks did not accept any cryptocurrency because we all know that banks has a high standards about Money and cryptocurrency is a Volatile and they don't know if it is fake or not. But in reality Cryptocurrency is not fake you can buy any what you want using your cryptocurrency.
Primary reason for this is the government regulation towards cryptocurrencies. Banks are fully aware of sanctions being thrown to institutions practicing unregulated form or medium of exchange. Unless they see concrete laws and guideline on how government would handle cryptocurrencies, Banks would not touch this.
Traditional banks don't work with crypto currency, but things are changing fast and I believe we could already consider some investment platforms like Nexo, Celsius and Crypto.com as banks already, because they fully replaces traditional banking system with the advantage they let customers deal with crypto currencies of all kinds.
The only problem is that they don't give you the same guarantees a national bank would give. On the other hand, if we think deeply about it, even national banks can't guarantee your money will be safe, because they follow regulations from the government and if the government asks for customers' money (seizure), banks will concede it.
The only problem is that they don't give you the same guarantees a national bank would give. On the other hand, if we think deeply about it, even national banks can't guarantee your money will be safe, because they follow regulations from the government and if the government asks for customers' money (seizure), banks will concede it.
The main goal of cryptocurrency like BITCOIN is to escape from centralisation of institutions like this. Instead of having this middle brokers, cryptocurrency decentralised this transactions and not needing ledgers managed by banks rather crypto uses computers to verify this ledgers.
So why these banks doesn't work with crypto? Simply because banks aren't needed anymore. Cryptocurrency is killing them and you cant work with what's killing you.
Cryptocurrency was created in opposition to the circulation of fiat money of states, and fiat is a product of the central banks of each state. Therefore, in general, cryptocurrency and banks will always compete with each other. This, of course, does not mean that there will be no points of contact between them. As a result, banks and cryptocurrencies will be forced to coexist with each other. So why these banks doesn't work with crypto? Simply because banks aren't needed anymore. Cryptocurrency is killing them and you cant work with what's killing you.
I think everyone has valuable opinions regarding banks, and why not accept BTC in their systems, of course all part of a centralized system, how can you accept a decentralized system? Freedom, zero debt? But we all know that JP Morgan is very influential for the world of banks, in fact it owns the majority worldwide, it tests the technology with its own currency or stablecoin, it has made FUD to BTC, it has made FOMO to BTC, and finally I think it has been very opportunistic in the market and about its acceptance in the banking systems.
But unlike him, the president of El Salvador if he has accepted everything related to BTC, in their banking systems, payments, in everything, now in Miami they also want to establish it, then this is like: If you cannot against the enemy, join him.
The downside to all of this is that those who want to remain anonymous will find it completely impossible.
But unlike him, the president of El Salvador if he has accepted everything related to BTC, in their banking systems, payments, in everything, now in Miami they also want to establish it, then this is like: If you cannot against the enemy, join him.
The downside to all of this is that those who want to remain anonymous will find it completely impossible.
Well i think the more reason why the banks don't work with cryptocurrency is because there see crypto as a threat to their banking system, crypto solves alot of problems in the banking system in which this makes banks feel crypto will take all of their customers and instead of them to accept the facts that crypto is good enough when it comes to transaction across countries there discriminate crypto and only talks about the bad side of crypto without looking out for the advantages involved.
In simple words, crypto takes control away from the banks and gives it back to the people. Banks always want control within their grasp and that is the sole reason why crypto is often seen as a threat to the banks. Actually, it is near impossible for banks to work in tandem with bitcoins because if you read the whitepaper of BTC, and if I remember correctly, the sole intention to create crypto was to take control away from the banks because of the way they treat people and how much control they had.
Something meant to destroy or disrupt the banking sector cannot work with banks, obviously. And the banks do know it very well, they are just helpless because they cannot control it.
Well i think the more reason why the banks don't work with cryptocurrency is because there see crypto as a threat to their banking system, crypto solves alot of problems in the banking system in which this makes banks feel crypto will take all of their customers and instead of them to accept the facts that crypto is good enough when it comes to transaction across countries there discriminate crypto and only talks about the bad side of crypto without looking out for the advantages involved.
In simple words, crypto takes control away from the banks and gives it back to the people. Banks always want control within their grasp and that is the sole reason why crypto is often seen as a threat to the banks. Actually, it is near impossible for banks to work in tandem with bitcoins because if you read the whitepaper of BTC, and if I remember correctly, the sole intention to create crypto was to take control away from the banks because of the way they treat people and how much control they had.
Something meant to destroy or disrupt the banking sector cannot work with banks, obviously. And the banks do know it very well, they are just helpless because they cannot control it.
The main goal of cryptocurrency like BITCOIN is to escape from centralisation of institutions like this. Instead of having this middle brokers, cryptocurrency decentralised this transactions and not needing ledgers managed by banks rather crypto uses computers to verify this ledgers.
So why these banks doesn't work with crypto? Simply because banks aren't needed anymore. Cryptocurrency is killing them and you cant work with what's killing you.
So why these banks doesn't work with crypto? Simply because banks aren't needed anymore. Cryptocurrency is killing them and you cant work with what's killing you.
10,000 Financial Institutions Can Now Let Customers Buy, Sell, Hold Bitcoin Through Their Bank Accounts
https://news.bitcoin.com/10000-financial-institutions-customers-buy-sell-hold-bitcoin-bank-accounts/
https://news.bitcoin.com/10000-financial-institutions-customers-buy-sell-hold-bitcoin-bank-accounts/
Well i think the more reason why the banks don't work with cryptocurrency is because there see crypto as a threat to their banking system, crypto solves alot of problems in the banking system in which this makes banks feel crypto will take all of their customers and instead of them to accept the facts that crypto is good enough when it comes to transaction across countries there discriminate crypto and only talks about the bad side of crypto without looking out for the advantages involved.
It's because cryptocurrency is decentralized and they need to make a platform where they can make it centralized or they can make money out of it. I have known a wallet/exchange that is regulated by the bank in my country and they did make money out of it. The only problem is that people doesn't have full access of the wallet(decentralized wallet) information but you have full control of your funds.
You have hit the spot. Everything that others said before you was also correct from the point of view of the existing monetary system. The future decentralized financial system will unite everyone on the basis of an independent assessment of the existing monetary in the transition to decentralization. What I mean.Quote
In solving this problem, I took as an example the existing US financial system.
Assuming that Ethereum is the Dollar, and the smart contract is the Office of the Comptroller of the Currency of the United States (OCC), and ETH-WORLD tokens are the Securities of the US Treasury, we get a financial model of a new decentralized economic system based on cryptocurrency. I implemented all this in my project, in contrast to the existing Fiat, it completely lacks an external emission regulator and is managed by the smart contract program.
http://prosh.info/smartcontract.html
Assuming that Ethereum is the Dollar, and the smart contract is the Office of the Comptroller of the Currency of the United States (OCC), and ETH-WORLD tokens are the Securities of the US Treasury, we get a financial model of a new decentralized economic system based on cryptocurrency. I implemented all this in my project, in contrast to the existing Fiat, it completely lacks an external emission regulator and is managed by the smart contract program.
http://prosh.info/smartcontract.html
In the near future, both systems will exist.
1. Monetary (domestic for each country)
2. Decentralized, external, combining all internal balances of GDP into a decentralized world GDP, which will be the measure of the world economy.
"Banks strictly prohibit financial institutions in Indonesia from using cryptocurrencies because this digital currency is not a legal tender"
That's more or less the main answer to all questions apart from fluctuations, fomo, gambling, anonymity, Blockchain and regulation. Is it possible to create a cryptocurrency currency for each country? That is possible if agreed by the United Nations such as the IMF and WB. then all will follow it
That's more or less the main answer to all questions apart from fluctuations, fomo, gambling, anonymity, Blockchain and regulation. Is it possible to create a cryptocurrency currency for each country? That is possible if agreed by the United Nations such as the IMF and WB. then all will follow it
It's because cryptocurrency is decentralized and they need to make a platform where they can make it centralized or they can make money out of it. I have known a wallet/exchange that is regulated by the bank in my country and they did make money out of it. The only problem is that people doesn't have full access of the wallet(decentralized wallet) information but you have full control of your funds.
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