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Old-fashioned Banks May be Forced to Change Opinions on Crypto

In the previous month, Kraken has become the first cryptocurrency exchange that has become an official bank.

The board of Wyoming Bank has voted to favor the San Francisco-based crypto exchange’s application for an extraordinary purpose depository institution (SPDI) charter.

Three years ago, Lloyd Blankfein, the CEO of Goldman Sachs, called cryptocurrency a fraud. The bank has changed its mind and now investing in cryptocurrencies themselves.

A Fresh Generation of Banks on the Prospect

While Goldman Sachs is not the only financial authority to change its tune, multiple countries’ central banks are looking into national cryptocurrencies.

Countries like Canada, China, and Sweden are all actively investigating the potential benefits of a central bank-issued digital currency. Though, the RBA is not as fascinated by the use cases of blockchain technology.

However, the RBA isn’t thoroughly disinterested: Though the Reserve Bank of Australia now believed a “digital Australian Dollar” would be risky, it is still turning into Ethereum-based solutions for wholesale purposes.

In a payments paper issued on Thursday, the RAB expressed doubts regarding the future of stablecoins, along with cryptocurrencies such as Facebook’s Libra project.

The RAB expressed doubts regarding the future of stablecoins, together with the cryptocurrencies like Facebook’s Libra project.

The RBA has then stated that it remains to be seen if Facebook’s Libra cryptocurrency will gain regulatory approval and operate in Australia.

Although private companies still have the upper hand. Kraken, for example, is already forming a partnership with the Silvergate bank – it may bring SWIFT and FedWire crypto subsidy varieties in the USA market.

Famous crypto exchanges like Coinbase and Gemini are also now one of the customers of JP Morgan. However, JPMorgan, Jamie Dimon, often denounced the worth of Bitcoin and cryptocurrencies a few years ago.

Back when the cryptocurrencies were regarded as a cybercriminals tool to make it anonymous, transactions are far gone. The privacy coins still exist – but they are used only by place traders.

With the admiration of cryptocurrencies from 2017 prosperous, the demand for cryptocurrency exchanges can be seen at ATMs — and then the banks will be hard-pressed not to bargain the service.

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