Re: Are Cryptobanks Future?

Friends, I have recently read an article on the future of the banking system thanks to proliferation of smart contracts, some countries are already preparing cryptobanking projects, and this should happen the next few years. Actually the conclusion of the article was that the free financial market - cryptocurrency is the future for the financial system. Do you agree? Is it so positive, or will the state regulation complicate things, but in my opinion it is inevitable for the banking sector, in your opinion?

It is difficult to draw conclusions.I think that the traditional financial system will exist together with cryptocurrency.As You can see that many countries still have a negative attitude to cryptocurrencies.The market needs more time to mature.

But there are also countries that are adopting it for boosting their economy. This is normal to have people going against the idea of crypto currencies because governments are hesitating in declaring this market complete legal. I believe government shall find out a way of combining traditional currencies or investment market with crypto in order to take advantage from the unique features of crypto market.

Crypto market doesn't need the bank in order to take an advantage since it can standalone by itself with just a help of local exchange which should be regulated by the government. On the other hand, bank may need crypto in order to rebuild their system, develop it, and then make it more convenient and reliable at the same time in a way that its integrity remains intact.

I agree with that. The cryptocurrency itself can standalone and do its thing without the help of having a bank and the banks are the ones who need the technology behind cryptocurrency in order to improve and give more quality to its customers. We already have our bank which is our cryptocurrency wallet so it will be useless if we will have bank for crypto.