Re: Why are banks against cryptocurrency?

So what I'm ultimately getting out here, is that crypto currency can't go in line with banks. What are your thoughts towards this?

I think that only those cryptocurrency that are created by central banks and the regulator can go in line with banks. That is, CBDC and those cryptocurrency that they can control (emission, block and freeze accounts, track any transactions).

(0) BANKS ARE AGAINST CRYPTOCURRENCY BECAUSE THEY CAN'T MAKE MONEY FROM IT. Why should a bank, as a commercial organization (a business that makes money from money), be loyal to cryptocurrency, because of which they lose their commissions on transactions?

what makes you think banks can't make money from it? The banks are not the major problem here but the actual problem are the government. If crypto currency and central banks goes in line of agreement to have commission with each other's. They'll definitely benefit from the Bitcoin Just that the government haven't approved it yet, just as I said earlier they're scared of fraud and scams. Because the crypto currency it's a digital system which operates with regulative landscape. So some fear cryptocurrency can be used for illegal activities due to their anonymity, banks have strict anti- money laundering (AML) protocols and may hesitate deal with anything could raise red flags.

Banks will profit from cryptocurrencies through service charges on transactions. Some banks might also make money from hodling Bitcoin and other renowned coins. But this does not erase that they can also experience losses dealing with it because of the high risk associated with the sector. Customers dealing on crypto true centralized platforms like banks would have to undergo strict KYC, so the banks wouldn't be scared of scams or money laundering because it can easily be identified or traced.

The reason why banks don't deal with crypto is because the government has not approved it. Some countries have not been able to enact comprehensive regulatory laws that will bring the sector under the control of the government, so they are playing safe by restricting banks from joining the sector. The US ensured that they had a robust law to monitor and control the ETF before it was approved. Maybe in the future, more countries will be more friendly to Bitcoin after they have put control mechanisms in place.

yes you're at point at this, but does the government really thinks that if they approve Bitcoin and regulate the laws to work with the banks. There will be more damages and more illegal platforms claiming to work with the crypto currency that's the scard of scams, but all I know is that in the future if they finally come together the central banks and crypto currency things will be nice and transactions across the world will be more faster and cheaper than now. Cause most be will like to convert their money to coins and the more people are getting more knowledgeable with crypto currency the more banks are getting their percentage as well, and charges or rates will be more lesser while transacting to any where in the world. So right now it's left for the government to change things as soon as possible.