Photo Credit: JFC Financial Services
Giant financial institutions have been against bitcoin and other cryptocurrencies from day1. It seems the heat against crypto is getting worse by the day as more government are clamoring for a global use of crypto regulation. But what if there is a way for giant financial institutions and crypto to coexist, is it even possible.
The fact is as it stands now, cryptocurrency is a threat to financial institutions and their operations. Remember what mobile phone did to telephone, or remember what the introduction of email did to the post office service? what if cryptocurrency is about throwing banks and other financial institute into the shadows?
As more people began to use cryptocurrency, it became obvious that crytpo is more of a rival to financial institute than a technology they should accept with open arms. The idea of having your money with you and deciding what to do with it without having to fill an form, submitting any document or standing/waiting in a long queue is what most people like about the use of crypto.
But if financial institutions are allow some measure of control over the use of cryptocurrnecy and some of its operations/transactions, financial institutions might just likely coexist with crypto. It seems that the major bone of contention is that even giant financial institutions have very little or no control over crypto.
So far, it seems bitcoin and other crypto is not regulated by a body and its transactions are thrown to the masses. While the general public like this feature of crypto, government and financial institution won’t likely allow it. Financial institions are suppose to be in control and they in turn answers to the government.
Will financial institutions ever embrace the crytpo technology? Is it possible for crypto and financial institution to coexist? please tell us what you think via your comments below. Don’t forget to subscribe to our newsletter for more updates. Follow us on Twitter/Instagram “@Mntrendsblog”. Also like our Facebook Page ‘Mntrends Blog” for latest updates.