Bitcoin vs current money
How do banks see cryptocurrencies?
You must know, that in the world, about 20 billion dollars (20 billion US dollars) are traded every day in cryptocurrencies. This was a business that previously belonged to banks. It was they who sent that money, or made those payments. It is true that during the euphoria of the end of last year the volume of the cryptocurrency market was about double that of the current one. But despite the falls that the value of cryptocurrencies has suffered throughout 2018. The volume has remained constant during most of the year, as you can see in the following graph, the last 6 months:
What is the strategy of banks with cryptocurrencies?
Companies that are engaged in cryptocurrency markets are having difficulty being able to own bank accounts in most financial institutions. Although there is no regulation in this regard, at least in Spain. The banks themselves as a whole have made the decision not to work with companies that are dedicated to cryptocurrencies.
In this way the daily work of this type companies (like ours) and brokers destined to the currency exchange It`s more difficult . Alleging that they are internal regulations of your bank. It is curious that most banks make the same decision almost at the same time.
After these last months we have concluded that it is not something curious. But it is something totally meditated by banks. In a clear attempt to limit their competition, and maintain their oligopoly, at least as long as they can. In this way, they are trying to retain the piece of cake they believe belongs to them, even knowing that they will end up losing it, but it is they themselves who manage to take hold in the cryptocurrency market. Many of these entities already work with the Blockchain internally, although they are not giving access to this type of technology to their customers.
Both they and we know that it is something that will end up happening. It is proven that you cannot fight against the development of technology. Something similar has happened to the taxi sector, the written press, the postal letters or the CD-ROM. 15 years ago who could request a driver via mobile phone, at a lower price than a taxi? Who could read the news via mobile? Who did not buy a record of his favorite artist? Who sends, today, a letter to your friends? Who could send money to a person in another country through mobile, in an instant transaction, with minimum commissions?
They know that blockchain is a technology that is here to stay. Since transactions are verified in a transparent manner, visible to all, reducing costs and above all time. This technology would allow the elimination of intermediaries. The intervention of any type of entity, which we know as banks today, is no longer necessary. Technology will continue to advance despite the fact that some entities or companies prefer to continue benefiting from the current market. As has happened in the rest of the cases, where other disruptive companies have taken over most of the market. .
The most advanced countries already take advantage of these technologies:
In Holland about 3 years ago, its own central bank took out its own cryptocurrency, the DNBcoin.
In China, private cryptocurrency issuers have been blocked. Not because they don’t think it’s something positive. But because they want it to be their own currency, which is in development, which is used for that purpose.
The most significant case is that of Switzerland, where we can find the “Crypto Valley”. Where the most important cryptocurrency projects have been developed in recent years. Constantly supported by the Swiss government itself. In this country you can already pay anything with cryptocurrencies. The state itself accepts them, and can even pay taxes or fees of any kind in Bitcoins.
Contrary to what some believe, a country does not invest in R&D because it is rich. But he is rich because he invests in R&D.