Funny how the United States Federal Reserve Board (FED) admits that banks are and are getting heavily involved in crypto but yet we keep on hearing crypto critics go on and on about crypto being dead, has no future, it is not real money, it has no value, it is a scam, and yet the FED are admitting openly that banks are heavily involved in crypto. But why wouldn't they before when they actually need crypto to flourish and retain their customers these days.
Most banks are getting involved with crypto not because they like it but because it is a means of survival as their customers are demanding for crypto services, so they have not much of a choice but to adopt crypto or stand a chance of getting out of business. Banks that do not adopt Bitcoin or Crypto will lose customers to the other Banks that do accept and offer crypto services. Maybe very soon Banking clients or customers will also demand that their banks transact with crypto, that will be some next value sh!t and would bring massive adoption of crypto to the crypto industry and to those that have not accepted Crypto yet.
Crypto Is Above Or Greater Then Banks And Fiat Currencies
Yes, I said it Crypto is above or greater than banks and fiat currencies, when the money is not in the bank and goes to crypto, for people that think like me and don't save our money in the bank but in stablecoins, until we want to buy a coin or coins or withdraw to pay bills or to take care of ourselves, the banks will no longer have or lose the power they once had over the money that we used to save in our bank accounts, Now the United States Federal Reserve Board (FED) Vice-Chair Lael Brainard, on Friday in London told her audience at a Bank of England conference, that Banks involvement in Bitcoin and Crypto could spark instability.
According to her:
Two specific areas aroused particular concern in the Fed official. The first was bank involvement with crypto increases the risk of the stability of the core financial system. Brainard said that bank involvement should be encouraged because it “provides an interface where regulators have strong sightlines.” In spite of her endorsement of the “same risk, same disclosure” principle, she seemed to argue for different treatment for crypto here, stressing that a “strong regulatory framework for crypto finance” was necessary to advance heavy bank involvement.
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