The Bank of Russia remains skeptical on crypto despite the Russian president viewing it as a potential unit of account.
While one of the goals of cryptocurrencies is to render traditional banking obsolete, banks as a financial institution still play a critical role in the advent and adoption of the emerging crypto economy in two ways.
Firstly, outside of a physical cash exchange for cryptocurrency, banks provide the fiat bridges to cryptocurrency markets. Without them, the influx of capital and interest in the blockchain industry would be nowhere near the magnitude it is today.
Secondly, many of the world’s leading banks are researching and, in some cases, developing their own central bank digital currencies, or CBDCs, which aim to secure hegemony in the digital asset space largely in response to the growth of the crypto economy.
As digital finance evolves before our eyes, banks as a commonplace financial organization may change drastically in their role and purpose in society — even if it leads to obsolescence.
Allan Flynn won a settlement with ANZ for debanking him and is headed to the tribunal to take on Westpac next week.4215
The CEO of the British bank believes stablecoins, CBDCs and even NFTs will likely outgrow cryptocurrencies.2048
Customers can currently generate yields on Polkadot, Tezos and Cardano, but the bank said it planned to add more proof-of-stake protocols in the coming months.6181
U.S. Bank is now providing custody services for Bitcoin, Bitcoin Cash and Litecoin, according to a company executive.9907
A growing list of mainstream financial entities have continued to increase their exposure to crypto over the last year or so.6900
The digital assets division of the international bank wants to provide home loan-backed security tokens as collateral for the loan.5621
DeFi is now “taken seriously” by traditional finance, but still very hard to understand for beginners.5109
Unlike Russia, Ukraine has passed laws that will ease the adoption of cryptocurrencies within the country.6797
Proposed rules would make “bank involvement in the cryptoasset market cost-prohibitive from a capital perspective,” industry associations have told regulators.3189
South Korean crypto exchange Gopax has told users if it can’t resolve its banking difficulties before a looming regulatory deadline, it will need to shut down.4203
The head of the body in charge of overseeing U.S. banks named cryptocurrency and decentralized finance (DeFi) activity among factors contributing to disintermediation of the banking system.3025
The Russian central bank is planning to slow down payments to crypto exchanges and combat suspicious crypto activity.4145
After launching a Bitcoin investment tool for millionaires earlier this year, Morgan Stanley is diving deeper into crypto.7913
Treasury officials are studying the risks if too many people decide to withdraw their stablecoins all at once.5864